When a friend or loved one asks us to do something, we often say yes without giving the request any deep thought. But some requests carry with them responsibility and even potential liability, like being named an agent in a durable power of attorney or the trustee to a trust. If you’re thinking of agreeing to...
For some clients, the thought of legacy extends beyond the confines of family. Donating time and money to community charities is one way to do that. An estate planning tool – the charitable remainder trust – allows people to donate while still retaining some important benefits. A Most Useful Tool – the Charitable Remainder Trust. An...
Trusts are a common, yet diverse, estate planning tool. There are trusts for different purposes, with different terms and provisions. Some trusts, called testamentary trusts, are created by the settlor’s Will after his or her death. But many trusts are established during the lifetime of the settlor. When you consider establishing a trust, it’s important to...
Diane was a successful business owner with three children from her first marriage. Jack, a car salesman, was father to two children from his first marriage. When they found love the second time around, they realized it was time to update their estate plans to meet the needs of their blended family. Their goals were slightly...
Every trust contains a trust maker, a trustee, and at least one beneficiary. Trusts vary, however, in why and how they are established. Before creating and funding a trust, it’s important to know a little about the different types of trusts. In this blog, we’ll take a look at the difference between revocable trusts and irrevocable...
Sometimes, simple is not best. Estate planning should be tailored to meet the needs of your life, and sometimes that life is complicated. Advanced estate planning may be right for you. Basic estate planning is . . . A simple plan typically includes a Will, a durable power of attorney, a healthcare power of attorney and/or...
Trusts have been a powerful, yet evolving, estate planning tool for a long time. As trusts have changed, the need for extra protection and a way to modify trusts became apparent. Trust protectors, sometimes also known as Trust Advisors, may meet both needs. Just as it’s important to understand the type of trust that is appropriate...
Some estate assets require a little more care than others. It’s not difficult to leave someone the family china, but firearms are a different story. Some guns are strictly regulated, and passing them incorrectly can cause real problems. Gun trusts are created primarily to provide a way to handle guns that are regulated by the National...
Trusts are a common estate planning tool. Reasons to create and fund a trust range from asset protection to providing for someone with special needs. Some trusts even have similar purposes. Two such trusts are the spendthrift and discretionary trust – similar enough, but with significant differences. Knowing which trust to use is critical. Trusts in...
Most of the time, we have the best intentions when deciding who will get our property after we’re gone. A well-crafted, comprehensive estate plan can give the maker a sense of accomplishment, contentment, and serenity. During the estate planning process, though, people start to ask some hard questions about their heirs: Are my loved ones able...