For many people, a trust can be a helpful addition to their estate plan. Unfortunately, there are many misconceptions and misunderstandings about trusts that can lead to people not using them wisely or not using them at all. This could be a big error. You don’t want to pass up the opportunity to implement all of the estate planning tools you need to leave your legacy. To ensure that doesn’t happen to you, watch out for these five trust mistakes. 1. Not creating a trust when you need one Far … [Read more...] about 5 Trust Mistakes You Need to Avoid
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Should You Consider a Living Trust? Find out About the Benefits Here.
A living trust is an estate planning tool. You may not know what it is, or how it works, since it's not as commonly discussed as a last will and testament. But, it may be a very important tool that you can use to protect yourself and the people you love. This guide explains some of the biggest benefits of making a living trust. If you decide you want to move forward with creating one after learning about all of the advantages a living trust can offer, you should reach out to the Northern … [Read more...] about Should You Consider a Living Trust? Find out About the Benefits Here.
Trusts Are Not Just for the Wealthy: Breaking the Stigma
The term "trust" often conjures images of vast estates, elite family dynasties, and significant wealth management strategies. The association of trusts with the ultra-rich has given rise to the misconception that they're exclusive tools for the elite. This stigma, however, is far from the truth. Let's break down the misconception and understand why trusts can be beneficial for people from all walks of life. 1. Understanding Trusts at Their Core A trust, simply put, is a legal arrangement … [Read more...] about Trusts Are Not Just for the Wealthy: Breaking the Stigma
Charitable Trusts: How to Give Back and Reduce Taxes
Charitable trusts present a unique opportunity to contribute to causes you care about while also providing significant tax benefits. They are specially designed legal entities that hold and manage assets for charitable purposes, all while offering a way to reduce, delay, or even eliminate tax liabilities. There are two primary types of charitable trusts: Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs). Each serves a different purpose and provides different … [Read more...] about Charitable Trusts: How to Give Back and Reduce Taxes
Use a Trust to Protect Your Assets
A trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries. Trusts can be used for a variety of purposes, including protecting assets from creditors, reducing taxes, and providing for loved ones. One way to use a trust to protect your assets is to create a living trust. A living trust is a trust that is created during your lifetime and can be amended or revoked by you at any time. With a living trust, you transfer ownership of … [Read more...] about Use a Trust to Protect Your Assets
What Does the Trustee Do?
You need to have a firm grasp of the breadth and complexity of the duties and responsibilities of a Trustee during the administration of the trust. The overall job of a Trustee is to protect and manage trust assets while administering the trust using the trust terms created by the Settlor. The specific duties and responsibilities of a Trustee make for a long list that includes things such as: Manage and protect trust assetsAbide by the trust terms unless they are impossible, illegal, or … [Read more...] about What Does the Trustee Do?
What an In Terrerem Clause Can Do for You
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. My friend and colleague, Tereina Stidd, an estate planning expert, has … [Read more...] about What an In Terrerem Clause Can Do for You
