Category Archives: Living Trust(s)
Trusts can Work for ‘Regular’ People
A trust fund is an estate planning tool that can be used by anyone who wishes to pass their property to individuals, family members or nonprofits. They are used by wealthy people because they solve a number of wealth transfer problems and are equally applicable to people who aren’t mega-rich, explains this recent article… Read More »
Is an Irrevocable Trust a Good Idea?
An irrevocable trust is mainly used for tax planning, says a recent article from Think Advisor titled “10 Facts to Know About Irrevocable Trusts.” Its key purpose is to take assets out of an estate, reducing the chances of having to pay estate taxes. For estate planning purposes, placing assets inside the irrevocable trust… Read More »
How Can Estate Planning Address the Troubled Child?
Every family has unique challenges when planning for the future, and every family needs to consider its individual beneficiaries in an honest light, even when the view isn’t pretty. Concerns may range from adults with substance abuse problems, an inability to make good decisions, or siblings with worrisome marriages. These situations can be addressed… Read More »
Do You Know Your Job as Executor, Agent or Trustee?
It’s not uncommon for a named executor or trustee to have some anxiety when they discover that they were named in a family member’s estate planning documents. With the testator or grantor dead or incapacitated, the named individual is often desperate to learn what their responsibilities are. It may seem like they’re asked to… Read More »
Should a Husband and Wife have Separate Trusts?
The decision about separate or joint trusts is not as straightforward as you might think. Sometimes, there is an obvious need to keep things separate, according to the recent article “Joint Trusts or Separate Trusts: Advice for Married Couples” from Kiplinger. However, it is not always the case. A revocable living trust is a… Read More »
What Does Legacy Planning Mean?
Asset distribution is how many estate plans begin, but we can create legacies for generations to come through our estate planning, says Kiplinger in the article “Legacy Planning: Create a Lasting Legacy.” You may not realize it until you sit down to prepare an estate plan, or even until you prepare a second estate… Read More »
What Trusts are Available for Estate Planning?
A trust is a legal agreement that has at least three parties. The same person(a) can be in more than one of these roles at the same time. The terms of the trust usually are embodied in a legal document called a trust agreement. Forbes’s recent article entitled “Here’s What You Need To Know… Read More »
The Biggest Mistake in Trusts: Funding
Failing to put assets into trusts creates headaches for heirs and probate hassles, says the article “Once You Create a Living Trust, Don’t Forget to Fund It” from Kiplinger. It’s the last step of creating an estate plan that often gets forgotten, much to the dismay of heirs and estate planning attorneys. Are people… Read More »
Avoid Estate Planning Mistakes
Estate planning should be a business-like process, where people evaluate the assets they have accumulated over time and make clear decisions about how to leave their assets and legacy to those they love. The reality, as described in the article “5 Unfortunate Estate Planning Myths You Probably Believe, ” from Kiplinger, is not so… Read More »
The Differences Between Wills and Trusts
Wills and trusts have specific and quite different benefits for estate planning purposes. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should compliment the other. As a standalone, it is not accurate to say one is better… Read More »