When you become an adult in your own right, you have a certain set of basic responsibilities. There are probably family members who depend on you, and you if you are like most people, you take your responsibilities to heart. You should definitely carry this perspective over to the realm of estate planning. Unfortunately, many otherwise responsible people are unprepared for an event that is definitely going to happen to all of us. When you devise your estate plan, you are not planning for your … [Read more...] about What Questions Should I Ask an Estate Planning Attorney?
Revocable Living Trust
How Is a Revocable Living Trust Funded?
There is a legal device called a revocable living trust that is an extremely effective and versatile estate planning tool. Though some people believe that trusts are only for the rich, you could benefit from this type of trust even if you are not a multimillionaire If you establish a revocable living trust, you continue to control the actions of the trust, because you can act as the trustee and the beneficiary initially. You have the power to alter the terms of the trust, and as the name would … [Read more...] about How Is a Revocable Living Trust Funded?
What Is a QTIP Trust?
The acronym QTIP may conjure certain images outside of an estate planning context. For our purposes as estate planning attorneys, the acronym stands for a qualified terminable interest property trust. This type of trust can be useful if you are a parent who is getting remarried. Protecting Your Children If you are getting remarried as a parent, you may have estate planning concerns. Clearly, you want to make sure that you provide resources for your new spouse to draw from after you are gone if … [Read more...] about What Is a QTIP Trust?
Is a Living Trust Really Better Than a Will?
You may be under the impression that you should use a last will as your primary estate planning tool if you do not consider yourself to be enormously wealthy with a very complex estate. It can be natural to assume that a living trust is just a glorified type of last will that is really not going to provide much of a difference. In reality, there are some very tangible reasons why someone could suggest that a living trust is better than a last will. Let's look at some of the advantages that you … [Read more...] about Is a Living Trust Really Better Than a Will?
Does a Revocable Living Trust Protect Assets
Does a Revocable Living Trust Protect Assets from Timothy Murphy Among other strategies, the trusts that would be used to protect assets would be irrevocable trusts. With this type of trust, you surrender the incidents of ownership. As a result, the assets in the trust would not be in play if you were to become the target of a lawsuit. Learn more about revocable living trust protect assets in this presentation. … [Read more...] about Does a Revocable Living Trust Protect Assets
What Is a Northern California Revocable Living Trust
What Is a Northern California Revocable Living Trust from Timothy Murphy These trusts provide you with efficient control of the resources while you are alive and well. Learn more about Northern California Revocable Living Trust in this presentation. … [Read more...] about What Is a Northern California Revocable Living Trust
Free Report: What Is a Revocable Living Trust in California?
A revocable living trust is an asset transfer vehicle that can facilitate efficient asset distributions outside of the legal process of probate. This type of trust can be useful for people of relatively ordinary means. If you use a will instead of a trust, the probate process enters the picture, and it can be time-consuming and expensive. To learn more about revocable living trusts, schedule a consultation with a licensed estate planning attorney. Click here to read the whole article or … [Read more...] about Free Report: What Is a Revocable Living Trust in California?
Making Sure Your Living Trust Performs As Intended
When setting up a trust, preparing the documents does not finish the process. If the person who sets up the trust fails to properly transfer their assets into it, it can become an underfunded or unfunded. This lack of proper funding can lead to a failure of a person’s estate plan, and also increases the potential for disputes throughout the process of probating the estate. What is an Unfunded Trust? A trust is a legal document that involves a trustor, a trustee, and a beneficiary. The trustor … [Read more...] about Making Sure Your Living Trust Performs As Intended
Does a Living Trust Protect My Assets?
Living trusts can be very useful for a wide range of people. When you create this type of trust, you are called the grantor of the trust. There is a trustee who administers the trust, and a beneficiary who can receive monetary distributions from the trust. While you are alive and well, you can act as the trustee and the beneficiary. You control the actions of the trust, and you can take monetary distributions if you choose to do so. Most trusts that are referred to as Living Trusts are … [Read more...] about Does a Living Trust Protect My Assets?
What Happens To A Living Trust When One Spouse Dies?
One reason for a living trust for a married couple is the opportunity to pass on their estates to their children in the most tax-efficient manner. When the first spouse dies, the surviving spouse is allowed to make use of all available tax benefits. This can be the difference between leaving your children the wealth you have accumulated and leaving them with barely enough to pay for funeral expenses. Can’t I just leave everything to my spouse? Typically, when one spouse dies, they leave … [Read more...] about What Happens To A Living Trust When One Spouse Dies?
