Estate plans are like life—over time, it changes, people are added and subtracted and your wishes and goals change. Regardless of your income, amount of assets or family circumstances, everyone wants to minimize taxes and facilitate a smooth transfer of property at death. Consider a recent aptly named article titled “Does Your Estate Plan Call for … Continue reading What Does a Will Do and Not Do?
Category: Revocable Trust
Estate Plans Can Protect against Exploitation
Financial exploitation is far more common than most people think, especially of the elderly. There are several types of individuals more at risk for exploitation, according to an article from mondaq titled “How An Estate Plan Can Protect Against Financial Exploitation.” These include someone with a cognitive impairment, in poor physical health, who is isolated or has a learning … Continue reading Estate Plans Can Protect against Exploitation
Should I Have a Trust in My Estate Plan?
Kiplinger’s article entitled “Why Do I Need a Trust?” says that if having assets distributed outright to a beneficiary could cause potential issues, there are several reasons to think about creating a trust. If you prefer to place specific conditions on the funds, you should have a trust. Many trusts state that distributions can only take place at … Continue reading Should I Have a Trust in My Estate Plan?
Estate Planning Considerations for Minor Children
Creating an estate plan with minor children in mind has a host of variables quite different than one where all heirs are adults. If the intention is for the minor children to be beneficiaries, or if there is a remote chance a minor child might become an unintended beneficiary, different provisions will be needed. An … Continue reading Estate Planning Considerations for Minor Children
Can You Plan for Probate?
What can you do to help heirs have a smooth transition when settling your estate? An article from The Community Voice, “Managing probate when setting up your estate,” provides some recommendations. Joint accounts. Married couples can own property as joint tenancy, which includes a right of survivorship. When one of the spouses dies, the other becomes the owner and … Continue reading Can You Plan for Probate?
Does an Estate Plan Need a Trust?
Many people dismiss trusts as only needed by wealthy people. However, they actually can be used to solve many different issues. An article from The Mercury titled “Planning Ahead: How do you know when you need a trust?” examines the different reasons for using trusts. Family Members with Special Needs. If your family includes a family member with special needs, … Continue reading Does an Estate Plan Need a Trust?
What are the Components of an Estate Plan?
Estate planning doesn’t have to be challenging. It’s also one of the most thoughtful steps you can take for the people you care about. Estate planning is the process of who will handle your estate and receive possessions after your death, according to an article titled “10 Essential Estate Planning Documents You Need” from The Street. There are … Continue reading What are the Components of an Estate Plan?
Do You Need a Revocable or an Irrevocable Trust?
It’s not always obvious which type of trust is the best for an individual, says an article titled “Which is Best for Me: A Revocable or Irrevocable Trust?” from Westchester & Fairfield County Business Journals. In a revocable living trust (RLT), the creator of the trust, known as the “grantor,” benefits from the trust and can be the … Continue reading Do You Need a Revocable or an Irrevocable Trust?