Many people assume a will is the best way to pass on their assets—but in many cases, a revocable living trust offers greater flexibility, control, and protection. In this article, we’ll answer a common question: Do beneficiaries have to report living trust income to the IRS? But first, we'll explain how these trusts work and the broader benefits they offer. Total Control and Flexibility One common misconception is that creating a trust means giving up control of your assets. That concern … [Read more...] about Do I Have to Report Living Trust Income to the IRS?
Everything You Need to Know About Taxes on Inheritances
You may have heard conflicting information about taxes on inheritances. Some claim you can inherit assets tax-free, while others warn of significant tax burdens. The truth is more nuanced. While most heirs do not pay direct taxes on what they receive, certain tax obligations can arise depending on the type of asset and how you handle it. Understanding these rules can help you avoid financial surprises. Inheritance Tax vs. Estate Tax: What’s the Difference? One of the biggest … [Read more...] about Everything You Need to Know About Taxes on Inheritances
Are Irrevocable Trusts Really Irrevocable – Part III
Estate Planning attorneys include irrevocable trusts as part of a comprehensive Estate Plan to achieve both tax and non-tax goals. As the use of Irrevocable Trusts has evolved, so have the ideas about changing them. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more. … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part III
A Message from the Murdochs – Part II
Art often imitates life and the latest chapter unfolding for Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, the probate commissioner issued his order in response to Rupert Murdoch’s petition to amend the 1999 trust that controls his empire. It didn’t go the way Rupert hoped. Read on to learn more. … [Read more...] about A Message from the Murdochs – Part II
Estate Planning and Baseball
Every state that recognizes trusts as legal entities imposes fiduciary duties upon the Trustee of such trusts. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee failed to fulfill their duties as expressed in the trust instrument and under local law. This article examines a case ripped from the headlines that demonstrates the importance of choosing the right individuals to serve as fiduciaries. Read on to learn … [Read more...] about Estate Planning and Baseball
Pet Ownership for Seniors and Providing for Your Pet in Your Living Trust Estate Plan
The golden years often bring a desire for relaxation and peace, but they can also usher in feelings of loneliness or boredom. Pet ownership can fill this void in numerous ways, adding both joy and health benefits to the lives of seniors. Let's delve into the multiple advantages that come with owning a pet in your later years and the trust solution that can make it happen. Boosts Mental Well-Being Owning a pet requires you to engage mentally, whether you're teaching your dog new tricks or … [Read more...] about Pet Ownership for Seniors and Providing for Your Pet in Your Living Trust Estate Plan
Are Irrevocable Trusts Really Irrevocable – Part I
For many years Estate Planning attorneys touted irrevocable trusts as an immutable way to set an estate plan in stone. As more and more states have adopted the Uniform Trust Code that has changed. Provisions of the Uniform Trust Code allow for modification of an otherwise irrevocable trust which has altered the landscape of Estate Planning. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part I
Homeowner Insurance, Title Insurance, and Your Living Trust (VIDEO)
In this Vlog, Litherland, Kennedy & Associates Attorney Justin M. Kennedy discusses the importance of adding your Living Trust as an additionally insured on your Homeowner, Fire, Earthquake, Flood and Title Insurance policies. … [Read more...] about Homeowner Insurance, Title Insurance, and Your Living Trust (VIDEO)
Proper Estate Planning Brings Peace of Mind During a Disaster
Estate planning isn’t just about securing your legacy—it’s about protecting your assets and loved ones when disaster strikes. Updating an outdated Estate Plan or creating a new one provides a set of instructions for your family regarding what you want to happen during your life if you lose the ability to communicate that and at death. It provides comfort and a sense of control. This article will serve as a guide to getting more out of your Estate Plan during a disaster. Read on to learn more. … [Read more...] about Proper Estate Planning Brings Peace of Mind During a Disaster
Balancing Efficiency and Excellence: The Perils of Boilerplate in a Busy Estate Planning Practice
The past few years have brought more people than ever to the world of Estate Planning. Whether prompted by global uncertainty, changes in tax law, or a desire for peace of mind, families and individuals are eager to put their affairs in order. At the same time, attorneys have worked tirelessly to meet that demand—often managing more clients and cases than ever before. With this increased volume, efficiency has become essential. But in the rush to serve everyone well, it’s important not to … [Read more...] about Balancing Efficiency and Excellence: The Perils of Boilerplate in a Busy Estate Planning Practice
