A trust can be an excellent addition to just about any estate plan. A trust can help reduce your tax burden, avoid probate and allow you to control how your assets are used even after you are no longer here. Although there are a multitude of different types of trusts that you can choose from, they all require you to appoint a trustee to oversee the trust assets and ensure that the beneficiaries benefit from the trust as intended. Who you appoint as trustee is a very important decision and one … [Read more...] about Appointing a Trustee—Questions to Ask
A well thought out estate plan typically includes numerous legal documents as well as a wide variety of legal strategies, all aimed at accomplishing goals that complement your primary goal of creating a roadmap for the division of your estate property upon your death. One common addition to an estate plan is a trust. In fact, many estate plans include more than one trust because of the flexibility trusts offer and the numerous purposes a trust can serve within an estate plan. One decision that … [Read more...] about Can You Be the Trustee of My Living Trust?
As much as we all hate to admit it, there is usually one in every family – the irresponsible one. Whether it is a spouse, a child or a grandchild, you likely have someone close to you who just cannot handle money. If may be that he or she is simply young and inexperienced. Maybe he or she just doesn’t have a head for numbers. Sometimes it is because of a substance abuse or gambling addiction that he or she just can’t seem to get rid of. Regardless of the reason, if you are concerned about … [Read more...] about How to Handle the Irresponsible Beneficiary
All parents worry about what will happen to their children in the event of their early death or incapacitation. Parents of special needs children, however, may have reason to worry even more than the average parent. This is because a special needs child will likely need care and protection for life, not just until he or she reaches adulthood. For this reason, if you are the parent of a special needs child you should take the time to create a special needs trust now. A special needs trust … [Read more...] about Special Needs Trusts – Why You Should Take the Time to Set One Up Today
More and more people are choosing to include a trust in their estate plan. Trusts offer numerous benefits such as probate avoidance, tax benefits, and continued control over trust assets; however, these benefits are only available if the trust is managed properly. That, in turn, depends in large part on your choice of trustee. While it may seem a natural choice to appoint a family member as your trustee, you should ask yourself if this is really a wise choice. Appointing a family member as … [Read more...] about Trusting a Family Member to Be Trustee – Is It a Wise choice?
Your estate plan should be as complex or as simple as your estate is, but in all cases it should take advantage of the tools that are right for the job. All estates plans should start with a Last Will and Testament; however, after that the estate planning tools you use will depend on your goals and needs. Trusts are another popular estate planning tool. In case you are under the impression that trusts are only for people with vast estates, think again. Specialized trusts have developed over the … [Read more...] about How to Use a Specialized Trust — The Gun Trust Example
Estate planning can be complicated, yet necessary, in order to protect your loved ones in the event of your death. Parents with young children have specific concerns that others may not. One estate planning tool that is often overlooked by parents with young children is the use of a trust. A trust can be an integral part of an estate plan for parents with children that have not yet reached the age of majority. Although there are many different variations of the basic trust, they all share the … [Read more...] about Trusts and Parents with Young Children
Who you appoint as the trustee of a trust can have a huge impact on the success of the trust itself. Stories abound in the news of people who made a bad choice in the appointment of a trustee and consequently lost enormous sums of money. Deciding on a trustee can be a very difficult and personal decision. When choosing a trustee for your trust, there are a few factors that you should take into account before making your final decision. The Purpose and Complexity of The Trust: What type of trust … [Read more...] about How to Choose A Trustee
When creating your estate plan, you may wish to make use of one or more trusts. A trust can be very complicated, or amazingly simple. At its core, a trust is comprised of a grantor who creates the trust, a trustee who oversees the trust, one or more beneficiaries, and assets that are used to fund the trust. In many cases, the grantor, trustee and beneficiary position may be held by the same individual. While trusts come in many varieties and perform a wide array of functions, the two broad … [Read more...] about Trusts — Irrevocable Versus Revocable