A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property is known as the "corpus" or "trust property". A testamentary trust is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life.
Under U.S. law, a conservatorship results from the appointment of a guardian or a protector by a judge to manage the personal or financial affairs of another person who is incapable of fully managing their own affairs due to age or physical or mental limitations. A person under conservatorship is a "conservatee", a term that can refer to an adult. A person under guardianship is a "ward", a term that can also refer to a minor child. Conservatorship may also apply to corporations and organizations.
In the United States, Medicaid is a government program that provides health insurance for adults and children with limited income and resources. The program is partially funded and primarily managed by state governments, which also have wide latitude in determining eligibility and benefits, but the federal government sets baseline standards for state Medicaid programs and provides a significant portion of their funding. States are not required to participate in the program, although all have since 1982.
A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor. The one authorized to act is the agent, attorney, or in some common law jurisdictions, the attorney-in-fact.
According to the United States Government Accountability Office (GAO), there are 1,138 statutory provisions in which marital status is a factor in determining benefits, rights, and privileges. These rights were a key issue in the debate over federal recognition of same-sex marriage. Under the 1996 Defense of Marriage Act (DOMA), the federal government was prohibited from recognizing same-sex couples who were lawfully married under the laws of their state. The conflict between this definition and the Due Process Clause of the Fifth Amendment to the Constitution led the U.S. Supreme Court to rule DOMA unconstitutional on June 26, 2013, in the case of United States v. Windsor. DOMA was finally repealed and replaced by the Respect for Marriage Act on December 13, 2022, which retains the same statutory provisions as DOMA and extends them to interracial and same-sex married couples.
A parenting plan is a child custody plan that is negotiated by parents, and which may be included in a marital separation agreement or final decree of divorce. Especially when a separation is acrimonious to begin with, specific agreements about who will discharge these responsibilities and when and how they are to be discharged can reduce the need for litigation. Avoiding litigation spares parties not only the financial and emotional costs of litigation but the uncertainty of how favorable or unfavorable a court's after-the-fact decision will be. Moreover, the agreement itself can authorize the employment of dispute-resolution methods, such as arbitration and mediation, that may be less costly than litigation.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries with incapacity.
A legal guardian is a person who has been appointed by a court or otherwise has the legal authority to make decisions relevant to the personal and property interests of another person who is deemed incompetent, called a ward. For example, a legal guardian might be granted the authority to make decisions regarding a ward's housing or medical care or manage the ward's finances. Guardianship is most appropriate when an alleged ward is functionally incapacitated, meaning they have a lagging skill critical to performing certain tasks, such as making important life decisions. Guardianship intends to serve as a safeguard to protect the ward.
Undue influence (UI) is a psychological process by which a person's free will and judgement is supplanted by that of another. It is a legal term and the strict definition varies by jurisdiction. Generally speaking, it is a means by which a person gains control over their victims' decision making through manipulation tactics and unfair pressure, typically for financial gain. Historically, UI has been poorly understood, even in some legal circles.
In the law of inheritance, wills and trusts, a disclaimer of interest is an attempt by a person to renounce their legal right to benefit from an inheritance or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property."
A special needs trust, also known in some jurisdictions as a supplemental needs trust, is a specialized trust that allows the disabled beneficiary to enjoy the use of property that is held in the trust for his or her benefit, while at the same time allowing the beneficiary to receive essential needs-based government benefits. A Special Needs Trust is a specific type of irrevocable trust that exists under Common Law. Several Common Law nations have established specific statutes relative to the creation and use of Special Needs Trusts, and where they exist a Special Needs Trust will not be valid unless it comports with the requirements listed in the statute. The applicable Federal statute in the United States is found at Title 42 United States Code Section 1396p(d)(4)(A). Several States have established their own statutes.
Elder law is an area of legal practice that specializes on issues that affect the senior population. Some say the purpose of elder law planning is to prepare the elderly person for financial freedom and autonomy through proper financial planning and long-term care options. However, the purpose of elder law is not so narrow. Not everyone needs long-term care and not everyone is financially insecure. The purpose of elder law is to provide holistic legal advice that allows older persons and disabled individuals to preserve and protect their rights and values. Often these values are implemented by others, which is why thoughtful planning is necessary.
Supplemental needs trust is a US-specific term for a type of special needs trust. Supplemental needs trusts are compliant with provisions of US state and federal law and are designed to provide benefits to, and protect the assets of, individuals with physical, psychiatric, or intellectual disabilities, and still allow such persons to be qualified for and receive governmental health care benefits, especially long-term nursing care benefits, under the Medicaid welfare program.
The Massachusetts health care reform, commonly referred to as Romneycare, was a healthcare reform law passed in 2006 and signed into law by Governor Mitt Romney with the aim of providing health insurance to nearly all of the residents of the Commonwealth of Massachusetts.
United States trust law is the body of law that regulates the legal instrument for holding wealth known as a trust.
The Foster Care Independence Act of 1999 aims to assist youth aging out of foster care in the United States in obtaining and maintaining independent living skills. Youth aging out of foster care, or transitioning out of the formal foster care system, are one of the most vulnerable and disadvantaged populations. As youth age out of the foster care system at age 18, they are expected to become self-sufficient immediately, even though on average youth in the United States are not expected to reach self-sufficiency until age 26.
Medicaid estate recovery is a required process under United States federal law in which state governments adjust (settle) or recover the cost of care and services from the estates of those who received Medicaid benefits after they die. By law, states may not settle any payments until after the beneficiary's death. States are required to adjust or recover all costs under certain circumstances, all involving long-term care arrangements. Federal law also gives states the option to adjust or recover the costs of all payments to health care providers except Medicare cost-sharing for anyone on Medicaid over the age of 55.
The Oklahoma Health Care Authority (OKHCA) is an agency of the government of Oklahoma responsible for providing health insurance benefits for the state's SoonerCare members. The authority is the state-level counterpart to the federal Centers for Medicare and Medicaid Services.
In United States trust law, a SPA Trust is an irrevocable trust that includes a special power of appointment. Unlike general powers of appointment, a special power of appointment is limited to a certain class of persons or entities that may receive the benefit of the power (appointee) from the person in whom the power is vested (donee). Generally, SPA trusts are used to hold property for asset protection purposes, because of the benefits and control a SPA trust offers over the assets protected within the trust.
