Trust Administration—What You Need to Know Trust Administration is the process people often find themselves in unexpectedly, after the death of a spouse or parent who created the Trust prior to passing on. It comes during a very emotional time, and often brings with it difficult and complex financial and family issues. The task of reviewing the Trust and finding and valuing the assets of a recently deceased family member can be daunting, as can be the complexities of estate tax law. What is … [Read more...] about Trust Administration: Prior Planning Prevents Problems
The Trouble of Joint Tenancy
Although Joint Tenancy offers some short-term conveniences, in the long run it poses a host of problems that can cost you and your loved ones many times the expense and headaches you thought you were avoiding. For the vast majority of American couples, “till death do us part” also means, “till death do we hold property in Joint Tenancy.” It happens almost automatically. When you and your spouse open a checking account, buy a car, purchase a home, or acquire just about any other asset you … [Read more...] about The Trouble of Joint Tenancy
Where There’s a Will, There’s a Probate
Would you like to know the intimate details of Jacqueline Kennedy Onassis’ life? You don’t have to read her story in the tabloids or wait for the latest unauthorized biography. You can peruse the details of her financial affairs and her last wishes for her loved ones in the public records of the state of New York. And thousands have. You can also find her Will posted on several Internet websites along with those of other celebrities. Can you imagine anything more ironic? The most private … [Read more...] about Where There’s a Will, There’s a Probate
Planning It Right the Second Time Around
How to ensure you’ve covered the basics One thing should be clear by now: we do our families and ourselves a great disservice when we fail to plan for every contingency. That’s why a crucial first step in this entire process should be a consultation with an estate planning attorney. He or she will help you evaluate your family’s needs and financial situation, and will draft a comprehensive estate plan that may include such tools as a Durable Power of Attorney for Health Care and Revocable … [Read more...] about Planning It Right the Second Time Around
Living Trusts: Calculating the Benefits
Chances are you’ve already heard a lot about the attributes of Living Trusts: avoiding probate and legal quagmires, sometimes lowering estate and/or income taxes and protecting privacy. Yet it’s also important to receive solid estate planning guidance before making final decisions, and to carefully weigh the benefits and potential drawbacks. Why Choose a Living Trust? The desire to ensure that an heir is provided for materially is the most common reason for creating a Living Trust. In the case … [Read more...] about Living Trusts: Calculating the Benefits
Family Wealth Trust
Chances are, you’ve already heard a lot about the attributes of Living Trusts and how important it is to avoid probate and legal quagmires, even lowering estate and/or income taxes and protecting privacy. Our firm has found that looking after these financial assets is only a part of planning for passing on your legacy. Typically speaking, non-financial assets are more valued and often omitted when passing an estate to future generations. Focusing on complete “legacy planning” causes something … [Read more...] about Family Wealth Trust
Dangers of Do-It-Yourself Wills and Living Trusts
Estate planning is an essential part of life and death. In planning for our future and our family’s future, we must take stock of who we are, what our goals are, and how we want our estate distributed. With the easy availability of do-it-yourself Wills and Living Trusts, it can be all too tempting to take care of your estate planning needs yourself, rather than pay, what may seem like high fees, to an estate planning attorney. You can easily go on the internet or the local office supply … [Read more...] about Dangers of Do-It-Yourself Wills and Living Trusts
Estate Planning Basics For Families With Young Children
When you hold your newborn child for the first time, you instinctively protect them from harm, handling their fragile frame as if it were made of the thinnest porcelain. On the trip home from the hospital, after inspecting the seatbelt nine or 10 times, you drive well below the speed limit. During the first few weeks you spend more sleepless nights than they do—wondering about their future and worrying about their safety. When you imagine their first day of school, college graduation, and … [Read more...] about Estate Planning Basics For Families With Young Children
Asset Protection: Reducing Risk, Promoting Peace of Mind
Every American adult shares a dubious characteristic—each is a walking litigation target. Part of your birthright is that you may be sued at any time, for any reason, and for any amount. Civil actions range from the serious to the frivolous. Did you offend someone today with something you said? Did you cause someone to suffer sudden whiplash syndrome in the parking lot? Are you a professional facing a disgruntled client or patient? Do you own a company employing someone who did something … [Read more...] about Asset Protection: Reducing Risk, Promoting Peace of Mind
7 THINGS YOU NEED TO KNOW Before You Choose a Nursing Home
Seven Things You Need to Know Before You Choose a Nursing Home Placing a spouse or a parent in a nursing home is likely one of the most difficult decisions you’ll ever have to make. It’s not a decision anyone wants to face. To make matters worse, it is often a choice that must be made under pressure, with little warning. For many of people, it’s a once in a lifetime decision. This means you don’t have much, if any, experience to draw on when choosing a facility. How do you know a good nursing … [Read more...] about 7 THINGS YOU NEED TO KNOW Before You Choose a Nursing Home
