Testate vs. Intestate Estates
Testate vs. Intestate Estate A testate vs. intestate estate have very different procedural requirements. The exact steps you will need to take will depend on what type of estate you are dealing with. In this article, we will go over what is involved in probating testate vs. intestate estates. Defining Terms To summarize, a testate estate is the estate of a person who dies with a Last Will and Testament. On the other hand, [...]
Miller Trust
Miller Trust A Miller Trust, or an Income Only Trust, is a type of Irrevocable Trust. You can use this trust to help you qualify for Medicaid. In this article, we will go over the basics of how a Miller Trust works in the State of Arizona. Arizona Long Term Care System (ALTCS) ALTCS is the Medicaid system in Arizona that provides in-home or long-term care for individuals who meet certain financial requirements. This [...]
Spousal Lifetime Asset Trust
Spousal Lifetime Asset Trust A spousal lifetime asset trust, or SLAT, is a type of irrevocable trust that is set up to reduce estate taxes. In this article, we will go over how a spousal lifetime asset trust works, the benefits one provides, and information you should consider before you create one. Purpose A spousal lifetime asset trust serves a very specific purpose. It allows married couples to take advantage of the currently high [...]
Testamentary Trusts
Testamentary Trusts Testamentary trusts are a type of trust that is created through your Will after you pass away. In this article, we will go over what a testamentary trust is and how it works. The Basics Testamentary trusts are trusts set up by your Last Will and Testament. Your Will instructs your executor to set up the trust upon your death. To do this the validity of the Will must be proven by [...]
Pet Trusts
Pet Trusts Pets Trusts are a legally enforceable way to provide for the care of your pets if you ever become permanently incapacitated or upon your demise. In this article, we will go over how pet trusts work and the information you need to consider before creating one. How Pet Trusts Work The pet owner is the grantor, or the individual creating the trust. While the grantor is alive and well, they will also be [...]
Common Probate Terms
Common Probate Terms There are common probate terms that you will come across during the course of your proceedings. Below, we will define these common probate terms to help you better prepare for carrying out your duties. Probate Before going into specific probate terms, it is important to briefly define what probate is. Probate is the court guided process through which a deceased person’s property is distributed and their debts are paid. If someone [...]