Naming A Trustee The Key To Starting A Trust
If you are considering leaving property or other assets to heirs by means of a trust, one of the most important decisions to be made is who will run the trust once you are gone. That person — your fiduciary — will be responsible for managing the assets in the trust and making distributions […]
Some Estate Planning Myths
There are several myths about estate planning that can cause confusion and, if you believe them, can end up causing problems for your family, says an article on Forbes. com. Among them: 1) Estate planning is only for the rich. While there is a $5.34 million exemption this year on the estate tax, you don’t […]
Is Your Estate Plan A Trojan Horse?
On January 31st this year, the Chinese celebrate the Year of the Horse. Which got me thinking about famous horses: Black Beauty, Secretariat, Trigger, Sea Biscuit, Silver, the Budweiser Clydesdales, Man O’ War, Pokey, and even the Trojan Horse. That famous tale, expertly depicted in the Brad Pitt film Troy, recounts how the Greeks hid […]
Do You Need a Trust?
Trusts are an important estate planning tool for many individuals but may not be right for every estate plan. Trusts are complex legal documents and should only be prepared by a lawyer who practices in this specific area of law. There are many different kinds of trusts and they are established for a variety […]
Three Reasons You Need An Estate Plan
Sometimes when people think about an estate plan, they think of only a last will and testament, but an estate plan is much more than a will. Especially since all of an individual’s assets can sometimes be distributed without a will. More important are the other documents that comprise an estate plan such as a […]
How to Preserve the Vacation Home for Your Family
Estate planning is about more than passing on assets, it is about passing on a legacy, and a way of life. As a recent article explains, one way parents can pass on their way of life is to preserve the family vacation home for their children. There are two common concerns parents face when determining […]
The Five Benefits of a Revocable Trust
Trusts are an important part of estate plans large and small. Unlike a will, a trust allows a person to manage and distribute assets in life, as well as in death. A recent article discusses why everyone needs a revocable living trust, and what the benefits of these trusts are. 1. Probate Avoidance Many people […]
Prevention is the Best Medicine & Why You Should Consider a Corporate Trustee
Revocable living trusts are a powerful and commonly used estate planning tool. Whenever a trust is created, there is also an accompanying position created called the trustee. The trustee is a person or entity appointed within the trust document that is responsible for the administration and management of the trust. The trustmaker usually […]
Americans Writing Pets Into Their Wills
A record number of Americans are incorporating a non-human friend into their family. In order to care for these pets after death, a recent article notes that many of these Americans are now incorporating beloved pets into their wills. However, incorporating a pet into a will is not enough to ensure that the pet is […]
Attorneys Get Paid per Word! And Other Untruths…
Why is my trust so long? As an estate planning attorney who provides comprehensive, solution-oriented planning documents to clients, I get this question almost every week. I have to chuckle, knowing that in the olden days attorneys did get paid per word of each document they created. But not anymore. Most estate planning attorneys work […]