We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?”Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust.You Need to Consider a Revocable Living Trust if you…Want to avoid probate Want to avoid court interference, through the … [Read more...]
Trustors, Trustees and Beneficiaries – The Same Person?
A trust creates a special relationship between people and property that the trust owns. The person who created the trust, called the trustor, transfers ownership of his or her property to the trust as the new owner. Trustors are also sometimes referred to as settlors and trust makers. The trustor also states who shall receive the benefit of that property, a person known as a beneficiary, and who shall manage the property for the trust, known as the trustee. But can a trustor also be a … [Read more...]
Understanding Revocable Living Trust Terms
If you’re researching the revocable living trust, you may be confused about some of the terms. It’s important to make sure that you understand all aspects of this estate planning tool so that you can properly use it in your plan. Take a look at the information below to learn more. If you have any questions, or if you’d like to discuss creating a revocable living trust, meet with an experienced, qualifief estate planning attorney.Trust document – Your trust document spells out all of your … [Read more...]
Probate Avoidance Made Easy (part 1 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private.Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article.3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!!Joint ownership means that you could lose your … [Read more...]
If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...]
Answers To Your Living Trust Questions (2 of 3)
Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans.We’ve found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions.Will I always be the trustee of my living trust?You can be the trustee of your trust as long as you are … [Read more...]
Estate Planning Considerations Entering the New Year (part 2 of 2)
When considering creating or updating your estate plan in 2019, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
Estate Planning Considerations Entering the New Year (part 1 of 2)
As we approach the New Year, many folks include among their resolutions creating or updating their estate plans.What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to … [Read more...]
The importance of reviewing your IRA Beneficiary Designations
Whether you realize it or not, you have a beneficiary designation on your IRAs (i.e. individual retirement accounts.) It would be prudent for you to check the beneficiary designations to ensure that they are in line with your current intent, goals, and estate planning documents.Stretch out goalsIRAs make great inheritances for children and grandchildren who, with proper planning, can stretch the IRA distributions out over their life expectancy. The tax deferred growth is amazing and … [Read more...]
