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In a Revocable Trust, What Does U/T/D Mean?
U/T/D stands for Under Trust Dated. It is one of the two identifying features for your trust. Your trust has a name so it'd be the Greg revocable trust and then it has a U/T/D date. An under trust date, that's the date the document was signed. To learn more, head to...
Is a Revocable Living Trust Available to the Public Like a Will?
When a person passes away here in the State of Florida, and they have a revocable trust, that document is not filed with the Probate Court, like a Will is. So whatever assets are titled or funded in that trust, the public is not going to know anything about that. They...
Is There a Fiduciary Duty For an Agent Acting as my Power of Attorney?
Yes, the agent acting under a power of attorney has a fiduciary responsibility to act solely for the benefit of the principal. You also have a responsibility not to create a conflict of interest that would affect their ability to act impartially on behalf of the...
What If My Spouse Died with A Will and Did Not Leave Me Anything?
Do I have any special rights as a spouse? Yes, absolutely. Here in the state of Florida, you cannot omit a spouse from a will or a trust. You can't try and disinherit them, unless you have a signed contract ahead of time, a prenup agreement, or a contract to make a...
Should I Consider Long-Term Care Insurance During the Estate Planning Process
I think longterm care insurance is an important part of the estate planning process. If you become sick and you need to go into a nursing home, it's relatively straightforward and easy to qualify you for Medicaid. If you need care at home, it's a little more...
What Are Letters of Administration?
Letters of administration is an order that's entered by the court, after the probate is opened, after a personal representative is appointed. The letters of administration is the legal authority given to the personal representative to deal with third parties. To deal...
What Assets Are Excluded From The Florida Medicaid Eligibility Asset Test?
Here in Florida, the following assets are exempt from Medicaid; your homestead, the household furnishings, any artwork or jewelry that are collectibles would not be exempt; your car, again so long as it's not an antique or a collectible; $2,000 in cash, that can be...
What Does Medicaid Recovery Mean?
Here in the state of Florida, when somebody's on Medicaid, the state has a lifetime lien on that person, when they die. So, any moneys that Medicaid would have spent during the course of their lifetime, Medicaid now has a lien on their estate. The Medicaid Estate...
What do the Designations Transfer on Death Payable on Death and in Trust for Mean?
TOD, transfer on death. POD, payable on death. ITF, in trust for. Those are beneficiary designations. They're typically seen on bank accounts. So if mom passes away and your on there as ITF, in trust for, you would just take a death certificate and your drivers...
What Does it Mean to Fund a Trust?
Funding a trust means to transfer or retitle the assets into the name of the trust. This is probably the most important part of the process. I don't care who drafts your trust document, it's not worth the paper it's printed on if the assets haven't been retitled into...