When you are planning your estate, you should understand your options so you can make fully informed decisions. With this in mind, a lot of people make assumptions about trusts that are not accurate, and the matter of revocability is sometimes misunderstood. Irrevocable Trusts There are in fact trusts that you cannot revoke under most circumstances. If you establish an irrevocable trust, you cannot act as the trustee, so you would not control the trust. This is called “surrendering … [Read more...] about Can You Revoke Your Trust?
Estate Planning: Have You Covered All Your Bases?
Some people are under the impression that the only estate planning document you need is a will. This is a very shortsighted perspective because there are other considerations that will enter the picture if you want to plan your estate properly. Asset Transfers The idea that a will is the right choice for most people should be tossed out the window. In reality, the majority of people with a reasonable store of resources would be better served by the utilization of a revocable living … [Read more...] about Estate Planning: Have You Covered All Your Bases?
Can You Establish a Trust for a Dog?
You may have heard about celebrities like Leona Helmsley or Oprah Winfrey that created estate plans that left millions of dollars for their dogs. It can seem like something that is in the realm of the rich and famous, but ordinary people can be interested in pet planning solutions. Senior Loneliness Imagine the situation that you may be in when you start to reach an advanced age. Your spouse may pass away before you do, and after retirement, you will not have daily interactions with your … [Read more...] about Can You Establish a Trust for a Dog?
When Should You Use a Trust Instead of a Will?
A lot of people assume that a will is the best estate planning tool to use if the situation is not extremely complex. In reality, a trust of some kind can be preferable under a number of different circumstances, we will look at a handful of them in this post. Protecting a Spendthrift Heir Let’s say that you have a son that is not good with money. He has come to you for bailouts over the years, and you are concerned about the way he will handle his inheritance. If he spends all the money too … [Read more...] about When Should You Use a Trust Instead of a Will?
These Estate Planning Myths Can Lead You in the Wrong Direction
There is some misinformation that circulates about certain aspects of the estate planning process. People sometimes make costly errors because they buy into myths, and with this in mind, we will look at some of these commonly held misconceptions in this post. Estate planning is not necessary until you are a senior citizen. Obviously, most people do not pass away when they are under the age of 60, but it does happen each and every day. When you are a single adult with no responsibilities to … [Read more...] about These Estate Planning Myths Can Lead You in the Wrong Direction
Vacation Home Owners: Be Aware of Ancillary Probate
It is nice to own a second home in another state where you can spend quality time with the people that you care about. The getaways are life affirming, and real estate is a good investment, so it is a win-win situation if you are in a position to purchase a vacation property. On the estate planning front, there is a consideration with regard to the administration phase, and we will look at it here. The Probate Process If you use a will to record your final wishes with regard to asset … [Read more...] about Vacation Home Owners: Be Aware of Ancillary Probate
It’s Important to Have a Coordinated Estate Plan
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more. … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Advantages of Using a “Grantor Trust” in Planning
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Dangers of Do-It-Yourself Estate Planning
Occasionally, those who are not Estate Planning attorneys will attempt to do their own Estate Planning. Perhaps they’ll go online and get a document to use. Unfortunately, Estate Planning is about far more than a cookie-cutter document. Read on to learn more. … [Read more...] about Dangers of Do-It-Yourself Estate Planning
Life Expectancy Underscores the Importance of Medicaid Planning
When you are looking ahead toward your retirement, you probably envision leisure and recreational activities, you will have time to keep yourself in shape. Most seniors can remain active, and you can make the best of your freedom when you feel well. These golden years can be a lot of fun as you reap the rewards of your hard work, but the clock will always be ticking. As time passes, you may find it more and more difficult to do things that you have done throughout your life, and the … [Read more...] about Life Expectancy Underscores the Importance of Medicaid Planning
