You are named as Successor Trustee in your parent’s, sibling’s, or other loved one’s Trust. This is an honor and a responsibility. Of course, it is an honor because they have chosen you to carry out the wishes closest to their heart. It is a responsibility because the actions you make can have serious legal and tax consequences. As Successor Trustee, when the initial Trustee (usually the “grantor” or owner of the Trust) dies, you become Trustee. As Trustee, it is your responsibility to … [Read more...]
Estate Planning for Surviving Spouses
After losing a loved one, some things can -- and must -- wait. But there are also many things you should do immediately in order to protect yourself and your family. Here is some estate planning advice for widows and widowers: Update your will. If you haven't updated your will in the past five years, it's time to do so now. Make sure the beneficiaries listed are accurate and reflect what you want; if there are any changes, make them accordingly.Appoint a trusted person to replace the … [Read more...]
Helping Your Parents Age Gracefully
As you look back over your life, you realize just how much your parents’ support has meant to you. They were there as you took your first faltering baby steps, they supported you with advice and encouragement as you navigated adolescence, and, even as you ventured into adulthood, you knew your parents would be there to help you face life’s unending questions and challenges. Years later, the roles are reversing. You watch your parents’ steps become unsteady, and you realize that they need … [Read more...]
The Hidden Benefits of Home Ownership
For most people, owning a home is part of the American dream. Purchasing your dream home could also be the single biggest purchase you make during the course of your lifetime. If all goes as planned, that investment will even pay off down the road as you build equity in your home and the home appreciates in value. But did you know your home may also provide you with hidden benefits in areas such as tax avoidance, estate planning, Medicaid, and asset protection? Traditional Benefits of Home … [Read more...]
Changing “Irrevocable” Trusts Through Use of a Trust Protector
Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. Read on to learn more. … [Read more...]
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