One of the misconceptions that many people harbor about estate planning is the notion that you lose control of assets that you convey into any type of trust. This is definitely not the case when it comes the most commonly utilized trust, which is the revocable living trust. If you create a trust, you are called the grantor of the device. The trustee is the person or entity that serves as the trust administrator, and the beneficiaries can receive distributions from the trust. As the grantor of … [Read more...] about Can You Modify a Living Trust?
Estate Planning
Living Trust Administration: Intentions Matter
Before we get into the specific subject that is at the core of this post, we should explain some of the reasons why you may want to use a living trust instead of a last will. One of them is the facilitation of a streamlined estate administration process. When a will is used, the executor that is named in the document would be required to admit it to probate. This is a costly and time-consuming legal process. In addition to the time and money that is consumed, there a loss of privacy, … [Read more...] about Living Trust Administration: Intentions Matter
How Can an Estate Be Challenged?
Estate planning can seem like it is all about the decisions that you make with regard to the way that you distribute your assets. This is definitely the core of the exercise, but in order for everything to go smoothly, you should consider the other half of the equation. How will the people that you include in your plan feel about the decisions that you made? Even more profoundly, what about individuals that were left out? In this post, we will look at some details about estate … [Read more...] about How Can an Estate Be Challenged?
Consider the Impact of an Inheritance
When you are thinking about estate planning, you may solely focus on your decisions about final gifts. This is a reasonable way to look at it, but you should also consider the impact that an inheritance will have on each person that is on your list. The right way to transfer assets to one person may not be appropriate for the next. This is something you should discuss with an estate planning attorney before you make any final determinations. People With Disabilities If you would like to use … [Read more...] about Consider the Impact of an Inheritance
Preparing for Coronavirus
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread. Read on to learn more. … [Read more...] about Preparing for Coronavirus
Five Key Inheritance Planning Considerations
Far too many people procrastinate when it comes to estate planning, and there are many reasons for this phenomenon. One of them is the idea that you always have time to take care of it later on, and it is really not that complicated. You just state your wishes in writing in a will, and that’s the long and short of it. In reality, this is a gross oversimplification. When you plan your estate, you are arranging for the distribution of everything that you have accumulated throughout your life to … [Read more...] about Five Key Inheritance Planning Considerations
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read on to learn more. Best Places to Retire: State Taxation … [Read more...] about Best Places to Retire: State Taxation
Joint Tenancy Pros and Cons
Joint tenancy is a commonly used form of ownership between two or more people. It can be an easy solution. However, it can have drawbacks. Read on to learn more. Joint Tenancy Pros and Cons … [Read more...] about Joint Tenancy Pros and Cons
Whom Do You Want to Get Your Assets?
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?
Planning for the Sandwich Generation
The Sandwich Generation is torn between caretaking responsibilities for their minor children and their elderly parents. But first, they need to make sure they take care of themselves. Read on to learn more. Planning for the Sandwich Generation … [Read more...] about Planning for the Sandwich Generation
