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Understanding Special Needs Trusts

Do you know what a Special Needs Trust can do for you? This month, we’ll look at the many advantages a Special Needs Trust can offer you and your family. What is a Special Needs Trust? A Special Needs Trust, also known as a Supplemental Needs Trust, allows you to take care of your loved ones financially while ensuring he or she continues to receive government benefits. This type of trust contains set instructions that allow the Trustee to meet the needs of the beneficiary, but prohibits the Trustee from providing for those needs if they are already covered by Medicaid or other programs. A...

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Asset Protection Planning

Why Asset Protection Planning? Maybe you took a small amount of money and turned it into a fully-functioning business. Maybe you inherited the business from somebody else, then worked tirelessly to make it even more successful. Either way, you’ve worked hard for your assets. In today’s litigious society, aren’t you a little afraid? A lawsuit can pose a serious threat to your assets. If your company breaks environmental regulations, your personal assets are at risk. Sexual harassment claims put your personal assets are at risk. There are so many ways that a foolish verdict can destroy your future. Asset Protection Planning Can Help  Asset Protection Planning uses certain legal...

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Buy-Sell Agreements for Business Planning

Many people don’t realize their biggest asset is often their business. This month, we’ll cover what it means to protect your business with a buy-sell agreement. What is a Buy-Sell Agreement? A buy-sell agreement is a written agreement among business owners in which each person agrees that upon circumstance, their shares will be sold to the surviving owners at a specific price. Through this agreement, each owner commits to buying the shares of their absent co-owner upon the occurrence of a specified event, such as death, disability, financial trouble, or termination of employment. It is crucial for business owners to have a buy-sell...

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Medicaid Planning & Veteran Benefit Planning

By the time you’ve hit age 65, you’re probably ready to start thinking about retirement. After decades in the workforce, you might be ready to kick back and enjoy the fruits of your labor. However, retirement can come with many concerns. Do you have enough money saved up to live the rest of your life? What if you live for two more decades? Three? Will you run out of money before you run out of life? This is one of the concerns that Estate Planning tries to address. However, there’s an additional problem that can make planning more difficult: health care issues. The...

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Estate Planning for Pets

pet trust

In 2007, American businesswoman Leona Helmsley died, leaving $12 million to her dog via a trust. It made for a funny news story, but behind the humor lies an important question: what happens if you predecease your pet? Roughly 65% of Americans own pets, so it’s an important question. Trusts are the best legal option you have if you would like to have control over how your pet is take care of. To set up a pet trust, you should contact an estate planning attorney. Trusts for Pets Pet trusts can get pretty complicated, but there are seven things you definitely have to decide...

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Why You Need Disability Protection

If you operate a business, consider a succession plan a necessity in the event that you cannot return to work. While many clients already have Powers of Attorney in place, it is equally as important to have a comprehensive disability protection plan set in order. Typically, your representative under a Power of Attorney is someone you can trust, but not necessarily someone with the right experience to strategically operate your business. For this reason, it is recommended that you have a disability protection plan ready, so that your business can continue to run efficiently even in your absence. Real Estate Without proper protection, a...

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Celebrate Thanksgiving with Holiday Estate Planning

Surviving the Extended Family Holiday Dinner Thanksgiving and the winter holidays are some of the best times to bring families together. Why not take that together time to consider your family’s options for the future? Estate Planning doesn’t have to be difficult, and The Siegel Law Group, P.A. is here to help you every step of the way. While you’re off celebrating the most wonderful time of the year, here are some helpful tips to keep in mind to ensure that you have a plan for your family: When evaluating your assets, remember that no item is too small for family discussion. The...

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Managing Your Digital Assets

Death is a topic that most people try to avoid talking about. But with the rise in social media over the past decade, many might wonder, “What happens to my Facebook profile when I die?” It can even be said that one may question where their most treasured Facebook photos end up, or who will have access to their accounts after they’ve passed. In a world that relies heavily on the Internet and social media interactions, each year this question becomes more frequent. So, where does all of your personal information go when you die?  How do you protect your...

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Is Estate Planning a One-Time Thing?

Over 60% of Americans do not have an Estate Plan. So if you have an Estate Plan, you have taken a key step in preparing for your future and that is an important accomplishment. However, once started, an Estate Plan can grow and change throughout your life. The following events are just some examples of life changes that might require an update to your estate plan: Changes in your finances or estate If your estate plan involves a trust, it is important that all of your assets are covered by the trust. If you have a major change in finances or your estate, for...

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Estate Planning for Business Owners

Owning a business comes with risk. So as a business owner, it’s important to have a clearly defined succession plan and protected assets. Though many of our clients are business owners, very few have a well though-out, clearly outlined plan. It’s often hard to consider something that seems so far in the future, or even completely unlikely, but it’s never too early to be prepared and to protect your family. Buy-Sell Agreement One of the suggested Estate Planning tools for business owners is a Buy-Sell Agreement. This written agreement outlines that in the event of a specified occurrence such as death, disability,...

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