There are a few major benefits that living trusts provide that are widely publicized. One of them is the fact that the administration of a living trust takes place outside of probate. A will would be admitted to probate, and there are some negatives that go along with the process. Probate expenses absorb a portion of the estate before it is distributed, and the records are available to the general public, so there is a loss of privacy. There is also a waiting game because no inheritances are … [Read more...] about Five Overlooked Benefits Living Trusts Provide
Estate Planning
Estate Planning for Generation Y
Millennials are part of Generation Y, and at this point, they are between 25 and 40 years of age. Less than 30 percent of people in this age group have estate plans in place according to a survey that was conducted by Caring.com. The unprepared individuals are taking risks, and it is one thing if you are single and you have no children, but it is another matter when there are people depending on you. Estate planning is a must for responsible millennials, and we will demystify the process in … [Read more...] about Estate Planning for Generation Y
Engage an Attorney During the Living Trust Administration Phase
If you look at a simple will next to a revocable living trust, you will see that there is really no comparison. A living trust is more effective on a number of different levels, and we will provide an overview before we focus on the importance of legal counsel. Living Trust Benefits When a will is utilized as an asset transfer vehicle, an executor is named in the document to act as the hands-on administrator. After the passing of the testator, the will is admitted to probate, and the court … [Read more...] about Engage an Attorney During the Living Trust Administration Phase
Has Your Property Appreciated? Estate Taxes May Be a Factor
Housing prices have been the talk of the investment community over recent years. Buyers are having a hard time closing deals because of a supply and demand dilemma. In some areas, people are actually offering significantly more than sellers are asking, so this is bull market. We have an office in Westport. In Fairfield County, median home values have increased by 43.5 percent over the last couple of years according to NBC News Connecticut. Statewide, the figure is 32 percent. This is a … [Read more...] about Has Your Property Appreciated? Estate Taxes May Be a Factor
Three Key Estate Planning Tips
Estate planning can seem like a complicated matter, and there are intricacies and some complicated devices. This being stated, there are some basic tips that you can digest to gain a fundamental understanding of the process, and we will provide three of them here. Don’t assume a will is the appropriate asset transfer device. A lot of people think that a will is the only estate planning document you should ever consider using unless you are extremely wealthy. In reality, there are multiple … [Read more...] about Three Key Estate Planning Tips
Why Would a Trust Be Preferable to a Will?
You may equate estate planning to the creation of a will, but there are other options. In many cases, a trust of some kind will be preferable, and we will look at some of these scenarios in this post. Special Needs Planning Most people with disabilities rely on Medicaid for their health insurance, and individuals that are in this position typically receive Supplemental Security Income as well. These are need-based programs, so you cannot qualify if you have significant assets in your … [Read more...] about Why Would a Trust Be Preferable to a Will?
Follow These Steps to Get Through Probate
If someone asks you to be the executor of their estate, you are naturally going have questions if you have no knowledge of the process. In this post, we will break it down to some simple steps to give you an idea of the tasks that must be completed along the way. Produce the Document You have to get your hands on the document before you can do anything else. Presumably, the decedent would have let you know where you can find the will. Of course, if this never happened, you have to scour … [Read more...] about Follow These Steps to Get Through Probate
Five Unusual Trusts Demystified
There are many different trusts that can be used when you are devising your estate plan. A layperson would have no reason to understand all the options that exist, and this is why legal counsel is invaluable. We endeavor to explain the various devices that can be utilized, and in this post, we will demystify five trusts that many people have never heard about. Secret and Semi-Secret Trusts The secret trust is usually not recommended by attorneys because of the potential for estate … [Read more...] about Five Unusual Trusts Demystified
The Tax Man Cometh: Adjust Your Estate Plan Now
The pandemic has forced many people to put some non-essential responsibilities on the back burner. This holding pattern may apply to your periodic estate plan review, but it is now time for action. If you know that a revision is necessary because of a life change, we are here to help, and general reviews are recommended. This being stated, at this particular juncture, there are a couple of pieces of legislation pending that would have a direct impact on many estate plans. Adjustments will … [Read more...] about The Tax Man Cometh: Adjust Your Estate Plan Now
What Happens to Assets Outside of My Living Trust?
A living trust is a highly effective estate planning tool that can be the ideal asset transfer vehicle. When you establish a living trust, it is important to fund the trust right away, because it serves no purpose if the assets that comprise your estate have not been conveyed into the trust. All different types of resources can be signed over to the trust, including your bank and brokerage accounts, your home and other real property, commodities, antiques and other valuable collectibles, and … [Read more...] about What Happens to Assets Outside of My Living Trust?
