Living Trusts have become an extremely popular estate planning tool, and for good reason. After all, a properly drafted and funded living trust can avoid probate, keep your affairs private, and greatly simplify what happens when someone dies or becomes incapacitated. The unfortunate part about living trusts is that they can sometimes feel difficult to understand and comprehend. Forbes’s recent article, “A Beginner’s Guide To Reading A Trust,” says that as much as attorneys ha

Any good estate planning attorney knows that protecting your children from frittering away an inheritance is one of the main reasons for a spendthrift trust. In addition, protecting children from divorce and other money problems is another popular reason for a spendthrift trust, according to Kiplinger in “How to Keep Your Heirs from Blowing Their Inheritance.” We all want the best for our kids, and if we’ve been fortunate, we are happy to leave them with a nice inheritance th

You have likely heard the words “will” and “trust” as part of estate planning. What are the differences between the two, and how do you know which one you need? A will is the most commonly used legal document for leaving instructions about your property after you die. It is also used to name an executor — the person who is in charge of your assets, their distribution, paying taxes and any estate expenses after you die. The will is also very important if you have minor childre

Estate planning is something new parents need to put at the top of their must do list. I know you may be sleep-deprived, overwhelmed, and frazzled. But don’t let that become an excuse to put off your estate planning. Having a child dramatically changes one’s estate plan and makes having that plan all the more necessary, says ThinkAdvisor’s recent article, “5 Legacy Planning Basics for New Parents.” Create a checklist—and set attainable dates to complete the items. Here are fi

If you own a gun or are a gun collector, although you likely have heard the term “gun trust,” you may not know what it is, how it works or how it can be of use in an estate plan. Kiplinger’s recent article, “Own a Gun? Careful: You Might Need a Gun Trust,” explains that a gun trust is the common name for a revocable or irrevocable trust that’s created to take title to firearms. Revocable trusts are used most often, because they can be changed during the lifetime of person who

Inheritance trusts are used to maintain some level of control in how assets of any size are passed on to and used by another person (referred to as a trust “beneficiary”). Leaving an inheritance to a beneficiary in a trust, as supported by the article from Times Herald-Record titled “Leaving inheritances to trusts puts you in control,” can protect money or property from being squandered through extravagant expenditures or lost due to creditor problems or failed marriages. For

When looking into charitable giving, it can easily become overwhelming. Talking to an experienced estate planning attorney can help make this a simple part of your estate planning that you feel great about. The Press & Guide’s recent article, “Estate planning and charitable giving,” explains that there are a number of ways to incorporate charitable giving into an estate plan. It is something that almost anyone can do. Let’s look at some common ways to give: Giving in your wi

More than 50% of Americans don’t have a will, according to a 2017 survey by Caring.com. A U.S. News & World Report’s article asks “Should You Make a Free Will Online?” According to the article, before writing your will or using an online service, you need to know the legal requirements in your area. In many instances, this is best left to a legal professional in your state. There are plenty of online tools that will help you create a will. However, before clicking on a websit

Updating your estate plan after a divorce should be at the top of your must do list. Forbes’ recent article, “9 Things You Need To Know About Estate Planning After Divorce” suggests that, if your divorce was finalized in 2018, prior to the effective date of the new rules providing that alimony is no longer tax deductible, it’s time to revise your estate plan. It’s also good idea for those people who divorced in prior years and never updated their estate plans. Let’s look at s

To be certain that their wishes are followed (during lifetime and after death), many people create a trust to hold most of their assets. One of the tasks in the process of creating (or updating) a trust is to designate the person who can best carry out your plans when you can no longer act due to death or incapacity. That person is referred to as the trustee. Kiplinger’s recent article, “How to Choose the Right Trustee for Your Estate,” explains that being a trustee means acc

Trusts are often associated with the very wealthy, who want to pass on their wealth to future heirs. However, there are many good reasons to set up a trust, even if you aren’t “rich.” In general, I recommend trusts for my clients when any one of the following factors are present: The client owns any real estate; The client has over $150,000 in cash or stock; The client owns a business or has interests in a business; The client is in a blended family situation; or The client v