Trusts are widely used in estate planning to protect and transfer a person’s assets (money, accounts, property, etc.), sometimes in a tax-advantaged manner. Some trusts are highly complex, with multiple parties, intricate structures, specialized legal terms, and references to arcane tax law that can be difficult for the average person to understand. Scammers have long taken […]
Many estate plans contain revocable living trusts (or trusts which can be changed or terminated by the creator). These trusts later become irrevocable (cannot be easily changed or terminated) when the trustmaker, also known as the Grantor, dies. Such trusts may benefit the surviving spouse during their lifetime and may continue for the benefit of […]
In many families, everyone gets along, happily gathering for the holidays, sharing laughs, telling stories, and enjoying each other’s company. Then the matriarch or patriarch becomes incapacitated. Suddenly everyone wants to step forward to be the loving, responsible relative. Questions of who will be the primary decision-maker for grandma or grandpa can lead to tension. […]
If you were to ask any estate planning attorney the most commonly stated goal of their clients, the answer will usually be “I want things to be easy for my family.” It is an understandable goal, and one that an estate plan can usually help achieve. However, fighting over provisions in your will or trust […]
Estate planning is an exercise in anticipating potential future events that could affect your plans for what happens if you become incapacitated (unable to manage your own affairs during your lifetime) and how your assets (property and accounts) will be handled after your death. Most folks will say the more prepared, the better. But when […]
We’re living in a truly digital age. As the world attempts to move to paperless transactions, having paper copies of your planning documents—wills, trusts, powers of attorney, and healthcare directives— can feel incredibly archaic. And while estate planning attorneys will be the first to chuckle and admit that, yes, the stack of papers representing your […]
A home is often one of the most important assets that people own. Therefore, most people want to stay in their home until they die and then have a loved one receive it. One common way to pass a home to loved ones is through a will. However, transferring real property with a will requires […]
Many people believe the trust protection myth, i.e. they believe that once they create a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true. While trusts commonly protect a beneficiary’s inheritance, few trusts […]
Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate plans: They can accomplish much more than just handling financial assets (money, accounts, and property). One of the most important estate plan functions for parents […]
Money and property may be the most discussed types of wealth that a person owns, but the riches of their experience and wisdom can mean even more to loved ones down the line. Reinforcement of legacy and family traditions can be built into your estate plan alongside your wishes regarding the distribution of your money, […]
