Will I Have to Amend My Trust Every Time I Acquire a New Asset?
May 25, 2017I Have a New Asset, Do I Need to Amend my Trust? You do not have to amend your trust every time that you acquire a new asset. The trust instructions control the eventual disposition of the assets, but those instructions don’t change each time an asset is included. Instead, acquiring new assets is part… Read more »
Do I Have to Fund All of My Assets into My Trust?
May 23, 2017Which of My Assets need to Be Included in My Trust? Most estate planning attorneys would encourage you to fund all of your assets into your trust, either by change of ownership, or by change of beneficiary as mentioned above with retirement plans. A revocable living trust can control only those assets which are titled… Read more »
Trust Funding and Why is it Important?
May 17, 2017Trust Funding is the act of transferring your assets to your Trust. Think of a Living Trust as a bucket. Just as an empty bucket is of little value, even a well-drafted Trust is of little use unless it is “filled” with your assets. That is what trust funding is. If you create a Living… Read more »
Is it wrong for me to disinherit my older children?
May 17, 2017I feel my minor children need to be provided for if something happens to me. It is not wrong for you to disinherit your older children if that’s your desire. However, if you are going to make the decision to disinherit them, you may want to consider the psychological effects it can have on those… Read more »
I Do Not Want to Disinherit My Child but He May Use Funds for Illegal Activities?
May 15, 2017I Love My Child Very Much, I Do Not Want to Disinherit Him? Disinheritance is often the driving force in movies and television shows. Should you consider disinheriting a child or grandchild in real life. It should be approached very carefully. It’s both an emotional and a financial decision and it can have significant ramifications,… Read more »
I Have a Child Who Has Led a Lifestyle With Which I Disagree.
May 11, 2017I don’t want to provide for that child upon my death-I don’t like their lifestyle. Can I disinherit that child by providing that he is only to receive $1.00? Your children do not have a legal right to your estate. You can leave it to anyone you desire, and disinherit anyone you want to. You… Read more »
I Don’t Expect My Children to Have Problems with Creditors or Predators…
May 09, 2017I do not expect Problems with Creditors, Shouldn’t I Just Leave My Property to My Children Outright? Problems with creditors aside, should I go outright or protected trust? Even if an adult child is debt free and will never divorce, leaving their assets in a protective trust can still be beneficial. For one thing, life… Read more »
Can My Child Serve as Trustee of Their Trust Share and Still Have Protections?
May 05, 2017Reviewing my Trust Documents and Wondering if My Child Can Serve as Trustee of their Trust Share? Yes. Your child can serve as trustee of their own trust share. Our estate planning attorneys highly recommend familiarizing yourself with the details involved though. Clients often include one or more trusts in their estate plans to insure… Read more »
How Can a Trust Protect My Children’s Inheritance?
May 03, 2017Will a Trust Protect My Children’s Inheritance? One of the main reasons to do Estate Planning is to provide loved ones with protection from claims of future creditors and divorcing spouses or lawsuits. If you leave your property to your child as an outright distribution, the property will not be protected. What you need to… Read more »
What is the Best Way to Leave an Inheritance to My Adult Children?
May 01, 2017How to Leave an Inheritance to My Adult Children Many clients begin the estate planning process assuming that upon their death they will leave assets to their children. The norm is as an “outright” distribution. Parents are often reluctant to leave assets in trust for adult children. They don’t want to be seen as overly… Read more »