A living trust is also known as an inter vivos trust or a revocable trust. It is a trust that is made during your lifetime and involves transferring assets into the trust and naming a trustee to manage those assets. Usually, the trust creator or settlor is the initial trustee and a backup trustee is […]
The creation of a special needs trust is of vital importance if you have a person in your life who is disabled and you want to provide a financial gift to that individual. Money or property that you wish to give should be placed into a trust so as not to cause a loss of access […]
Life insurance policies, employer-sponsored retirement plans, annuities, and retirement accounts. Odds are, you look at this list and see at least one financial account that you hold. All of these accounts are generally payable upon the death of the account holder to beneficiaries named via beneficiary designations. Beneficiaries could also be named on certain […]
Special needs trusts are essential when a person with disabilities has assets to protect and when that person’s parents are considering their estate plan. Whether the person with the disability has funds, receives funds from a personal injury settlement, or receives funds and property as a gift, the money must be managed carefully. Special needs […]
Many clients are concerned about the son-in-law and daughter-in-law divorcing their child and walking away with a big chunk of their estate. And why shouldn’t they worry? The divorce rate in America is unfortunately still at a very high level. Parents also worry that someone will target their kids for get-rich-quick schemes, foolish financial investments, […]
An issue many parents of children with special needs face when determining their estate planning wishes is how to maintain their children’s eligibility if the child was to suddenly inherit a windfall if the parents pass. Through the use of a Special Needs Trust within their estate plan, parents can ensure that their disabled child […]
You have been named Executor under your family member’s will. Now what? In order for you to have any authority as an Executor, you will need to obtain official authority from a Court appointing you Executor. This authority will be granted by what are known as Letters Testamentary. To get these Letters Testamentary, a petition […]
Most people know that part of the process for estate planning is thinking about all of your loved ones and how you would like to provide for them after your death. You want to be sure that your underage children have an appropriate guardian, that your favorite charity is given a share of your estate, or […]
One of the more common questions we deal with in the initial interview with many estate planning clients is why they need both a living will and a health care proxy. The answer to this question is quite simple; but a bit of background on what each document specifically does may be helpful. Health Care […]