A lot of people wonder why legal counsel is necessary when you are planning your estate. There are a number of different reasons, but there is one that stands above the rest: understanding your options. Asset transfers can be facilitated in different ways, and specific concerns can be addressed on a case-by-case basis. With this in mind, we will look at a few scenarios that can be addressed through the utilization of targeted estate planning approaches. Provide Motivation When you know you … [Read more...] about Shape Your Estate Plan to Suit Your Needs
QTIP trust
Is Remarriage Raising Estate Plan Questions?
Divorce rates have been going down over the last few decades, but there are still plenty of marriages that do not withstand the test of time. Many of these folks get remarried, and Psychology Today has stated that the majority of second and third marriages do not succeed. This is the reality, and even though you may think you will not be one of the statistics, you can rest assured that all of the divorced people felt the same way. Protecting Your Legacy There are different approaches that … [Read more...] about Is Remarriage Raising Estate Plan Questions?
Blended Family Estate Planning: Food for Thought
There are specialized approaches that can be taken to account for different estate planning circumstances that can present themselves. As estate planning attorneys, we have seen every possible scenario unfold, so we are aware of the mistakes that people make. We also know the best way to address any and all situations, and with this in mind, we are going to pass along four tips about estate planning for parents that are getting remarried. Do not automatically use a simple will to leave … [Read more...] about Blended Family Estate Planning: Food for Thought
A Trust Can Be Used to Satisfy These Three Objectives (Part 2)
In our last post, we looked at three different scenarios that can be addressed through the utilization of some type of trust, and we promised to provide a follow-up. Let’s look at three more objectives that a trust can effectively satisfy. Special Needs Planning A significant percentage of people with disabilities qualify for Medicaid and Supplemental Security Income (SSI). These are need-based programs, so they are only available to people very limited monetary resources. If you intend to … [Read more...] about A Trust Can Be Used to Satisfy These Three Objectives (Part 2)
What Is a QTIP Trust?
A lot of folks assume that they have to accept certain estate planning limitations, because they do not understand all the tools that are in the toolkit. In reality, there is almost always going to be an ideal reaction to situations that appear to be complicated on the surface. With this in mind, let's look at estate planning for parents that are getting remarried relatively late in their lives. Covering All Bases The best way to explain this estate planning scenario is to use of a simple … [Read more...] about What Is a QTIP Trust?