When you sit down to create or revise your estate plan you may decide to include a trust agreement in your overall plan. Among the many benefits of including a trust is that trusts have evolved to the point where there seems to be a specialized trust for just about every estate planning goal or objective. A QTIP trust, for example, is an excellent way to provide for a second spouse while still protecting and reserving assets for your children. All trusts share the same basic elements – a … [Read more...] about What Is a QTIP Trust?
Who Should Be Designated as Successor Trustee of a Family Wealth Trust?
If you are fortunate enough to have a sizable estate to pass down to future generations you are likely aware of how important it is to create a comprehensive estate plan that will facilitate the transfer of your family wealth in the most efficient and cost-conscious manner possible. Within your estate plan you may plan to incorporate a family wealth trust, or FWT. If so, you will likely appoint yourself to be the trustee of the FWT; however, you may be wondering “Who should be designated as … [Read more...] about Who Should Be Designated as Successor Trustee of a Family Wealth Trust?
How Often Should an Estate Plan Be Reviewed and Updated?
If you have taken the time and effort to create a comprehensive estate plan you are to be congratulated. Over half of all Americans have yet to create an estate plan despite understanding the importance of doing so. Don’t stop now though! Creating your estate plan is only the first step to ensuring that you, your assets, and your loved ones are protected now and in the future. The next step is to review and revise that plan on a regular basis and when life events call for an … [Read more...] about How Often Should an Estate Plan Be Reviewed and Updated?
Famous Estates – Legacy Champ or Chump?
Philip Seymour Hoffman (1967-2014) - Actor Philip Seymour Hoffman’s death was a tragedy. For his loved ones, the pain resulting from his tragic, sudden death was amplified when his long-term partner and their three children found out what the estate plan entailed. The 46-year-old actor’s estate was reportedly worth $25 million. He and his partner of 15 years, Mimi O’Donnell, had three children together. They never married, and Hoffman last updated his estate plan in 2004. At the … [Read more...] about Famous Estates – Legacy Champ or Chump?
How Are Elder Law Fees Handled?
Elder law is a relatively new area of the law, yet there is a good chance that you will need an elder law attorney at some point in your life. You may find yourself in need of an elder law attorney or you may be the caretaker of an older loved one who is need of advice and assistance from an elder law attorney. Either way, you will likely have a number of questions for your elder law attorney, such as “How are elder law fees handled?” Because each attorney has his or her own system of … [Read more...] about How Are Elder Law Fees Handled?
What Are the Disadvantages of a Medicaid Trust?
You may wonder why Medicaid would be relevant to you if you are going to qualify for Medicare coverage when you reach retirement age. After all, Medicaid is a health insurance program for financially needy people, right? Medicaid is a need-based health insurance program. To qualify, you must be able to stay within income and asset limits. If you have Medicare coverage, you will have health insurance. You would not need Medicaid, and you would not qualify if you retired with a reasonable store … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
Famous Estates – Legacy Champ or Chump?
William E. Boeing (1881-1956) - Aviation Pioneer William Boeing was an American aviation pioneer who founded The Boeing Company. In 1916, Boeing co-founded B & W with George Conrad Westervelt. Boeing also founded the Pacific Aero Products Company, which produced the Boeing Model 1 airplane. In 1917,when America entered the First World War, Boeing changed the name of Pacific Aero Products Company to Boeing Airplane Company. The company obtained orders from the United States Navy for 50 … [Read more...] about Famous Estates – Legacy Champ or Chump?
The Death of Robin Williams Highlights Privacy Concerns When Estate Planning
Millions of fans around the world are mourning the death of comedian and actor Robin Williams following his recent suicide. Best known by older fans as “Mork from Ork” on the 1970s sitcom “Mork and Mindy”, Williams went on to show the breadth and depth of his acting ability is films such as “Good Morning, Vietnam” and “Good Will Hunting”. As is so often the case, the media began discussing details of the actor’s estate before he was even laid to rest. While this is hardly unusual, the … [Read more...] about The Death of Robin Williams Highlights Privacy Concerns When Estate Planning
What Are the Advantages and Disadvantages of Guardianship?
As we age, so do our parents and grandparents. Although it may be difficult to face, you may have a parent or grandparent who has been hit particularly hard by the aging process and now needs your help. Alzheimer’s and other age related dementia diseases, for example, can cause an elderly loved one to be at high risk for physical injury or financial victimization by unscrupulous predators who prey on the elderly. You may need to consider guardianship for your loved one. Before doing so, … [Read more...] about What Are the Advantages and Disadvantages of Guardianship?
Will My Trust Need to Be Changed If I Buy or Sell Assets?
In the not so distant past, trusts were considered the purview of the rich and famous only. The average person rarely included a trust in his or her estate plan. Instead, trusts were used to funnel family wealth from one generation to the next while maintaining a certain degree of control over the use of the trust assets. Today, however, including a trust in an estate plan is almost routine for the average person. Questions about how a trust works though are common. For example, people … [Read more...] about Will My Trust Need to Be Changed If I Buy or Sell Assets?
