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 »
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 »