To determine the current net value, add your assets, then subtract your debts. Include your home, business interests, bank accounts, investments, personal property, IRAs and other retirement plans as well as the death benefits from your life insurance that you own. A will does not avoid a Probate Court administration at your death as a fully funded Revocable Living Trust-centered plan would. A will must be verified by the probate court before it can be enforced.

All types of assets can be transferred to a trust portfolio, though the most commonly transferred are stocks, cash and real estate.

The basic mechanism by which real estate is transferred is a deed. In order to be effective, a deed must adequately (and accurately) describe the property being conveyed, and it must identify the person making the transfer, and the person receiving it. In addition, the deed must be signed and delivered to the recipient. In most jurisdictions, there is an additional step: the deed must be recorded.

Your estate consists of all property or interests in property which you own. The simplest examples are those assets which are in your name alone, such as a bank account, real estate, stocks and bonds, and furniture, furnishings and jewelry. You may also hold property in many forms of title other than in your name alone. Joint tenancy is a common form of ownership which takes assets away from control by will or living trust.

Act promptly. This may include changing bank mandates, computer passwords, corporate credit cards. A slow response is likely to increase the damage caused. Seek advice of specialists as to the Orders that are available in your country to find where the assets are and freeze them. PCB Litigation can provide that advice on an international basis. back to top

Assets include all cash, cash in savings accounts, checking accounts, certificates of deposit, gifts for downpayment, bonds, stocks and the value of real estate holdings and other forms of capital investments. Restricted accounts, such IRAs, 401(k)s, SEPs, and pension funds will not be used to calculate total amount of assets, but will be used to calculate gross income, if a household is currently drawing down from the account(s).

No. Only assets owned by the bankrupt are included in the bankruptcy. If assets are jointly owned with a spouse, then the bankrupt's portion may have to be sold and distributed to the creditors. It is important to make the Trustee aware of joint assets so that each case can be reviewed individually.

The assets become your risk from the date of possession, or the fall of the hammer - whichever is the later. If possession is given on confirmation or the fall of the hammer then you will be responsible for the assets and be required to arrange suitable insurance and storage from that date.

No. Persons who transfer an asset for less than its fair market price may be subject to a penalty period. During the penalty period, Medicaid will not pay for long term care services. The penalty may be applied to assets that were transferred in the period prior to the application for long term care or when a Medicaid recipient begins receiving long term care services.

Whether a period of ineligibility applies depends on the amount and date of the gift, the identity of the recipient, and the type of Medicaid benefit you seek. Transfers to spouses and disabled children are not subject to a penalty and additional exceptions may apply if the applicant transferred his or her residence. The transfer penalty is only for nursing home care and the LTHHC (“Long Term Home Health Care”) Program. The transfer penalty can be shorter or longer than 60 months.

Yes. However, there are tax and legal consequences that you should consider. The sale of assets in the UGMA/UTMA may be considered a taxable event. You should consult your tax/legal advisor concerning any consequences of withdrawing the funds from their existing investment. In addition, the beneficiary of the UGMA/UTMA must be the beneficiary of the 529 account and cannot be changed. The account will continue to be governed by UGMA/UTMA laws.

Absolutely not. As trustee of your Revocable Living Trust, you have total control of your assets until your incapacity or death. You can amend, or even revoke, the terms of the trust. You even file the same income tax returns.

Yes. Rollover balances from another state's program are accepted. The account owner must complete a new account application along with a Rollover Request form. One rollover per account is allowed without a change in beneficiary per 12-month period. However, there are no restrictions on the number of rollovers allowed when changing beneficiaries at the same time. Yes.

Unlike a traditional lending institution, we emphasize the contingent assets of the firm, including the number, type, and value of open cases.

No. Both your spouse's and your assets are not included in the proposal because assets do not vest with the Trustee when a proposal is filed. Similarily your spouse's debts are not affected by your proposal.

Everyone should implement estate and long term care planning to protect one's assets and to preserve one's dignity. A Durable Power of Attorney, Health Care Proxy and Living Will can ensure ongoing decision making in the event of a disability. Wills and Trusts can ensure a proper disposition of your assets at the time of your death. Long Term Care Planning can protect your assets from Medicaid and the nursing home.

Generally, no. In most states (including Texas) any trust that you establish in the United States will only protect assets in the trust that are totally dedicated for the benefit of others. You cannot protect your own assets from your own creditors in your own trust. Also, a husband can't establish a trust for his wife and visa versa, as this is treated as a "reciprocal trust," and creditors can attack the trust ? if the trust is located in the United States.