When planning for your estate, there are different ways you can plan to pass assets to your chosen beneficiaries. One choice is to create a living trust which allows you, the creator, the flexibility to make changes and benefit from trust assets during your lifetime, and avoid probate after you are gone. Here are some… Read More »
Posts Categorized: Trust
Reasons to Set up a Trust
When thinking about how to develop an estate plan you have probably considered devising a will which directs where your assets will go and states your final wishes concerning your estate and arrangements. Another estate planning device which could be of significant benefit to you is a trust. There are several different kinds of trusts… Read More »
The Benefits of a Protection Trust
For some business owners, debt is a necessary evil. When everything is going well, the business owner will regularly pay the debt. However, changes in business, the economy and life circumstances can come up which may prevent the owner from paying their creditors and place them at risk of losing their property. For other business… Read More »
What is a Grantor Retained Annuity Trust, and Should you Have One?
Having an income-producing asset can be a significant source of revenue but, depending on how it is owned, can also be subject to estate taxation. One way to minimize tax and continue to receive benefits from this kind of resource is to place it in a Grantor Retained Annuity Trust (GRAT). Here are some facts… Read More »
Planning for the Silent Thieves: Dementia, Alzheimer’s and Parkinson’s Disease
I search your eyes, So empty and blue, Hoping for a flicker Of what used to be you.1 If you are the wife, husband, son or daughter of someone with, dementia, Alzheimer’s disease or Parkinson’s disease, you may be overwhelmed emotionally, physically and financially. You are consumed with the day-to-day care, behaviors like agitation and… Read More »
Special Needs Trust Planning
Planning for the future of a child or another loved one with a severe disability often requires family members to become well versed in different government benefit programs. When the individual’s disability is expected to prevent them from working or being able to fully support themselves as an adult, these public resources can be of… Read More »
Preparations for Adult Children with Mental Health Issues
When an adult has a severe mental illness, their parents are often tasked with helping them manage their symptoms. In the case of a debilitating condition, the child may not be able to work or otherwise provide for their own needs. Parents in this circumstance will naturally have concerns about how their child will be… Read More »
Legacy Trust and Your Family
Someone preparing an estate plan often wants to designate that certain funds, possessions, and resources be passed on to family members. When there are significant assets, the individual may wish to leave their estate in a manner which can continue to generate income and increase in value for the benefit of their family continually. In… Read More »
Common Problems of Trustees in Trust Administration
Trust can serve a variety of functions such as preserving family assets, avoiding estate taxation, and keeping wealth out of the probate process. While these invaluable legal constructs can serve to protect what you have built their management can be complicated. Here are some common problems of trustees in trust administration. The Trustee When a… Read More »
Irrevocable Trusts and You
Trust can be a mysterious concept. While many of us have heard of a trust, we may not understand the different types and how they may be advantageous for our circumstances. One key consideration when planning a trust is whether it will be revocable or irrevocable. In many cases, when an irrevocable trust is a… Read More »