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...]
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...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
There are a variety of means to transfer your assets at death. Options that are often considered the "simple" route include: TOD (Transfer on Death), POD (Pay on Death), beneficiary designations, and joint tenancy. However, these modest methods can present complications down the road. They also lack certain benefits that a trust contains. Read on to learn more about how Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
How Do I Handle Digital Assets in My Estate Plan?
In today’s electronic age, a whole new category of assets must be considered when creating or updating your estate plan – digital assets. Many do not realize they own digital assets. However, regardless of your age, the odds are good that you do. With that in mind, it helps to have some idea how to handle digital assets in your estate plan. What is a digital asset? Take a minute to consider your average day. If you are like most people, you spend a decent amount of your time on your cell … [Read more...]
When Should You Talk to an Estate Planning Attorney about Creating Your Estate Plan?
Creating an estate plan is a bit like going to the dentist; in that most of us know we should do it, but there's always an excuse to put if off a little while longer. In fact, over half of all Americans have yet to create an estate plan. One common excuse people give for not having an estate plan is they don't yet need one. So, when should you talk to an estate planning attorney about creating your estate plan? The answer is simple. Every adult should have at least a basic estate plan in place. … [Read more...]
Top Three Reasons to Create Your Estate Plan
You have likely been inundated with advice by well-meaning friends, family members, and co-workers about how important it is to create an estate plan. Like the majority of Americans, however, you have yet to take their advice. If you are like many people, the reason you have yet to create your estate plan is as simple as the fact that you don’t see a need for one. You do need one though, even if you are unaware of the need. Take a moment to consider the following “Top three reasons to create … [Read more...]
Ways to Minimize Family Fights over Your Estate
You have worked hard all your life to amass the estate assets you have. Whether you have a modest estate or a large estate, chances are good that you want to leave what you have to your family and loved ones when you die. Furthermore, you probably hope to accomplish the transfer of assets without any drama or conflict; however, the realist in you is concerned that someone may be unhappy with the terms of your estate plan which could easily lead to a lengthy, and costly, legal battle over your … [Read more...]
How Do I Know If My Estate Has Enough Liquidity ?
One of the primary goals of estate planning for most people is to ensure that their family members and loved ones are provided for financially in the event of their death. If that is among your top estate planning priorities you also need to consider something else that may not have occurred to you – estate liquidity. Leaving behind assets for loved ones doesn’t help if they cannot access those assets. At this point you may be asking “ How do I know if my estate has enough liquidity ? ” The best … [Read more...]
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