You may have heard that probate is necessary when assets are being transferred after someone dies. There is a lot of truth in this statement, but it is not absolute, and we will provide the details here. Sole Personal Possession Generally speaking, transfers of assets that were in your direct and sole personal possession at the time of your passing would be subject to the probate process. This would apply to distributions through the terms of a will, and the probate court presides over … [Read more...] about When Is Probate Necessary?
Estate Planning
An Overview of Living Trust Administration
The revocable living trust is a very effective estate planning tool that will facilitate efficient asset transfers after your passing. Some people think that trusts are complicated to administer, but in reality, this is really not the case. The First Phase If you establish a living trust, you would be called the grantor or settlor. The administrator is the trustee, and even though you would be the grantor, you can also act as the trustee. As a result, you have complete control of the assets … [Read more...] about An Overview of Living Trust Administration
Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on the basics of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Beneficiary Designations
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Read on to learn more. … [Read more...] about Beneficiary Designations
Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article examines how beneficiary designations done prior to the SECURE Act might not have the intended consequences today. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Is Life Insurance Part of Your Estate Plan?
There are people that do not have estate plans because they have limited resources, and they don’t think that it is worth the trouble. If you do not have anyone depending on you financially, this may make sense on the surface, but there are other reasons to have a basic plan in place. However, if you are married, the situation is different. The responsibility you have to your family is even greater if you have a child or multiple children. You can’t create money out of thin air to make … [Read more...] about Is Life Insurance Part of Your Estate Plan?
2021 Estate Planning Survey Reveals Interesting Trend
They say that death and taxes are the two certainties of life, and people definitely prepare for the latter one of these two eventualities. However, when it comes to the other one, a surprising percentage of people are remiss. 2021 Survey Results Caring.com has been conducting studies on an annual basis to get a feel for the estate planning preparedness of American adults. They gather their numbers shortly after we enter a new year, and they have recently released their figures for … [Read more...] about 2021 Estate Planning Survey Reveals Interesting Trend
Can Someone Challenge a Living Trust?
People often harbor misconceptions about trusts, and one of them is the idea that you cannot challenge the terms of a trust in court. This stems from a misunderstanding of a basic truth about revocable living trusts. Living Trusts, Probate, and Will Challenges One of the major benefits that a living trust will provide over a simple will is the avoidance of probate. A will would be admitted to probate, which is a court supervised legal process. It is time consuming and expensive, so probate … [Read more...] about Can Someone Challenge a Living Trust?
Dynasty Trusts
What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust. Read on to learn more. … [Read more...] about Dynasty Trusts
