As you move through the various stages of your life, your estate plan will likely need to grow and expand in order to meet your changing needs. As such, you will undoubtedly make use of a variety of estate planning tools and strategies in your growing estate plan. One of the most popular additions to a comprehensive estate plan is a living trust. Understanding some of the common living trust benefits can help you decide if a living trust is right for your estate plan. What Is a Living … [Read more...]
What Rights Does a Trust Beneficiary Have?
Gifting assets out of an estate can be accomplished in several ways. Making gifts in a Last Will and Testament that are realized after the death of the Testator is one way to gift assets. Using a trust to make those gifts, however, is becoming an increasingly popular alternative to gifting in a Will. If you recently learned that you are named as a beneficiary in a trust agreement, you may have questions about your status as a beneficiary, starting with what your rights are. We will explain the … [Read more...]
Incapacity Planning: Medical Issues
If you’re considering including incapacity planning in your estate plan (and you definitely should be), it’s important that you understand the use of the different available legal documents. A comprehensive estate plan will allow you to have the best plan in place so that your needs are always met. Did you know…? An advance health care directive is a document that allows you to spell out your wishes regarding end of life treatments and procedures. Many people use their advance health … [Read more...]
Choosing a Nursing Home
Do you or a loved one need nursing home care? If so, you will likely want to make sure that your loved one becomes a resident in a home that fits his or her many needs. There are many features to take into consideration when choosing the best nursing home. Take a look at the following guide to help make the best choice. Choose a nursing home that isn’t too far away. You may want to be able to visit your loved one often. Choosing a nursing home that is relatively close to your home … [Read more...]
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. State Income Taxation of Nongrantor Trusts … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
When Is Suing a Trustee of a Trust the Best Option
If you are the beneficiary of a trust, it means that although you do not physically have possession of the assets held in the trust, you do have an ownership interest in the assets. It is the Trustee’s responsibility to distribute those assets to you according to the terms of the trust. What options do you have though if the Trustee fails to distribute the trust assets? How do you know if, and when, suing a Trustee of a trust is the best option? Why Might a Trust Be Used to Distribute … [Read more...]
California Woman Says Mother With Alzheimer’s Was Left Outside Facility at Night
For anyone who has a loved one that suffers from Alzheimer’s disease, one of the biggest worries they have is that their loved one will wander off and become disoriented which can lead to serious injury or even death. Putting your trust in a care facility to protect your loved one with Alzheimer's is not easy, particularly when stories such as the one that follows seem to permeate the news. According to a recent news report, an 84-year-old woman who suffers from Alzheimer’s disease was … [Read more...]
Do All Estates Need to Be Probated?
When a loved one passes away, someone must handle the administration of his/her estate shortly thereafter. If the decedent left behind a Last Will and Testament, the individual appointed to be the Executor in that Will is who will handle the estate administration. If the decedent died intestate (without a Will), the court will appoint a Personal Representative to serve in the position. This person is generally referred to as an Administrator. Either way, if you find yourself in charge of … [Read more...]
Let’s Talk About Charitable Trusts
Typically, charitable lead trusts and charitable remainder trusts are implemented when your estate exceeds the federal estate tax exemption. This qualifies both charitable trusts as “advanced” estate planning tools. Besides lessening or totally avoiding the federal estate tax, there are income tax, capital gains tax, and charitable intent benefits as well. Simply put, the charitable lead trust provides an income stream to your favorite public charity for a period of years (up to 20) or … [Read more...]
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