There are estate planning misconceptions that float around about trusts in general. Many people are under the impression that you lose direct personal control of assets that you convey into any type of trust.Though there is some truth in this notion, the absolute nature of the statement is completely false, and we will provide some clarity here.Irrevocable TrustsThough there are variations under these umbrellas, there are essentially two different types of trusts: revocable trusts and … [Read more...] about Do You Lose Control of Assets in a Trust?
The idea of including a pet in an estate plan can sound silly if you are a younger person. Surely you will outlive your dog or cat, and in many cases, pets are owned by the entire family. Even if something horrible was to take place unexpectedly, there would still be people around to care for the pet.This make sense, but the question of pet planning is very relevant for a certain segment of our population.Senior Citizens and LonelinessAs elder law attorneys, we keep a finger on the pulse … [Read more...] about Can You Create a Trust for Your Pet?
One of the most common estate planning misconceptions is the idea that you should definitely use a simple will to state your final wishes unless you are a multimillionaire. Very wealthy individuals do use trusts to reduce their estate tax exposure, but that's only half of the story.There are several reasons why people that do not face estate tax exposure should use trusts, and we will look at four of them here.Special Needs PlanningA high percentage of people with disabilities rely on … [Read more...] about Four Reasons to Use a Trust Instead of a Will
Currently, each person can give $11.58 million during life or at death. However, that amount will be cut in half by January 1, 2026. It may go down even sooner. Read on to learn why and how you should use it before you lose it. … [Read more...] about Use the Exclusion or Lose It
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation.Read on to learn more. … [Read more...] about Will Your Estate Plan Still Work If You Move?
There is more to estate planning than disposing of your assets after your death. Planning for your incapacity is just as important. Read on to learn more about how incapacity planning can save you and your loved ones' anxiety.Read on to learn more. … [Read more...] about Planning for Incapacity
There are all sorts of formalities to an estate plan. Does that mean you can’t change anything by yourself? Read on to learn how your estate plan, if done properly, can give you the flexibility to make changes by yourself as to certain assets.Read on to learn more. … [Read more...] about Building Flexibility into Your Plan
Far too many people procrastinate when it comes to estate planning because they think that it can be quickly taken care of in the future. This mentality has always existed, but it has become more widespread now that you can buy boilerplate legal documents on the Internet.The idea is that you simply download a will worksheet, you fill in the blanks, and the matter is closed. After that, everything will take care of itself.In reality, this is a very shortsighted approach, and it can yield … [Read more...] about Do You Need a Lawyer to Plan Your Estate?
The revocable living trust is a very versatile and effective estate planning tool. One of the major advantages is the fact that asset transfers that are facilitated through the terms of a living trust are not subject to probate.This is a court proceeding that would enter the picture if you express your final wishes in a simple will. Inheritances are not distributed while the estate is being probated by the court, and it will take close to a year in most cases.Another drawback is the fact … [Read more...] about Is a Shared Living Trust Right for You?
Far too many people go through life without any estate planning documents, because they think that they will always have time to do it later on. Sadly, in many cases, they never get around to it. Under these circumstances, surviving family members often pay the price.IntestacyIf you die without a will or a trust, the condition of intestacy would be the result. The probate court would preside over the estate administration process, and the proceedings would unfold in accordance with the laws … [Read more...] about What Happens If You Die Without a Will?