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…
Trusts are not right for everyone, so they need to be fully explored before being created. If someone says you need a trust as part of your estate plan, you should speak with an experienced estate planning attorney before moving forward. A recent post from NJ 101.5, “The disadvantages to…
A legislative change made the use of trusts less necessary for most Americans, but there are still many situations where this planning tool is the best option. When the American Taxpayer Relief Act became law, the $5 million exemption and the new rules on portability of the exemption for married…
We often hear about families who squander fortune; we hear less about families that preserve their wealth and values over generations. Successful entrepreneurs often struggle with estate planning when it comes to their children. Will knowledge of large inheritances to come create spoiled and unmotivated adults? How can wealth be…
We never know what's around the corner. Big changes come in all different types. Best strategy: be prepared and deal with whatever comes. Of those Americans who actually have a will and an estate plan in place, there's still a tendency to let years go by before they update their…