Before we address the title question, we should explain some of the advantages that you would gain if you were to use a living trust instead of a will as your primary asset transfer device. Last Will Drawbacks First, if you use a last will, the executor would not be able to act in a vacuum. The will would be admitted to probate, and the court would provide supervision during the administration process. Final debts must be paid during probate, so creditors would be notified. They would be … [Read more...] about Can You Add and Remove Assets From a Living Trust?
Estate Planning
What Is the Function of the Probate Court?
Since you are on this website, you must be interested in learning some things about estate planning. In a real sense, it all starts with the probate court. When you understand the function of this body, you start to get a better understanding of the estate administration process. Last Wills and Court Supervision The last will is the estate planning document that is most commonly utilized to facilitate postmortem asset transfers. If you decide to use a will to state your final wishes, you would … [Read more...] about What Is the Function of the Probate Court?
Estate Planning for Young L.A. Families
We have all heard that there are only two certainties of life. Most people don’t relish the ritual, but they are fully prepared for one of them when April 15th rolls around. Strangely enough, a very significant percentage of the same folks have made no plans for the other inevitability that we will all face. Studies are periodically conducted to gauge the estate planning preparedness of adults in the United States. One of them was done by Caring.com relatively recently, and the statistics are … [Read more...] about Estate Planning for Young L.A. Families
Many Reasons to Plan
Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
Wealth Preservation for High Net Worth Individuals
It is a satisfying feeling to come to the realization that you have been able to achieve all of your financial goals. You can breathe a sigh relief and enjoy the fruits of your labor as you provide opportunities for the people that you love. This being stated, there is a looming threat that can severely impact high net worth individuals and their families. We have a federal estate tax in the United States, and it can take a heavy toll, because it carries a very hefty 40 percent maximum rate. … [Read more...] about Wealth Preservation for High Net Worth Individuals
What Are the Duties of a Living Trust Trustee?
For a lot of people, a revocable living trust will be the ideal estate plan centerpiece. There are many benefits to be gained through the utilization of a living trust instead of a last will. One of them is the avoidance of probate, which is a costly and time consuming legal process. You do not lose personal control of assets that you convey into a living trust, and you can change the terms at any time. It is possible to include spendthrift protections, and you can account for potential … [Read more...] about What Are the Duties of a Living Trust Trustee?
Take Steps to Prevent Estate Challenges
It is important to discuss your estate planning objectives in detail with a licensed attorney because there are nuances that you may not think about. In this post, we are going to focus on one particular under the radar scenario that too many people fail to directly address. Surveys tell us that most adults are rolling the dice without estate plans, and this can apply to a significant percentage of people that are in their 50s and 60s. There are various reasons why people procrastinate, and … [Read more...] about Take Steps to Prevent Estate Challenges
Why Crowdfunding May Cost You Medicaid Eligibility
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medicaid? Read on to learn how crowdfunding can impact Medicaid eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...] about Why Crowdfunding May Cost You Medicaid Eligibility
Consequences of Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. While these modifications may be determinative of the state law consequences, they may not determine federal tax consequences. Read on to learn more. Consequences of Modifying an Irrevocable Trust … [Read more...] about Consequences of Modifying an Irrevocable Trust
Clarity is Key to Planning
Clarity is essential in an estate plan. This article examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later. Clarity is Key to Planning … [Read more...] about Clarity is Key to Planning
