After a Last Will and Testament, a trust is one of the most common additions to a well-rounded estate plan. If you decide to add a trust to your estate plan, you will need to decide which type of trust to create. To decide which type of trust you should create you need to have a better understanding of how different types of trusts can help you. For example, let's see why you might need an irrevocable living trust. Testamentary vs. Living Trusts All trusts are broadly divided into two … [Read more...] about Why Would I Want a Trust to Be Irrevocable?
Trusts
Key Things Every Trustee Needs to Know
Were you recently informed that someone appointed you to be the Trustee of a trust? If so, and this is the first time you served as Trustee, there are a few things you need to know before stepping into your role as a Trustee. To get you started, let's look at some key things every Trustee needs to know. A Trustee has several important duties and responsibilities. The overall job of a Trustee is to manage and invest trust assets and to oversee the administration of the trust. Generally, the … [Read more...] about Key Things Every Trustee Needs to Know
What Does a Trustee Do?
In recent years, trusts have become a commonplace addition to even the simplest estate plan. Unfortunately, the creator of a trust does not always discuss the appointment of a Trustee with the intended Trustee. If you recently learned that you were appointed as a Trustee and never served as a Trustee, you probably do not know where to begin in your trust administration duties. Let's explore what a Trustee does. Trust Basics A trust is a relationship whereby property is held by one … [Read more...] about What Does a Trustee Do?
What Is an AB Trust?
For many people, tax avoidance is a primary estate planning goal. If you are among them, and you are married, you may wish to consider incorporating an AB trust into your estate plan. For those who are unfamiliar with the concept, a Sacramento trust attorney at the Northern California Center for Estate Planning & Elder Law explains the basic fundamentals of an AB trust. Why Tax Avoidance Is an Important Estate Planning Goal Historically, an AB trust was used as an estate planning tool … [Read more...] about What Is an AB Trust?
How You Can Benefit from a Family Wealth Trust
If you are contemplating the addition of a trust to your plan, you will need to decide which type of trust best suites your needs. You may have heard of a Family Wealth Trust and thought it is not the right trust for your plan because you are not wealthy. If so, think again because a Family Wealth Trust is not just for the wealthy. Let's see how you can benefit from a Family Wealth Trust. Why Might You Need a Trust? Initially, a Last Will and Testament may be all you need to ensure that … [Read more...] about How You Can Benefit from a Family Wealth Trust
The Benefits of a Spendthrift Trust
Sometimes, the most difficult part of creating an estate plan is not deciding who to include as beneficiaries but deciding how to gift assets to those beneficiaries. For example, you may be reluctant to pass down assets directly to a beneficiary because that individual cannot be trusted to manage his/her own money for one reason or another. If you find yourself in that position, a spendthrift trust may be the solution. For those who are unfamiliar with the concept, let's see how a spendthrift … [Read more...] about The Benefits of a Spendthrift Trust
Married People Don’t Need Estate Plans, Right?
No way! Married people need estate plans. Some folks think that because they own assets jointly with a spouse, they don’t need an estate plan. In fact, joint ownership is called a “poor man’s estate plan.” In reality, it should just be called a “poor estate plan.” Joint tenancy ownership is riddled with perils. Likely, the most serious peril is the unintentional disinheritance of your children. Sadly, it happens too often because of joint ownership. This is what can happen when you … [Read more...] about Married People Don’t Need Estate Plans, Right?
Assisting Family and Friends During These Trying Times
Before the onset of the Covid-19 pandemic, many of our clients were already assisting elderly or disabled family member and friends with such things as meals, medications, medical visits and shopping. Regular visits just to check in were also part of many folks’ normal routines. COVID-19 restrictions have had a large negative impact on many of these activities. So, how can you continue to assist under these new circumstances? Here are a few thoughts: Medical Issues Under a federal … [Read more...] about Assisting Family and Friends During These Trying Times
Covid-19 and Your Estate Plan
The COVID-19 crisis has caused many people to realize that life-changing events can happen unexpectedly and turn their lives upside down. The myriad of challenges caused by the COVID-19 pandemic have given many pause to rethink their concerns and priorities. Estate planning is one area that should get attention, and possibly revision, as a result of the impact of current events . Here are some things to consider as you review your existing plan. Are all your estate planning documents up … [Read more...] about Covid-19 and Your Estate Plan
What Happens To One’s Property After They Die?
When someone dies, they typically leave behind various estate assets. This may include cash, investments, personal property or real property. All of the decedents property must be legally transferred upon his or her death. How the property is handled depends on a number of factors. Property held in joint tenancy with another person will pass by operation of law to the surviving joint tenant when the one of the joint tenant dies. In many cases, property held by husband and wife as community … [Read more...] about What Happens To One’s Property After They Die?
