Trusts can be drafted to be quite flexible. This article examines how Trust Protectors can add flexibility to your trust. This added flexibility can increase the usefulness of your trust. Trust Protectors Add Flexibility … [Read more...]
Famous Estates-Champ or Chump? Ed White
In 2018, over 50 years after the tragic death of NASA astronaut, Ed White, White’s two children, Bonnie and Ed III wrote a commentary piece for The Dallas Morning News about their father. With eloquence, they reflected on their father’s death, “What's been harder has been watching how people forget. Everyone remembers the landing, the triumph. But people tend to forget the cost. Maybe because it's easier that way. It's a shame. Because it's the failures, the tragedies, that truly define … [Read more...]
Modifying an Irrevocable Trust
Believe it or not, Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. Read on to learn more about how a modification of a trust can help. Modifying an Irrevocable Trust … [Read more...]
When Should I Start Inheritance Planning?
Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.” Nearly half of all Americans have yet to start estate planning. For most, the seemingly reasonable explanation is that they are either too young or too poor to start estate planning. This may lead you to wonder, “What is the magic number? When should I start an estate plan?” Though there is no “one size fits all” answer to this question, it is safe to say that the “sooner the better” applies to everyone. Tomorrow … [Read more...]
5 Common Power of Attorney Mistakes
One of the most commonly used and frequently misunderstood estate planning tools is a power of attorney. In fact, almost everyone executes a power of attorney at some point during their lifetime. When used appropriately, a power of attorney can be a very effective legal tool; however, the authority granted in a power of attorney, or POA, is frequently misunderstood. This is often to the client’s detriment. Though intended as a useful tool, a misused or abused POA can do more harm than good. … [Read more...]
Is Creating a Trust Difficult?
A trust is one of the most common additions to a comprehensive estate plan. A primary reason is that trusts can help accomplish a diverse range of estate planning objectives. In addition, trusts are extremely flexible. The creator of the terms of the trust has considerable leeway, barring illegal or unconscionable terms. With this in mind, is creating a trust difficult? The short answer is, it doesn't have to be. If you have considered including a trust in your estate plan, you have likely … [Read more...]
Famous Estates-Champ or Chump? Fanny Brice
Fanny Brice (1891-1951) [comedian, singer, and actress] When Fanny Brice sat down to compose her autobiography, she told the writer, “I lived the way I want to live and never did what people said I had to do.” Fanny Brice, born Fania Borach, is a comedic legend who went about her life with audacious tenacity. Her head-strong mindset didn’t always pay off and her life was a mix of stupendous successes and heavy heart breaks. None the less, Brice was determined that the world was her stage. … [Read more...]
Do You Need to Include Asset Protection Planning in Your Estate Plan?
Initially, the primary goal of your estate plan may be to simply create a roadmap for the distribution of your estate assets after your death. However, a comprehensive estate plan can accomplish far more by including additional estate planning tools and strategies. Asset protection is among the various goals and objectives you may wish to include in your overall estate plan. With this in mind, how do you know if you need to include asset protection planning in your estate plan? Reasons to … [Read more...]
Could Algae Be the Cause of Alzheimer’s?
Evading old age infatuates our society. Stories spread the legend of a mystical fountain of youth. Pop anthems sing out forever young. We even sell serums and offer surgeries to “reverse” the effects of aging. Still, to our vexation, everyone continues growing older. Yet, it is not the growing older and wiser that scares us, but the debilitation that comes along with it. Increased medical conditions, loss of motion and senses, and eventual death, are all realities included in the thoughts of … [Read more...]
What Is a Special Needs Trust?
For the parent of a child with special needs, comprehensive estate planning takes on a heightened importance. It is natural to worry about providing for your child if something were to happen to you. As the parent of a special needs child, wondering about what adulthood will look like for your child is also a concern. The bottom line is; special needs children need special attention. Thus, the sense of urgency to provide a plan for a special needs child is often heightened. If you have a … [Read more...]
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