Easy Law Finder

Category: FAQ

  • What is a non-retractable trust?

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    Non-retractable trusts are where, once the funds are transferred, they cannot be withdrawn. This constitutes a finalized donation for IRS purposes, and individuals may opt for this approach for estate tax planning motives.

  • What is a loan modification?

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    A loan modification is something that allows individuals and assists them with restructuring of their loan to allow them to make payments which may be a little bit more affordable in their situation. In some cases, individuals will have to show that they are in a financial hardship, and they will also have to submit…

  • What is coverage for extended medical care and is it really necessary?

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    Extended medical care coverage safeguards against the possibility that you may eventually require placement in a healthcare facility, by covering some or all of the expenses related to such care. It often extends coverage to assisted living or care within your own residence. Extended medical care coverage can serve as a valuable resource, allowing you…

  • How long does it usually take to become eligible for Medicaid?

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    Determining the exact time it will take for an individual to qualify for Medicaid is not a straightforward matter. Numerous factors come into play in each unique situation and impact the timeline for eligibility. These factors include the state of residence, the completeness of the application, one’s assets, income, expenses, any transfers of assets to…

  • What if I receive a a Jury Duty Eligibility Form?

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    Jury Duty Eligibility Forms are sent to individuals chosen at random from the voter rolls (these should not be confused with the update cards found at the back of the Jury Duty Summons). These forms are utilized to assess an individual’s qualification for serving on a jury. You have the option to complete the Jury…

  • What is the time limit for filing a claim?

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    The time limit for filing a claim depends on the specific type of claim you are making and the jurisdiction where you are filing it. The duration of your claim eligibility will differ based on the state of residence and the nature of the damage you wish to report. A statute of limitations sets a…

  • What is the significance of “filing suit,” and what is the rationale behind it?

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    In the event of an accident, individuals may be entitled to seek compensation for their injuries. One method of obtaining financial recovery is by initiating a legal action, commonly referred to as “filing suit,” against the party responsible for causing harm.

  • What is arbitration?

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    Arbitration is a private process where disputing parties agree that one or several individuals can make a decision about the dispute after receiving evidence and hearing arguments. Arbitration is different from mediation because the neutral arbitrator has the authority to make a decision about the dispute. The arbitration process is similar to a trial in…

  • What is the definition of mediation?

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    Mediation is a private process where a neutral third person called a mediator helps the parties discuss and try to resolve the dispute. The parties have the opportunity to describe the issues, discuss their interests, understandings, and feelings; provide each other with information and explore ideas for the resolution of the dispute. While courts can…

  • What are compensatory damages?

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    If you succeed in a legal case, you might be eligible for a monetary award referred to as “damages.” Damages, typically categorized as punitive and compensatory damages, serve different purposes. While punitive damages aim to penalize the responsible party for their misconduct, compensatory damages solely aim to provide financial compensation to the injured individual.

  • What is the purpose of an Asset Protection Trust?

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    A document that is created by the legal entity or grantor to indicate how to transfer ownership of specific assets and who to designate as a trustee to oversee those assets for the advantage of the beneficiaries. Asset Protection Trusts provide protection for your assets against creditors of yours or your beneficiaries. These trusts are…

  • Why should I establish a trust?

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    It streamlines the process for your beneficiaries and offers an estate planning tool to execute a plan for specific assets.

  • What is Animal Companion Planning?

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    State regulations in Florida enable a pet owner to create an animal care trust to ensure the well-being of their pets throughout their lives.

  • What are Disability-focused trusts and why would I require one?

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    Disability-focused refers to any trust designed to offer advantages without jeopardizing the beneficiary’s eligibility for government assistance they are entitled to receive.

  • What is estate preservation?

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    In our jurisdiction, there are no estate taxes. However, if your estate is liable to federal estate tax, it is advisable to consult a legal professional in order to strategize effectively and ensure maximum preservation of your estate’s value.

  • What is the role of a probate lawyer?

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    The task of accurately evaluating, dividing, and dispersing assets can be a complex and time-consuming process for a personal representative. A probate lawyer advises, supervises, and clarifies all the intricacies linked to one’s estate as it undergoes our probate system. The probate system offers the legal mechanism for transferring assets and strives to guarantee (or…

  • What does it mean to have a will administered?

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    To transfer those assets that are owned only by the deceased individual to beneficiaries. The process is supervised by the court overseeing will administration.

  • What can a trust account be used for?

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    To establish a trust, the property owner (grantor) transfers legal ownership to a person or an institution (trustee) to manage that property for the benefit of a third party (beneficiary). The grantor may choose to serve as the trustee, retaining ownership of the property, but they still have an obligation to act in a fiduciary…

  • What does business succession planning involve?

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    Business succession planning refers to a comprehensive strategy that outlines the legal, financial, psychological, familial, and management aspects in the process of transferring or selling a business following the retirement or passing of the owner.

  • What is Loss Compensation Plan (LCP)?

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    LCP is a coverage utilized to handle healthcare expenses and income loss in the event of a vehicle collision or being struck by a vehicle. If you possess a vehicle in Florida, you are obligated to obtain LCP ? also referred to as ‘No Fault Insurance.’ You are eligible to receive LCP even if you…

  • What rights does a patent provide?

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    A patent is a property right granted by the US government to an inventor “to exclude others from making, using, offering for sale, or selling the invention throughout the country or importing the invention into the country” for a limited time in exchange for public disclosure of the invention when the patent is granted. A…

  • Who is eligible to submit a patent application?

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    A patent application may only be submitted in the name(s) of the actual inventor(s).

  • How long is the duration of patent protection?

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    Patent protection is provided for a limited period, typically 20 years from the date the application is filed.

  • How long does it typically take to obtain a patent?

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    While the timeframe for receiving a notice of allowance may differ, it generally requires approximately 22 to 30 months.