If you are the parent of a child with special needs, planning for his or her future without parents is a more critical matter than the issue would be for a parent of a child who is not disabled. The concerns are twofold: who will your care for child if you become incapacitated and what happens to the child at your death? Some of the questions you need to consider when you begin the planning process are: Whom would you trust as guardian for your child if you were unable to care for them … [Read more...] about Special Needs Planning; Some Considerations
Trusts
Key Reasons Not to Die Without a Will or Trust
Many people die without taking the time to create a will or trust. Wills and trusts are powerful estate planning documents that allows individuals to be in control of the future. It’s important to consider the use of these documents, so that you can plan ahead. If you don’t take the time to plan, your wishes may not be respected. Take a look at the following 4 reasons as to why you don’t want to die without a will or trust. If you have any questions, or if you’d like to begin drafting you … [Read more...] about Key Reasons Not to Die Without a Will or Trust
Estate Size and Living Trusts
A question that often comes up in estate planning is “How much money do you need to get a Living Trust?” The question is a fundamental misunderstanding, but a common one. Although there would not be much point in doing so, you can put as little as a single penny into a Living Trust. The question is based on the premise that Living Trusts are designed for rich people. It’s a false premise. Living Trusts are designed for anyone who either wants to give something for one person to manage for the … [Read more...] about Estate Size and Living Trusts
Who Should Be Your Child’s Guardian?
A well constructed estate plang will not only addresses the distribution of your assets, but can also nominate a guardian for minor children. While there are legalities to consider, it’s important to remember that you are also determining the quality of your children’s lives if you die before they reach the age of 18. Many parents understandably have a difficult time imagining their children without them. But they need to consider many factors for guardianship, including: Type of … [Read more...] about Who Should Be Your Child’s Guardian?
What You Need to Know About Testamentary Trusts
A good trust is one that suits your needs and desires. For many parents with young children, a testamentary trust is exactly what you are looking for if you are concerned about your children being able to manage property if you were to die suddenly. Here are a couple of quick points about testamentary trusts and why they are useful. The trust relationship. Every trust is basically a specific legal relationship between certain people. When you create a trust you select who these people are … [Read more...] about What You Need to Know About Testamentary Trusts
Planning Considerations for Real Families
In an ideal world, all of our children or other beneficiaries would be fully grown, responsible, and disability-free upon our deaths. However, we don’t live in a perfect world and unforeseen circumstances often exist. Whether your beneficiaries are minors, are receiving assistance from the government based on a disability, or are otherwise not in the best position to manage an inheritance, there are plenty of great solutions available through proper estate planning. If your beneficiary is a … [Read more...] about Planning Considerations for Real Families
Decanting: It’s not Just About Wine
Decanting is a familiar process in winemaking as well as in chemistry. However, it is also a sophisticated process in estate planning. California recently passed legislation enabling it's use in the state. Question 1: What is decanting? Decanting is the process of transferring property from one trust to another. Specifically, the term applies when a trustee transfers property from one irrevocable trust to a new trust that has terms different than the original. Question 2: Why is … [Read more...] about Decanting: It’s not Just About Wine
Trustee Duties: Some Tips
With so many people creating Revocable Living Trusts today, it is not unusual for someone to find that they have been appointed as a Trustee upon the death of a family member. Some Trustees are called upon to pay the Trustor's bills and distribute the Trust assets as instructed by the Trust. At other times, the Trust was intended to last for a long time and the Trustee has an ongoing duty to manage the Trust such as in the case for Trusts set up for the benefit of young children. If you have … [Read more...] about Trustee Duties: Some Tips
What Is a Crummey Notice?
Although a Last Will and Testament remains the most common way to distribute an estate, a significant number of people choose to use a trust in lieu of, or in addition to, a Will to distribute their estate. If you are named as a beneficiary of a trust, it usually means you are entitled to distributions from the trust according to the terms created by the Settlor. What does it mean though if you receive a “Crummy notice?” Let's find out more about a Crummy notice and what to do if you receive … [Read more...] about What Is a Crummey Notice?
The Addicted Beneficiary: A Problem and a Solution
If one of your loved ones has a substance abuse problem, an inheritance may make the addiction worse or even kill him or her. At the least, the inheritance is likely to be squandered. For anyone who has an addiction such as drugs or alcohol, it is best to pass the inheritance in trust, not outright. How Outright Inheritances Work Outright gifts pass into your beneficiary’s individual name. They are within your beneficiary’s full control, to be spent any way he deems appropriate. This … [Read more...] about The Addicted Beneficiary: A Problem and a Solution
