Irrevocable trusts are used frequently in estate planning for a wide variety of purposes. Irrevocable trusts can be used to make a completed gift of assets, while restricting access to the assets or retaining indirect control. Irrevocable trusts can be used in order to help protect assets from creditors of the trust beneficiaries. Such trusts even can be used as part of planning to qualify for Medicaid benefits. The most typical irrevocable trust is the Irrevocable Life … [Read more...]
Death and Tragedy
When we think of death, we usually think of it as the result of some tragedy: an auto accident or a natural disaster. However, death often is not a result of tragedy, but rather can be the natural close of one’s chapter here on earth. Picture a family gathered around to help a beloved elder pass on. Surely, it is a time for mourning, but also it can be a time for reconciliation and bonding. However, all too often tragedy occurs after death in the form of family infighting and even litigation … [Read more...]
Protecting Your Children from Their Nightmares… and Yours
You tuck your children into bed and kiss them goodnight. In the doorway, you watch them peacefully drift off to sleep. They are so innocent, so naïve. After your long day, you fall into bed and dream of the day your children will be grown. You dream you are walking your daughter down the aisle at her wedding, beaming with pride. Your dream starts out normally, but then you see that your soon-to-be son-in-law is actually a chimpanzee. While our dreams can … [Read more...]
There’s No Time Like the Present to Review your Plans
As we retire and get ready for the next stage of our lives, many of us have a plan in place outlining what we wish to leave to our sons, daughters, grandchildren, or other loved ones, or perhaps to charity. It’s imperative to review your estate plan periodically, especially if you or your spouse are getting on in years, or if your health is failing, to ensure that it continues to meet your goals. Time usually passes more quickly than we expect. Make it a priority to re-evaluate your goals and … [Read more...]
Estate Planning: Know the Terminology
Although thinking of one’s own death is an uncomfortable task, many people agree that initiating some form of estate planning is prudent. However, some people may feel intimidated by meeting with an attorney to discuss their needs because of an unfamiliarity with the law. A good lawyer will discuss your available options in simple terms that a person with no legal training can comprehend. But you can also relieve some of that hesitancy by familiarizing yourself with legal terminology before … [Read more...]
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