Many instances of estate planning disasters start when well-meaning people try to use a simple solution for what is ultimately a complicated problem. It’s better for all concerned to meet with an estate planning attorney who can present strategies that will achieve goals, rather than attempt a do-it-yourself plan that…
The last step of an estate plan is one that all too often gets forgotten. That’s too bad, because unless you retitle assets so that they are owned by the trusts created for the plan, means that all good planning could be worthless. When you are done creating an estate…
A trust is a complex document, but taking the time to read it a few times will prove enlightening. If you have questions, call your estate planning attorney, so they can help clarify anything you don’t understand. Attorneys do try to simplify documents when they can, so that clients will…
Think of trusts like the Swiss army knives of estate planning. There are many different trusts that are used to accomplish many different tasks. At its essence, a trust is a legal document that permits a third party, called the trustee, to hold assets on behalf of a beneficiary. The…
You’ve heard the expression “trust fund babies.” However, trusts are not just for the wealthy. They have a number of uses in estate planning and can be helpful at any asset level. The reality of our own mortality keeps some of us up at night. For others, it’s a disturbing…
Trusts serve a variety of functions in estate planning, and they aren’t just for wealthy people. Trusts can be simple, or they can be complex, depending on what type of trust is being considered and how they are structured. Trusts should be set up by an estate planning attorney, who…
For living trusts, the person or people who set them up are usually named the initial trustees, but after that, there needs to be a successor trustee. Think carefully about who you would want to take on these responsibilities. When the first spouse dies, the surviving spouse usually becomes the…
Living trusts can achieve different goals, depending upon how they are drafted. Knowing the fundamentals will help you decide how to go forward. It’s important to know that not all living trusts are the same. However, common reasons for using a living trust are for privacy and avoiding probate. Placing…
When all of your time is spent battling the challenges of mental illness or addiction, it’s hard to imagine what the future will bring. However, that’s exactly why estate planning is so important. It’s not an easy issue to discuss with an estate planning attorney for the first time. However,…
The moment you become a parent, you need a will. The same is true once you acquire any kind of asset that you want to give to someone after you die. It’s really that simple. The reasons why so many people don’t think they need a will fall into a…