You have been named and are now acting as personal representative of mom or dad’s estate or trustee of their trust. You are a fiduciary, who is someone who handles funds or property of another. You have a fiduciary duty …
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Planning for Second Marriages Can be Tricky
You may have been widowed or divorced, so you are now in a second or even third marriage. You both came to the marriage with your own separate property. However, you also may have property that you have accumulated during …
How to Leave an Inheritance to your Spouse
Are you married? Did you plan on leaving anything to your spouse when you are gone? If so, you have lots of options. There are many ways to leave an inheritance to your spouse. If your spouse is going to …
Trust Your Trust
The use of trusts as an estate planning tool has become more prevalent over the last few years. There are, however, still some misconceptions about the use of trusts. Many believe that trusts should only be used if taxpayers have …
Planning For Charitable Gifts
If you are like most people, you are charitably minded and regularly support your favorite charities. However, have you ever thought about what happens to those charities after you are no longer around to make your annual gifts? After your …
Do Not Take Job of Trustee Too Lightly
You may have been named a successor trustee of your parent’s or your spouse’s trust. I am often asked the question by successor trustees, “What are my responsibilities?” Well your most important responsibility is what is called your fiduciary duty. …
Trust Protectors to the Rescue-bullets
So you have named your children as your successor trustees of your trust, the personal representative in your will or your financial power of attorney. You may have named your oldest child first as your financial agent because you think …
Estate Assets Subject to the Deceased Creditors
In a previous column, we discussed what would happen if you died and your debts exceeded your assets. However, do you know what would happen if you did leave bank accounts or other assets? What debts would have to be …
New Tax Law Increases Tax Free Inheritance
You have all probably heard that on December 17, 2010, President Obama signed the 2010 Tax Relief Act, which is actually called the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The main purpose of this act …
Younger Adults Need Planning Too
You may be a younger adult. If you are like most young adults, planning for your retirement is one of farthest things from your mind. Planning for your disability, death or other catastrophe is even farther from your mind. It …