7 Pets That Inherited Fortunes

Pets are often a big part of our families. In fact, some people refer to themselves as pet parents or speak of their pets as if they were their children. It’s important to care for our animal friends, and this is true even after we have passed on. Some people set up pet trust while others name their devoted pets as beneficiaries in their Wills. Seven lucky pets that inherited fortunes continued to live a good life Read More

Is it Time to Update Your Trusts?

Years ago, Blake added a special needs trust, a revocable living trust, and a qualified terminable interest property (QTIP) trust to his estate plan. He knew he should review his estate planning and his trusts every so often, but just never seemed to have the time. When Blake passed away recently, his family was left with a messy probate situation. Assets had been bought and sold, some heirs had predeceased Blake, Read More

Would a Family Incentive Trust Work for Your Family?

Parents tend to worry about their children’s behavior. As children become adults, those worries change from wondering if the kids did their homework to hoping they will make sound financial decisions. One way to encourage fiscally responsible behavior is through a family incentive trust. But, what can this trust do that a parent’s chore charts and withheld allowance did not? What is a family incentive trust? Like Read More

Wealth Transfer Strategies for Baby Boomers

Baby boomers – an iconic slice of American history. Making up almost 20% of the United States population, baby boomers are reaching retirement age in large numbers. As they retire and eventually pass away, they stand to pass on more than a good name or a quirky family legend. In fact, baby boomers are expected to transfer up to $68 trillion in wealth to their heirs in the coming decades. In this article, we will Read More

Myth Busting: 3 Beliefs About Trusts That Just Are Not True

Myths have abounded in the world since ancient times. However, over time myths have evolved from stories about Zeus and Poseidon to commonly-held-though-inaccurate beliefs about our modern life. Even a serious field like estate planning has not escaped the formation of myths. In this article, we will set out ‘myth busting’ three beliefs about trusts. #1 - Trusts are only for the wealthy. It’s true that some Read More

What You Can Learn from Celebrity Trusts

Between the paparazzi and social media, we often know more about celebrities than we care to. In fact, they are so far removed from your life, you may feel that there is nothing to be learned from their trials and triumphs. However, sometimes we can learn what not to do especially in terms of their estate planning. In this article, we will explore what you can learn from celebrity trusts. Establish Trusts as Read More

Can You Split Your Trust?

A trust is a legal entity created to hold assets for the benefit of one or more beneficiaries. If you contemplate adding a trust to your estate plan, you may wonder if there are any situations where you can split your trust if necessary. Under what conditions would a split, if allowed, help achieve your estate planning goals? In this article, we will look at several ways to split a trust. Split Your Trust with a Read More

Directed Trusts 101

While trusts are a common form of estate planning, there are variations in how trusts are formed. For example, Alex T. was considering forming a trust then transferring his family business to the trust. However, he was concerned about appointing a trustee. Alex had built his company from the ground up and was reluctant to hand authority and control to someone who did not possess his personal interest in the company. Read More

Dynasty Trusts: Sharing Your Wealth with Future Generations

Over the years, George and Marla had built a real estate empire. Now, their deepest desire was to make sure their children and future descendants benefitted from their work. While discussing their estate planning goals with their lawyer, they learned about dynasty trusts. If sharing your wealth with future generations is a consideration, you, too, might benefit from a dynasty trust. Building an Enduring Legacy with Read More

Can You Serve as Trustee of Your Own Trust?

You may be thinking of adding a trust to your estate plan. Maybe you have already added a trust to your estate plan. Either way, choosing the trustee of your own trust can be a difficult decision to make. Articles about qualities to look for may help ease your decision making, but what if you want to serve as the trustee of your own trust? Trusts, 101 In general, a trust will consist of the following: A Read More