Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. For example, if you have a beneficiary with special needs, you must take special care. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 2
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 1
What’s an “Assignment and Nominee” agreement and what does it do? Some attorneys use such an agreement as a belt and suspenders approach to funding. Read on to learn more. … [Read more...] about Assignment and Nominee
A living trust is a very effective tool for a wide range of people. One of the major advantages is the streamlined estate administration process that these trusts provide. The trustee that will administer the trust steps into a turnkey situation, because the trust is the owner of the property. Another benefit is the avoidance of probate, which is the estate administration process that enters the picture if you use a simple will to state your final wishes. It serves a purpose, because … [Read more...] about Can a Married Couple Use a Shared Living Trust?
Estate planning should not be viewed as a one and done affair. When you put an original estate plan in place, it will be based on a snapshot of your life at that time. The only constant is change, so it is very likely that your plan will need to be revised over the years. Let’s look at some of the events that can make estate plan adjustments necessary. Marriage When you are young and single, you should have a basic estate plan in place even if you have limited resources. The plan would … [Read more...] about Estate Plan Revisions May Be Necessary
Trusts are legal devices that are often misunderstood. If you establish a trust, you make the trust the owner of the property that you convey into it. This can lead you to the belief that you will never have access to the assets again after you fund the trust. While this is a reasonable assumption, it is not entirely true. There are different types of trust, and the level of access will depend on the individual trust and the purpose that it serves. Irrevocable Trusts An irrevocable trust is … [Read more...] about Can You Access Assets in a Trust?
A lot of people think that estate planning boils down to one simple act. At some point, you draw up a will and that’s the end of the story. You can buy a fill-in-the-blank legal documents online, so you can get it done in a matter of a few minutes. DIY projects have their place, but there are some tasks that are too important to take on yourself. Let’s look at some of the reasons why it is wise to engage an estate planning lawyer when you are planning your estate. Asset Transfer Methods The … [Read more...] about Why Do You Need an Estate Planning Lawyer?
Every estate planning situation is different, so there is no single approach that is universally right for everyone. As a layperson, you simply are not going to know all of your options, and this is why professional assistance is invaluable. With this in mind, we will look at an estate planning solution that is very useful if you have a spendthrift on your inheritance list. Revocable Living Trust If you were to use a last will as your vehicle of asset transfer, unless you include a testamentary … [Read more...] about How Do You Protect a Spendthrift Heir?
The estate planning attorneys here at our firm often explain the anatomy of living trusts to interested clients. Before we proceed to do just that, we should point out the fact that a revocable living trust can be a very useful alternative to a last will. Assets cannot be distributed until the estate has been probated when a will is utilized, and the wait for the inheritors will typically be somewhere around a year. There are also myriad expenses the pile up during probate, and the money … [Read more...] about What Does a Trustee Do?