How Do I Plan for My Adult Children?
April 27, 2017Important Parts of Estate Planning What Things Should I Consider as I Plan for My Adult Children? Like every other part of your plan, you should start by determining your children’s needs and your specific goals for their future.” Fair is not always equal and equal is not always fair,” is a common estate planning… Read more »
When Does the Common Trust End and What Happens Then?
April 25, 2017What is a Common Trust and When Does it End? Most common trusts are designed to terminate when the youngest child reaches a certain age or completes college. At that time, the funds that are left in the trust are divided among all the children, equally or unequally, according to the trust instructions. Instead of… Read more »
Do I Need to Set Up a Separate Trust for Each of My Minor Children?
April 21, 2017Do I need a Separate Trust for Each of My Children? When creating trusts, parents are faced with tough decisions about how to leave their assets to their children. Do I need one big trust or a separate trust for each of my children? Each person needs to consider their own situation and unique child… Read more »
Should the Same Person Who is Raising My Children Also be in Charge of the Financial Assets?
April 19, 2017Financial Assets-Who Should Be in Charge? Sometimes the people who are the most nurturing are not necessarily the best at handling money. Although the person you name as Guardian of your minor children can also serve as Trustee of your trust that may not be the best solution. It’s easy to see that filling the… Read more »
Who Will Raise My Children if I Die While They are Still Minors?
April 17, 2017Some people think that estate planning is for millionaires. In fact, if you have any assets at all, or if you have minor children, estate planning is just as important for you. Not only does the process deal with how assets are distributed at your death, but perhaps more importantly who will raise your children… Read more »
Do I Need a Living Trust if My Only Asset is a Life Insurance Policy?
April 13, 2017Do I have to Create a Living Trust? Living trusts are confusing if my only asset is a life insurance policy. What is I name my minor child as the beneficiary, Should I create a living trust still? How do I know if I need a living trust? Estate planning is all about ensuring your… Read more »
Leave My Estate to My Spouse or to My Children – that is the Big Question
April 11, 2017Should I Leave My Estate to my Spouse or My Children? “Who do I leave my estate to” is a question that plagues first-time estate planners. Most people want to benefit their spouse in a blended family or second marriage situation. Yet they still want to provide for their children. Experience teaches that the potential… Read more »
What are the Concerns of a Blended Family in Second Marriages?
April 07, 2017Concerns of A Blended Family – It Isn’t Always the Brady Bunch Concerns of blended family financial planning and conflict in planning is a reality. A blended family is where someone with children from a prior marriage has entered into a second or subsequent marriage. The conflict arises out of the client’s desire to provide… Read more »
Can My Spouse be a Trustee of the Family or Marital Trusts?
April 05, 2017Yes, but naming the surviving spouse, as a Trustee should be done only after reviewing all the facts and counseling with your advisors. In a “first time” marriage where both spouses have great confidence in each other, it is common for the surviving spouse to be designated as a Trustee of the Family and Marital… Read more »
How Else Can I Use a Living Trust to Plan for My Spouse?
April 03, 2017Using a Living Trust to Plan for Your Spouse’s Financial Future Living trusts can be used to plan for a spouse’s well-being in a variety of ways. The decision about separate or joint trusts is not as straightforward as you might think. A revocable living trust is a popular way to pass assets to heirs. Assets titled… Read more »