What are the Advantages of Using a Corporate Trustee?
March 14, 2017Using a Corporate Trustee A corporate fiduciary manages trusts professionally every day. They have experience in the area, and they know what they are doing. They act very objectively to follow the instructions set forth in the trust document. They have investment experience and record-keeping skills. They know the law, and follow the prudent investor… Read more »
Who Should I Select as Trustee of My Trust?
March 10, 2017How To Selecting Someone as Trustee of Your Trust What is a Trustee and How do you Choose One? Select as trustee anyone you feel can do the job. But how do you figure that out. Having someone to manage your estate when you are gone is an important decision, and one that should not… Read more »
What Happens if My Trustee Fails to Follow the Terms of My Trust?
March 08, 2017What Would Happen if My Trustee Doesn’t Carry Out Their Duties? If the trustee still will not comply, the court could hold him in contempt. If they continues to refuse to comply, the court may also remove them from his position. During an estate administration, a trustee’s failure to comply with the trust terms is… Read more »
What are the Primary Duties of A Trustee?
March 06, 2017I’ve Been Named as a Trustee – What are the Duties of a Trustee? If you have been named as a Trustee, someone else has decided that you are the person they most trust to manage the financial affairs of their Trust. What is a Trustee and what are your duties and responsibilities? The simple… Read more »
Who are Trustees, and What Do They Do?
March 02, 2017Name a Trustee you Say? Trustees are those individuals or entities named in a trust agreement to administer the trust. Trustees are required to manage and invest trust property. They also distribute the trust property to certain individuals (the beneficiaries) based upon the instructions contained in the trust. Trusts often last for years or even… Read more »
I’ve Been Told That Even if I Plan with a Revocable Living Trust, I’ll Still Need Something Called a Pour-Over Will. What is That?
February 28, 2017Questions about Revocable Living Trust I’ve Been Told That Even if I Plan with a Revocable Living Trust, I’ll Still Need a Pour-Over Will. The Pour-Over Will serves as a safeguard in case an asset gets left outside of your trust. It’s not uncommon to find that in the process of funding a trust (changing… Read more »
One of My Professional Advisor Says I don’t Need a Revocable Living Trust
February 24, 2017My Professional Advisor Says I don’t Need a Revocable Living Trust It’s not uncommon for a professional advisor such as attorney, financial and insurance advisor or CPA to think of estate planning as pertaining only to finances, avoiding probate, or reducing taxes. That is the focus of the training most have experienced. Therefore if you… Read more »
Who Needs a Revocable Living Trust?
February 22, 2017Do I Need a Revocable Living Trust? When revocable living trusts first became popular in the 1980s, most thought that they were only for the wealthy. Over time, trusts have become a popular planning tool for any size estate. Revocable living trusts are amazingly flexible legal tools that can help the creator of the trust—referred… Read more »
What is the Difference Between a Will and a Trust?
February 20, 2017I Don’t Know the Difference Between a Will and a Trust Learn the pros and cons of wills and trusts. A will is a document that tells the world where you want your assets to go when you die. It becomes effective only upon death. Unfortunately, your will controls only the property you own in… Read more »
What is the Generation Skipping Transfer Tax?
February 13, 2017What Is the Generation Skipping Transfer Tax (GSTT)? Estate planning can help you pass on assets to your heirs while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply. Also called the generation-skipping tax, this federal tax can apply when a grandparent leaves assets… Read more »