When creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will act next, when you can no longer act because of illness or death, it is sometimes helpful to divide the responsibilities Continue reading
As our children grow into young adults and prepare for college, their journey towards independence becomes a priority. However, it’s crucial to consider their legal and financial well-being, especially since parents no longer have legal authority over their children once they reach Continue reading
Creating a living trust is an excellent way to protect and manage your assets, prepare for your possible incapacity, and provide for your loved ones. One crucial decision you’ll need to make as you establish your trust is selecting a trustee. While you may consider a family member Continue reading
Joint trusts are commonly used for married couples, especially in states where there is no state estate tax, where the couple is in a stable relationship, and where they do not have many creditor concerns. Compared to separate trusts, they are easier to fund and manage, allow the Continue reading
As we go through life, we often focus on building our wealth, providing for our loved ones, and planning for the future. However, one critical aspect that is often overlooked is planning for incapacity. None of us can predict when an unexpected accident or illness may strike, leaving Continue reading
As a single parent, you devote countless hours and endless love to raising your children. While your focus may be on their present needs, it’s crucial not to overlook planning for their future. It’s essential to take proactive steps to protect their well-being in the event of unforeseen Continue reading
As an estate planning attorney, I often see clients who are primarily concerned with planning for the distribution of their assets after they pass away. While this is certainly an important aspect of estate planning, there is another critical area that many people overlook—planning Continue reading
If you’re a middle-class individual with significant assets, you may be exploring estate planning strategies that can help you protect and pass on your wealth. One option that has gained popularity in recent years is the use of a SLAT, or a spousal lifetime access trust. In this blog Continue reading
There are many legal tools that you might include in your estate plan to protect your hard-earned money and property. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property.
What is a limited liability company?
An LLC is a business Continue reading
While it may not be pleasant to think about and plan for your death, failure to plan can cause unnecessary stress and grief for those you leave behind after you pass away. If you do not create an estate plan and update it regularly, you also expose yourself to stress and loss of peace Continue reading
Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that a trustee plays, not only in handling trust matters but also in providing for and protecting your loved ones.
What is a trust?
A trust is an agreement between the trustmaker Continue reading
A will is a foundational estate planning document. Accompanied by other important documents such as healthcare and financial powers of attorney, it is a basic estate plan suitable for many. However, reports have shown for decades that fewer than 50% of US adults have a will. If you Continue reading
A comprehensive estate plan addresses not only what happens to your property and assets when you pass away, but how to take care of you and your affairs if you become incapacitated. Incapacity planning is not just for those in their older years. An accident or illness can happen at Continue reading
There are many misconceptions about Medicaid. Let’s look at what Medicaid is and is not and consider some common misunderstandings.
1. Medicaid is not the same as Medicare.
Medicaid and Medicare are two separate programs run, at least in part, by the federal government. Even if you Continue reading
Would you like to provide your children or loved ones with an inheritance but protect them from the risks that may accompany their newly acquired assets? If so, you can create a beneficiary-controlled trust in which the person you name as the trust’s primary beneficiary has rights, Continue reading
Reaching retirement is a great milestone that is well worth celebrating. After many years of hard work, you can now focus your energy on the next phase of your life. However, before you begin this next chapter, you need to make sure that you have fully thought through this exciting Continue reading
Losing your spouse is one of the most difficult things you might face in life. While it is important to take time to grieve, there are some considerations following a spouse’s death that are time-sensitive.
If your spouse’s will or trust, or your joint trust, has a disclaimer provision, Continue reading
Myth #1: When I die, my partner that I am not married to can continue living in our home.
Fact: You must plan to allow your partner to continue living in your home. Some possible planning options include 1) placing your partner’s name on the deed, 2) executing a beneficiary deed, often Continue reading
A deed is a legal document used to transfer real property ownership rights from one person or entity (the grantor) to another (the grantee). In many cases, this transfer occurs due to the property being sold, with the seller transferring the property to the buyer. Typically, a deed Continue reading
If you own your own business or have accumulated some investment portfolio, it is important that you do as much as you can to protect the efforts of your hard work and dedication. A family limited partnership (FLP) is a strategy worth considering — whether you seek to protect yourself, Continue reading
Asset protection planning is certainly useful for wealthy families and people in high-risk professions. But, anyone can be sued. A car accident, unexpected medical bills, or an injury suffered by a tenant or a visitor to your house could result in a monetary judgment that is devastating Continue reading
Life is full of possibilities. While some outcomes are relatively certain, other events are more difficult to predict. This uncertainty can create estate planning challenges. Because life changes quickly and sometimes unexpectedly, your estate plan needs to be flexible.
While you are Continue reading
One of the common challenges to a will or trust is that the person who made the will (the testator) or trust (the trustmaker or settlor) was not mentally competent to create it. While we would all like to believe that our family and loved ones will honor our wishes as expressed in Continue reading
A necessary, but not pleasant, aspect of estate planning is deciding what will happen to your child if both you and the child’s other legal parent were to die unexpectedly. While the odds of this happening may be low, the consequences of not naming a legal guardian in your will or Continue reading
What Is a Transfer-on-Death Deed?
If you own real estate, such as a home, in your sole name but you have not created a trust and transferred your property’s title to the trust, it is virtually guaranteed that your beneficiaries (or heirs) will have to deal with probate after your death. Continue reading