Posts tagged Living Trust
Revocable Living Trust Or Irrevocable Trust: Which One Is Right For You?

You’ve probably heard you need trust to keep your family out of court and may be out of a conflict in the event of your death or incapacity. And, if you haven’t, you are hearing it now. If you own any “probatable” assets in your name at the time of your incapacity or death, your family must go to court to access them. If you aren’t sure if your assets are “probatable” contact us to discuss.

But you may need clarification about whether you need a revocable living or irrevocable trust. More and more, we are seeing people come our way asking for an irrevocable trust, and so this article is designed to help you learn the difference and then get into an “eyes wide open” conversation about the right kind of trust for you and your loved ones.

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Trusts & Taxes: What You Need To Know

People often come to us curious — or confused — about the role trusts play in saving on taxes. Given how frequently this issue comes up, here we’re going to explain the tax implications associated with different types of trusts in order to clarify this issue. Of course, if you need further clarification about trusts, taxes, or any other issue related to estate planning, meet with us, your Personal Family Lawyer® for additional guidance.

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5 Smart Ways To Pay For Your Funeral That Won’t Leave Your Family To Foot The Bill

With the cost of a funeral averaging between $7,000 and $12,000 and steadily increasing each year, at the very least, your estate plan should include enough money to cover this final expense. And if you are thinking of simply setting aside money in your will to cover your funeral expenses, you should seriously reconsider, as paying for your funeral through your will can create unnecessary burdens for your loved ones.

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Anne Heche Dies With Conflict Around Her Will, Leaving Her Sons & Estate In Legal Limbo—Part 2

Actress Anne Heche died this August following a tragic car accident, leaving behind two young sons: Homer Heche Laffoon, age 20, and Atlas Heche Tupper, age 13.

Last week, in part one, we covered the way uncertainty around Heche’s estate plan is creating conflict among her loved ones and resulting in her estate going through the lengthy, expensive, and public court process called probate. In part two, we’ll discuss two additional issues related to Heche’s death and the results of her failure to work with a lawyer on her planning.

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What Your Last Will & Testament Will (And Will Not) Do—Part 1

August is “National Make-A-Will Month,” and if you have already prepared your will, congratulations—too few Americans have taken this key first step in the estate planning process. Only 33% of Americans have created their will, according to Caring.com’s 2022 Wills and Estate Planning Study.

Yet, while having a will is important—and all adults over age 18 should have this document in place—for all but a few people, creating a will is just one small part of an effective estate plan that works to keep your loved ones out of court and out of conflict. With this in mind, here we look at exactly what having a will in place will—and will not—do for you and your loved ones in terms of estate planning. If you have yet to create your will, or you haven’t reviewed your existing will recently, contact us, your Personal Family Lawyer® to get this vital first step in your estate planning handled right away.

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If You’ve Been Asked To Serve As Trustee, Here’s What You Should Know

If a family member or friend has asked you to serve as trustee for their trust either during their life, or upon their death, it’s a big honor—this means they consider you among the most honest, reliable, and responsible people they know.

That said, serving as a trustee is not only a great honor, it’s also a major responsibility, and the role is definitely not for everyone. Serving as a trustee entails a broad array of duties, and you are both ethically and legally required to properly execute those duties or you could face liability for not doing so.

In the end, your responsibility as a trustee will vary greatly depending on the size of the estate, the type of assets covered by the trust, how many beneficiaries there are, and the document’s terms. In light of this, you should carefully review the specifics of the trust you would be managing before making your decision to serve.

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4 Reasons Why Estate Planning Is So Essential For Business Owners

If you are running a business, it’s easy to give estate planning less priority than your other business matters. After all, if you’re facing challenges meeting next month’s payroll or your goals for growth over the coming quarter, concerns over your potential incapacity or death can seem far less urgent.

But the reality is considering what would happen to your business in the event of your incapacity or when you die is one of your most pressing responsibilities as a business owner. Although estate planning and business planning may seem like two separate tasks, they’re actually inexorably linked. And given that your business is likely your family’s most valuable asset, estate planning is crucial not only for your company’s continued success but also for your loved one’s future well-being.

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Why Putting Your Family Home In A Trust Is A Smart Move—Part 2

If you are like many homeowners, your home is likely your family’s most valuable and treasured asset. In light of this, you want to plan wisely to ensure your home will pass to your heirs in the most efficient and safe manner possible when you die or in the event you become incapacitated by illness or injury.

Indeed, proper estate planning is as much a part of responsible homeownership as having homeowners insurance or keeping your home’s roof well maintained. When it comes to including your home in your estate plan, you have a variety of different planning vehicles to choose from, but for a variety of different reasons, putting your home in a trust is often the smartest choice.

In part one, we explained how revocable living trusts and irrevocable trusts work, and we discussed the process of transferring the legal title of your home into a trust to ensure it’s properly funded. Here in part two, we will outline the key advantages of using a trust to pass your home to your loved ones compared to other estate planning strategies.

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Live Life and Trust It!

Death does not have to be a dreary topic. Actually thinking about death can help you focus on life - on living a better life and passing it down for generations. A Trust is the ultimate tool to accomplish the transfer of your legacy.

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