Parents of adult children often don’t give much thought to the manner in which their children receive their inheritances. They decide how to divide their assets and then distribute their estates directly to their children – end of story. If you want to make sure your children enjoy flexibility in accessing and using their inheritances while minimizing the impact of taxes, divorce, lawsuits, and other threats, it might be better to leave their inheritances in a Trust. Flexibility … [Read more...]
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Trust Distribution Standards May Be Very Broad
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more. … [Read more...]
I Have an Estate Plan: Do I Still Need My Attorney?
Your estate plan is prepared. Your Living Trust is in place and properly funded, you have a Pour-Over Will just in case, and your incapacity plan is ready and waiting in the event you need it. Is it time to part ways with your attorney? Not at all! In fact, your relationship with your estate planning attorney has just started, and here’s why: Your Estate Plan Should Be Reviewed and Updated Regularly Peoples’ lives change, and their estate plans should be adjusted accordingly. Every … [Read more...]
It’s Important to Have a Coordinated Estate Plan
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more. … [Read more...]
Planning for the Worst-Case Scenario
Estate planning is one of those things that’s easy to put off. We don’t like to think about death – particularly our own – so we put it out of our minds. “What’s the worst that can happen?” we ask ourselves. We’d like to think that the answer to that question is that, even if we didn’t create an estate plan, we’d be off the hook. We’d be gone, so we wouldn’t have to deal with the consequences. This answer is partially true. When you die without an estate plan, you hurt those you love by … [Read more...]
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