Glossary


ESTATE PLANNING

Estate planning is a process that involves professional advisors who are familiar with your goals and concerns for distribution of your assets after death. Your family structure, including children and aging parents, and charities are considered. This process can involve the services of a variety of professionals, including a lawyer and maybe an accountant, financial planner, life insurance advisor, or banker.

Estate planning covers the transfer of property at death either through or outside of probate, as well as a variety of other personal matters, and may or may not involve tax planning. The core document most often associated with this process is a Last Will and Testament. In certain situations, a Trust document may be appropriate.

Estate planning is a complex process, and working with knowledgeable professionals can help ensure that your wishes survive you.

ELDER LAW

Elder law focuses on helping families with the legal, medical, and financial decisions related to the stresses individuals face as they age. Legal direction is given to families to help the elder preserve as much of the homestead and other assets as possible. When necessary, assistance is then given with probate proceedings to help the family transition from one generation to the next.

Will - a document in which a person specifies what is to be done with his or her property when that person dies.

Trust - a relationship typically set forth in an agreement in which one person (trustor, grantor) transfers property to another person or organization (trustee) to hold the property for the benefit of another (beneficiary).

Probate – a legal proceeding which establishes the validity of a Will, and appoints an individual or organization as the deceased person’s representative. The personal representative then identifies and inventories the deceased person’s property, pays the debts and taxes, and distributes the deceased person’s property according to the Will, and if there is no Will, then pursuant to state law.

Probate Avoidance –

Special Needs Trust – allows an individual with disabilities to receive public benefits, but still have funds to supplement those benefits, enhance their quality of life, and improve their situation. A Special Needs Trust (SNT) can be used to provide better housing, private caregivers, and advanced medical treatments.

Guardianship – a court proceeding in which an individual is determined to be legally disabled and incapable of handling his or her personal and/or financial matters.

Disability Planning -

Long-Term Care Planning – advice and planning to develop a plan specific to the elder’s long-term care situation and goals. Options for financing long-term care, including the federal Medicaid program, should be discussed.

Gifting –

Real Estate – a trust document, and part of the long-term care planning process, often involves making real estate transfers

Mediation -