These days, just about anything has a do-it-yourself version online. In some cases, such advice is helpful and can save people money and time. But when it comes to most legal situations, including wills and all forms of estate planning, trying to cut corners may have disastrous consequences.
Determining whether a married couple should establish joint or individual trusts depends on multiple factors; there is simply no one-size-fits-all approach. Although joint trusts are frequently less expensive to set up and may provide better ease of management in certain situations, individual trusts often have far superior advantages.
For Survivors of the Holocaust, a unique benefit is that all funds received as a result of being a Victim of Nazi Persecution, by a Holocaust Survivor or inherited by a Holocaust Survivor or their family are considered to be exempt resources when applying for Medicaid long term health care assistance.
Through legislation enacted by Congress in 1994, American citizens who were both victims of Nazi persecution and reparation recipients can receive Medicaid benefits while remaining in possession and control of their funds.
The issue of how best to protect the assets of U.S. citizens who were both Survivors of the Holocaust and who have received financial compensation, because they were victims of Nazi persecution, is very complex, sometimes leading to confusion and misunderstandings.