Category: Wills & Trusts Lawyers

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Why are Trusts so Useful?

Credit: AZ Statewide Paralegal

The process of arranging a trust is something that is often not even considered until someone drafts a will with a qualified elder law attorney. In spite of that, they are a crucial aspect of estate planning. The development and execution of trusts is the backbone of planning one one’s financial future, or that of their family’s. Upon death and/or illness, where will one’s assets go? That’s part of what trusts help determine.

Credit: Rocket Lawyer

There tends to be some confusion about the difference between a will and trust. In simple terms, a will spells out how one wants their affairs distributed/taken care of after they die. A trust, on the other hand, is a  fiduciary arrangement that gives a trustee the right to hold and manage assets for the benefit of a specific purpose or person. Trusts may be utilized during the life or death of the creator, depending how it is arranged, and can often be created in conjunction with a will.

Trusts are key to avoiding probate. On paper, probate doesn’t seem that time consuming, as it is the process in which a person’s assets and property are distributed post-death or illness. When one is involved in probate, however, they realize how many problems it can cause. One of the main issues people have with probate is that it requires mandatory court involvement, which can be time consuming and expensive. These fees come directly out of the estate, which means less money for the beneficiaries.

Credit: Ross Law Firm

Trusts skip the probate process. They allow for the smooth transition and private handling of all distribution and can even eliminate the need for court involvement entirely. There are a number of trusts that can be arranged based on the needs of the grantor– from revocable trusts to special needs trusts. Age, health, and financial situations are key indicators as to what type of trust one might require. The best way to determine what one needs is through the assistance of a wills & trusts layer.

While one will still likely need an executor for the trust, that trustee’s compensation is taken directly out of the trust and is far less expensive than the court fees that would follow probate.

Credit: Assisted Living Center

Trusts are one of the many aspects of estate planning that should not be left in the hands of an average person. In order to assure you (or a loved one) has their financial future properly secured, receives all the benefits they are entitled to, and sets things up well for their family in the event of their death, you should always work with an elder law attorney. Elder law attorneys have the skillset you require to ensure your estate plan is properly tailored to your life and needs so you can rest with ease.

How Mark Shalloway is Transforming Elder Care Law

Mark Shalloway, President of Shalloway & Shalloway, P.A., is forging the way in South Florida when it comes to elder care law. Offering a variety of services to seniors and their families, Mark Shalloway and his firm are helping people understand their financial options when it comes to estate and financial planning later on in life.

In a recent article by The Sophia News, Shalloway said over 71% of Americans have not planned for their long-term care after retirement.

G. Mark Shalloway

A major part of my mission as an elder and special needs care attorney is educating the public on their options on everything from health insurance to tax liabilities. My firm is deeply committed to philanthropy within our community and to helping the families of military personnel plan for their lives once their careers reach a culmination.”

Many times, families come forward with questions on how to provide long-term care for their elderly parents or spouses. When these family members fall ill or are subject to an injury from which it’s difficult for them to recovery, it can add to an already stressful question of, “What next?” Shalloway’s firm is sensitive to this dilemma.

Mark Shalloway’s goal is to help families through these stressful times. He and his firm can help determine if you need long-term care, medicaid, and even veterans benefits. If you have an existing trust, they will help you manage it and make the best decisions for the future of your family.

They also assist with families who are planning ahead for the future. From life and healthcare planning to estate planning, Mark Shalloway is able to help you decide what will work best for your parents or spouse.

Elder Care Attorney Mark Shalloway Leading the Way on Pro Bono Service

The importance of pro bono services for attorneys, particularly smaller law firms and single practice professionals, cannot be over-stated. There is both a personal reward of gratification and a communal sense of accomplishment and philanthropy in giving one’s services to those less fortunate.

Mark Shalloway, an elder care and wills & trusts attorney in West Palm Beach, Florida is one strong example of leading the way in pro bono services with his free community seminars. The classes are informational sessions to help men and women from all walks of life learn more about the intricacies of caring for the elderly,  insurance requirements, estate planning, caring for special needs loved ones and many other topics.

The seminars are free and open to the public and have been very warmly-received by the area legal community. The sessions are usually held at various community centers and include question/answer sessions with the Firm’s President, G. Mark Shalloway.

With the skyrocketing costs of senior care and the very real world concerns of legal and insurance requirements, children and parents both benefit from these endeavors by the firm.

Interestingly enough, as a result of the Shalloway & Shalloway project, the firm’s free seminars have also attained media coverage, a bit of windfall in the process of helping one’s community.

The firm’s seminar page is a great way to start learning about their pro bono work. It serves as a good example of utilizing the web to improve one’s web presence in the process.