When a Disclaimer Might be Used?
June 26, 2017I Don’t Need the Money From My Father, and I’d Like to Pass it to My Children Instead, Without Any Adverse Tax Consequences. Is that when to a disclaimer might be used? Yes. A qualified disclaimer could be the perfect tool to accomplish this goal. If you disclaim your interest in the inheritance after your… Read more »
What is a Disclaimer?
June 22, 2017Learn About Legal Disclaimers A disclaimer is an irrevocable refusal to accept an interest in property. In other words, it is the legal way of saying “no thank you.” The effect of a disclaimer is that the disclaimed property will be treated as if it had never been transferred to the person making the disclaimer…. Read more »
How is My Personal Property Handled in a Trust?
June 20, 2017Learn How Personal Property is Handled in a Trust Personal property such as jewelry, antiques, artwork, family heirlooms, and household effects can be passed on to your beneficiaries through a specific bequest: “I leave my Ming Vase to my sister Betty.” But for most people, it would be overwhelming to try to inventory and choose… Read more »
What is a Community Property Agreement and How Does it Interact with My Trust?
June 16, 2017I Need to Know What a Community Property Agreement is A Community Property Agreement is a contract that a married couple in a community property state sign as a couple that specifies how they want their property to be classified. Classification may be as community property or separate property, or a mix of the two…. Read more »
My Husband Did Not Have a Revocable Living Trust.
June 14, 2017A Scenario about Revocable Living Trusts My Husband Did Not Have a Revocable Living Trust. Why do I need revocable living trusts? If my husband only had a will and there were no big problems when he passed away isn’t that enough? This specific situation would need to be reviewed by your professional advisors-they might… Read more »
Are My Assets Are At Risk if My Beneficiaries Die?
June 12, 2017What Happens to My Assets if None of the Beneficiaries Named in My Living Trust Survive Me? Your living trust should include an “ultimate distribution” provision that addresses the unlikely scenario that all of your beneficiaries—typically your spouse, children or grandchildren—do not survive you. What is sometimes referred to as a the “family disaster” provision… Read more »
Estate Plan for Unmarried or Same-Sex Couples
June 08, 2017What to do to Prepare Estate Plan for Unmarried or Same Sex Couples Unmarried couples face special estate planning challenges. An estate plan for unmarried or same-sex couples Same-sex and LGBTQ couples used to have special concerns when creating an estate plan, by virtue of the fact that they couldn’t legally marry in much of… Read more »
Is it Possible to Establish a Trust for My Pets?
June 06, 2017Setting Up a Trust for My Pets Pet owners around the world are acknowledging the benefits of making proper arrangements and plans for a pet or pets trust fund. There is a small likelihood that someone else will treat your pet in the same manner you would, without proper instructions. Therefore, it is highly important… Read more »
What is a Trust – specifically a Lifetime Trust?
June 02, 2017What is a Trust? A Lifetime Trust keeps the assets within the trust for the lifetime of the beneficiary. This trust avoids probate and has asset protection features. The majority of lifetime trusts distribute income and principal as needed for health, education, lifestyle maintenance, and support. This is typically the most protective type of trust,… Read more »
What is a Convenience Trust?
May 31, 2017Tell me about a Convenience Trust A Convenience Trust is a trust that permits the beneficiary to withdraw the assets at any time for any reason without restriction. It gives almost as much control of the inheritance to a beneficiary as an outright distribution. However, it may provide some protections, provided that he or she… Read more »