There will come a time when someone needs to take over (either because of illness or death). When that time comes, it can be helpful to divide the responsibilities between two or more successor trustees. For example, you may decide to have one trustee manage accounts and property and another trustee handle distributions to beneficiaries.
The family’s first inclination when encountering piles of old books might be to donate them to charity or throw them away. But getting rid of a book collection without first assessing it could be a mistake.
Your retirement account may be one of the most valuable things you own. Many people choose to name their children as the beneficiaries of these accounts. They think it is a way to easily transfer their wealth if something happens to them. But, that assumption is only partially true. Some factors make this type of transfer more complicated than you might think, especially if your child is a minor.
If you have a minor child that depends on you, you need an estate plan. Who will care for your child if you're unable to? And how will your child be financially supported? An estate plan allows you to address these concerns surrounding your child's care and custody. You can also provide instructions about how your money and property should be used for their benefit.
If you want to provide your loved one with an inheritance, while protecting them from estate tax and asset protection risks, a beneficiary-controlled trust may be right for you.
Usually, revoking a will is a purposeful act. But many states have laws that automatically revoke a will, or portions of it, in specific situations.
When you retire, it's important to update your will to reflect your new lifestyle. With the help of an experienced estate planning attorney, you can create a comprehensive plan that protects you and your loved ones.
Changes in family dynamics, major changes in assets or income, and tax law changes may all cause you to review your estate plan. You should update at least once every 5 years.
A trustee's work can be time-consuming and complicated. So, many people choose to hire a professional fiduciary to be their trustee. Sometimes this is a bank, a professional trust company, or an estate attorney. When looking to hire a professional to serve as your trustee, the following are several questions to keep in mind.
A SLAT is a type of irrevocable trust created by one spouse (the trustmaker) for the benefit of the other spouse (the beneficiary). The trust is used to transfer money and property out of the trustmaker's estate. This strategy allows married couples to take advantage of their lifetime gift and estate tax exclusion amounts.
