Last week we discussed powers of attorney and although they are generally lifetime documents, some powers can be effective after death. A properly drafted financial power of attorney is an essential tool in the estate planner’s toolbelt. However, …
Currently browsing Trust Funding
Top six estate planning mistakes
I have been drafting and reviewing wills, trusts, powers of attorney and other estate planning documents for more than 32 years. This week, we will be discussing the top six estate planning mistakes that I have seen while drafting and/or …
How to Make a Graceful Exit
When you came in to this world, you came in kicking and screaming, hopefully. You also came in with nothing, not even with any clothes on your back. Now you have a lot more stuff. How do you want …
Estate Planning Legal Fees
You have done your estate plan. You have a will, financial and health care powers of attorney and maybe even a trust. You know how much it cost to set it up, but did you ever think about the overall …
The Title of Assets Matter with Trusts
You finally have signed your trust. But hopefully, your estate plan includes more documents and instructions than your trust. In addition to your trust, you should have, at a minimum, your financial and health care powers of attorney and your …
Making Your Trust Work by Funding it
We had one of our clients in this week for a trust review. She said that estate planning and trusts have been regular topics of discussion with her friends. They all have trusts which have been drafted by different attorneys. …
Trusts as IRA Beneficiaries
There seems to be a lot of misconceptions in the financial advisor community about naming trusts as beneficiaries of retirement accounts such as IRAs, 401(k)s, 403(b)s and 457(b)s. Even though the IRS issued final regulations regarding retirement account minimum distribution …
Top 8 Trust Funding Mistakes
You have your trust. You were told that to make it work, it has to be funded. Your estate planner maybe did a deed or a beneficiary designation, and then you were told that you had to do the rest …
Funding Real Estate into Your Trust Not as Simple as a Quit Claim Deed
You have your trust. You felt pretty good having it done. But then you were told that your trust will not work the way you want it and avoid probate unless you fund it. But what is this funding and …
Downsize and Simplify
You are still living in the home in which you raised the kids. It is the family homestead. You have lots of memories in that home. The kids moved out decades ago. You do not use or need the other …