You brought home your brand new trust. It sure looks great. It may be in a shiny new binder with tabs and everything. But how do you know it is going to work? Your trust is a financial vehicle, and …
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Providing for Special Needs Children
You may have a special needs child who is developmentally disabled and/or legally incapacitated. As a result of this disability or incapacity, your child may also be on some form of governmental assistance such as Supplemental Security Income or Medicaid. …
Your Trust As Your IRA Beneficiary
I am often questioned by financial advisors, banks and mutual fund companies if I meant to name a trust as primary beneficiary of retirement accounts. Yes, I meant to do that. When we prepare a trust-based estate plan, we also …
To Fund or Not to Fund, That is the Question
I regularly get questions from readers regarding the subject matter of this column. I welcome these questions. Oftentimes I am not available to take a call or the question would take more time to answer than I had at that …
Even Estates of the Rich & Famous Can Crash & Burn
If you are like most people, statistically 70%, you have done no estate planning. If that is the case, you are in good(bad) company. There are many others that also have not planned. You would think that attorneys, trained legal …
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 …
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 …
Don’t Forget to Update Your Estate Plan
You finally have been able to complete your estate plan. You have financial and health care powers of attorney, a will and maybe even a trust. It often takes a long time to get up the nerve to go to …
Titling of Assets
So you have your trust based estate plan. In addition to your trust, your trust based estate plan should also include, at a minimum, your financial and healthcare powers of attorney and your pour-over will. Your financial and healthcare powers …
Per Stirpes or Not Per Stirpes
You have a will or a trust in which you leave your property to your family or other beneficiaries when you are gone. As a backup plan, your will or trust should have contingent beneficiaries named in the instance that …