In this second installment concerning modification options for irrevocable trusts, we examine decanting. In the third and final part in the series reviews the use of a Trust Protector to modify an otherwise irrevocable trust. Unlike judicial and nonjudicial modification or the use of a Trust Protector, decanting relies upon powers that already exist in the trust. When the Trustee decants, the Trustee exercises their power to distribute trust assets and moves the assets from the existing trust … [Read more...] about Are Irrevocable Trusts Really Irrevocable? – Part II
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Are Irrevocable Trusts Really Irrevocable? – Part I
For many years Estate Planning attorneys touted irrevocable trusts as an immutable way to set an estate plan in stone. As more and more states (not including California) have adopted the Uniform Trust Code that has changed. Provisions of the Uniform Trust Code allow for modification of an otherwise irrevocable trust which has altered the landscape of Estate Planning. California has passed its own legislation in recent years to address some of these issues. Background Irrevocable Trusts … [Read more...] about Are Irrevocable Trusts Really Irrevocable? – Part I
Estate Planning Mistakes to Avoid if You Want a Secure Legacy
If leaving a legacy for loved ones matters to you, it's important that you avoid certain key estate planning mistakes. In particular, there are four key errors that you don't want to make because they could cost you the chance to leave the assets that you have worked so hard for to the people that you love and care about. Here are the errors that you will want to make sure to avoid. 1. Delaying your estate planning for too long One of the biggest mistakes that you could end up making is … [Read more...] about Estate Planning Mistakes to Avoid if You Want a Secure Legacy
What the Trump Administration Could Mean for Your Estate Plan
Any time a new administration takes the Oval Office, clients call upon Estate Planning attorneys to provide assurances and guidance regarding what’s going to happen. As one administration leaves and another enters, many clients become nervous about the potential changes the incoming administration wants to make. With this new administration, the more things change, the more they stay the same. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts on this … [Read more...] about What the Trump Administration Could Mean for Your Estate Plan
The Seedier Side of the Holiday Season
Scammers will use any leverage possible to separate you from your money. This includes preying upon a grandparent’s love and concern for their grandchildren. The so-called grandparent scams are among the most popular scams targeting the elderly and rely upon details gleaned from social media sites to make the call seem realistic. It’s important to recognize the signs of potential scams and understand how to guard against them. My friend and colleague Tereina Stidd, an estate planning expert, has … [Read more...] about The Seedier Side of the Holiday Season
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The Horrors of Dying Intestate
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. My friend and colleague Tereina Stidd, digs into this scary issue. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
The Seedier Side of the Holiday Season
Scammers will use any leverage possible to separate you from your money. This includes preying upon a grandparent’s love and concern for their grandchildren. The so-called grandparent scams are among the most popular scams targeting the elderly and rely upon details gleaned from social media sites to make the call seem realistic. It’s important to recognize the signs of potential scams and understand how to guard against them. My friend and colleague Tereina Stidd, an estate planning expert, has … [Read more...] about The Seedier Side of the Holiday Season
5 Trust Mistakes You Need to Avoid
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
3 Tools That You Should Consider Including In Your Incapacity Plan
You should have an incapacity plan. This is very important. The Centers for Disease Control and Prevention reports that one in four U.S. adults has some type of disabling condition. These conditions can develop at any point in your life. As many as 13.9% of them affect cognition, which means they can leave you mentally impaired. This could mean you’re unable to make your own decisions or manage your own affairs. If you develop a serious physical mental condition, you may not be able to express … [Read more...] about 3 Tools That You Should Consider Including In Your Incapacity Plan
