The Law Offices of Brenton C. McWilliams – Blog
The Law Offices of Brenton C. McWilliams
Welcome to our blog. Here, you will find articles on topics relating to estate planning, elder law and probate.
Changes to Planning for Retirement Accounts Brought on By the SECURE Act
New federal legislation this year, the Setting Every Community Up for Retirement Enhancement or SECURE Act brought about several changes to retirement accounts including IRAs and 401(k)s. The changes include an increase in the age for the start of required minimum distributions, an increase in the age cap for contributions to a traditional IRA, and some tweaks to the distribution options for death beneficiaries.
58 Words Commonly Used in Estate Planning and Estate Administration with Definitions
In this post, I provide a list and explanation of 58 commonly used terms in estate planning and estate administration.
Accounting: A report of transactions taking place during a certain time period. An accounting may be provided to the court or to individuals such as beneficiaries of a trust. Guardians, conservators and estate administrators are typically required to submit an accounting to probate court.
Estate Planning Topics: Is a Revocable Living Trust Right for You?
Is a revocable living trust right for me? In this article, I’ll help you make that decision by answering the question “What is a revocable living trust?” and providing a list of the pros and cons of using a revocable living trust as part of your estate planning.
What is a revocable living trust?
Sometimes called a living trust or just a revocable living trust, the term revocable living trust generally refers to a trust setup during a person’s lifetime for the purpose of distributing that person’s estate at their death. When you think of a trust, you make think of the long-term dynasty trusts designed to carry wealth through multiple generations of a family that are commonly part of television and movie plots. Although that’s a common use of trust, a trust can also be a useful planning tool for more simple estate plans. The person creating the trust is referred to as the grantor or settlor of the trust. A typical scenario would be a trust that becomes irrevocable at the grantor’s death, provides for a new trustee at the grantor’s death, and instructs the trustee how to distribute the property within the trust to the trust beneficiaries. To take full advantage of the benefits of a revocable living trust, the property of the grantor should be placed in the trust at creation. Then, a pour over will is created in case any later acquired property is omitted from the trust. If there are assets outside of the trust without a defined beneficiary, the executor can probate the pour over will to move those assets into the trust to be distributed according to the terms of the trust.
Estate Planning Topics: Is my Last Will and Testament from Another State Valid in Alabama?
On the coast, we regularly have new residents who move in from another state, particularly our neighboring states: Florida, Georgia, Mississippi, Louisiana, and Texas. I’m frequently asked “Is the will I created in the State of ________ valid in Alabama?” The answer is found in Alabama Code § 43-8-135, which states: “A written will is valid if executed in compliance with section 43-8-131 or if its execution complies with the law at the time of execution of the place where the will is executed, or with the law of the place where at the time of execution or at the time of death the testator is domiciled, has a place of abode or is a national.” In short, if the will was valid when it was created (executed) according to the law of the state where it was created (executed), then the will is valid in Alabama.
What to do if your application for Medicaid is denied by the Alabama Medicaid Agency?
What do you do if your application for Medicaid long-term care benefits is denied by the Alabama Medicaid Agency?
If you apply for Medicaid and are denied Medicaid benefits, you may appeal the determination by filing an appeal with the Alabama Medicaid Agency within 60 days from the date of the determination.
After sending in an application for long-term care benefits to the Alabama Medicaid Agency, the applicant will receive an award letter. The award letter explains the decision made on the application including whether the applicant will receive benefits, when the applicant will begin receiving benefits, whether there is a transfer penalty imposed on the applicant as a result of an uncompensated transfer (link to other blog), and any other limitations on benefits. If you disagree with the Alabama Medicaid Agency’s determination, you are allowed to appeal the decision through what’s generally referred to as a fair hearing.
The Appeal Procedure – Fair Hearing
The appeal must be in writing and filed with the Alabama Medicaid Agency within 60 days of the agency’s initial determination. The appeal must be filed on time or the agency will not grant a hearing.
