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...] about Do I Really Need a Trust?
Beneficiary Designations
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...] about Trustors, Trustees and Beneficiaries – The Same Person?
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...] about Understanding Revocable Living Trust Terms
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...] about Probate Avoidance Made Easy (part 1 of 2)
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...] about Common Estate Planning Myths (part 2 of 3)
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...] about If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
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...] about Answers To Your Living Trust Questions (2 of 3)
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 goals IRAs 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...] about The importance of reviewing your IRA Beneficiary Designations
Estate Planning Q and A: Part II of III
One of the best parts of an estate planning attorney’s job is answering client questions. It’s an essential part of the estate planning process so we’ve outlined some of your questions below. This is part II in our three part estate planning question series. Do I have to leave my children an inheritance? No, even minor children are not legally entitled to an inheritance. Many would argue that there is a moral obligation to leave funds for the care of minor children. If you choose not … [Read more...] about Estate Planning Q and A: Part II of III
Don’t Forget Beneficiary Designations When Creating Your Estate Plan
When handling your estate planning affairs, it can be easy to forget to check your beneficiary designations. You may have designated beneficiaries for your retirement account and life insurance policies a long time ago. Do you know who will be getting these assets after your death? Take a look at the following information to better understand this planning need. If you have any questions, or if you’d like to review your beneficiary designations, contact an estate planning attorney. When … [Read more...] about Don’t Forget Beneficiary Designations When Creating Your Estate Plan
