Trusts

Your Vacation Checklist

By |2019-09-10T14:24:32+00:00June 12th, 2019|Categories: BUSINESS PLANNING, ESTATE PLANNING, Trusts|Tags: , , , |

You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date? Don’t leave home without making sure your financial health and the future of your loved ones is provided for. It’s even more crucial than getting a pet sitter and locking the front door. Creating an Estate Plan If you don’t have an estate plan yet, don’t panic. Now is a great time to connect with a qualified estate planning attorney who can sit down with you and get you started with an appropriate [...]

Wills, Trusts & Dying Intestate: How They Differ

By |2019-09-10T14:24:32+00:00June 4th, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: , |

Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse: If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and [...]

What is an Inheritor’s Trust?

By |2019-09-10T14:24:32+00:00May 28th, 2019|Categories: ESTATE PLANNING, Trusts|Tags: , , , , |

When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help protect it: an inheritor’s trust. Purpose of an Inheritor’s Trust An inheritor’s trust is a trust that has been established for the purpose of receiving a beneficiary’s inheritance in a way that is protected legally and financially. In order to fulfill its intended purpose, [...]

Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent

By |2019-09-10T14:24:32+00:00April 23rd, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: |

There is a common misconception that estate plans are only for the ultra-rich - the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money.  In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order. According to a 2016 Gallup News Poll more than half of all Americans do not have a will, let alone a comprehensive estate plan. These same results were identified by WealthCounsel in its Estate Planning Awareness [...]

5 TRAGIC MISTAKES PEOPLE MAKE WHEN LEAVING ASSETS TO THEIR PETS

By |2019-09-10T14:24:33+00:00March 6th, 2019|Categories: ESTATE PLANNING, Trusts|Tags: |

5 Tragic Mistakes People Make When Leaving Assets to Their Pets A pet trust is an excellent way to make sure your beloved pet will receive proper care after you pass on. The problem, of course, is that you won’t actually be there to see that your wishes are carried out. It’s critical to set up a pet trust correctly to ensure there are no loopholes or unforeseen situations that could make your plans go awry. Here are 5 tragic mistakes people often make when leaving their assets to their pets. 1. Appropriating more than the pet could ever need. [...]

A TRUST FOR FLUFFY OR FIDO? WHY EVERY PET PARENT NEEDS TO CONSIDER A PET TRUST TODAY

By |2019-09-10T14:24:33+00:00August 23rd, 2018|Categories: ESTATE PLANNING, Trusts|Tags: |

Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focus on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?” Enter the pet trust. This tool is something that can be easily incorporated into a new or existing estate plan [...]

WHO SHOULD BE YOUR SUCCESSOR TRUSTEE?

By |2019-09-10T14:24:33+00:00August 23rd, 2018|Categories: Design, ESTATE PLANNING, Trusts|Tags: , , |

If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually, someone will need to step in for you when you are no longer able to act due to incapacity or after your death. Your successor trustee plays an important role in the effective execution of your estate plan. The Key Takeaways: Because successor trustees have a lot of responsibility, they should be chosen carefully. Successor trustees can be your adult children, other relatives, a trusted friend, or a corporate or professional trustee. Responsibilities of A [...]

HOW TO CHOOSE A TRUSTEE

By |2019-09-10T14:24:33+00:00August 23rd, 2018|Categories: ESTATE PLANNING, Trusts|Tags: |

When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and in good order. The Key Takeaways You can be a trustee of your revocable living trust. If you are married, your spouse can be co-trustee. Most irrevocable trusts do not allow you to be a trustee. Even though you may be allowed to be your [...]

HOW TO PICK A TRUSTEE, EXECUTOR, AND AGENT UNDER A POWER OF ATTORNEY

By |2019-09-10T14:24:34+00:00August 23rd, 2018|Categories: ESTATE PLANNING, POA, Trusts|Tags: , , |

While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better. Trustee [...]

PROTECTING YOUR CHILDREN’S INHERITANCE WHEN YOU ARE DIVORCED

By |2019-09-10T14:24:34+00:00August 23rd, 2018|Categories: DIVORCE, ESTATE PLANNING, Trusts|Tags: , |

Consider this story. Beth’s divorce from her husband was recently finalized. Her most valuable assets are her retirement plan at work and her life insurance policy. She updated the beneficiary designations on both to be her two minor children. She did not want her ex-husband to receive the money. Beth passes away one year after her divorce. Her children are still minors, so the retirement plan and insurance company require an adult to be appointed to receive the inheritance Beth left behind. Who does the court presumptively look to serve as the caretaker of this money? Beth’s ex-husband who is [...]

BENEFICIARY DESIGNATIONS AND A BLENDED FAMILY: WHY YOU NEED TO THINK BEFORE YOU SIGN

By |2019-09-10T14:24:34+00:00August 23rd, 2018|Categories: DIVORCE, ESTATE PLANNING, Trusts|Tags: , , |

Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marries create important and unique issues when it comes to estate planning. You may need to account for a prior spouse who is still caring for minor or disabled children, and also possibly make sure your current spouse and any children you had together – and any step children – are also taken care of after you pass away. The good news is that estate [...]

FINDING THE RIGHT FIT: QUESTIONS FOR PROSPECTIVE WILLS AND TRUSTS ATTORNEYS

By |2019-09-10T14:24:35+00:00August 23rd, 2018|Categories: ESTATE PLANNING, PROBATE, Trusts|

It goes without saying that estate planning is incredibly important and is more than just having a will or a trust. Estate planning offers a sense of security for you and your loved ones that your wishes will be carried out. With such an important and personal endeavor, selecting the right Wills and Trusts Attorney is crucial. Doing your homework, familiarizing yourself with the options and asking questions will be critical to getting someone who’s actively looking out for your interests. There are several key factors you should consider when interviewing potential attorneys and ultimately deciding which one to hire. [...]