If you are considering establishing a trust, as a part of that, you'll need to choose a trustee. This is an important decision and should not be made lightly. If you are in the throes of choosing a trustee, you should take into account some important considerations. The first thing you need to do is understand exactly what is entailed in being a trustee. It is not a position that ends quickly, … [Read more...] about Considerations in Choosing a Trustee
Some people are reluctant to create an irrevocable trust because, as the name implies, the trust is not subject to change once it is created. However, there are some situations in which the trust property can be transferred to a new trust, and that new trust can have different terms than the original. This is known as decanting. Let's take a look at what it is and how it is useful. Changing the … [Read more...] about Decanting Trusts, Not Wines
Are you interested in starting a small business, but all the legal jargon has you confused? You’re not alone in this issue. While there are a lot of acronyms to learn about – LLC, INC, C Corp, S Corp – understanding how to structure your business legally is important and must not be overlooked. Because it is not difficult to start a business or a company, there are defaults already put into … [Read more...] about Small Business Planning – Seeking Assistance
Here are six suggested will substitutions to consider in order to avoid probate nightmares: Annuities: Death benefit annuities are accounts that pass to named beneficiaries and are tax-deferred. While this process avoids probate, there area associated estate tax inclusions for valuation purposes. The beneficiary has a choice between receiving a lump sum payment, or receiving monthly annuity … [Read more...] about Ways to Avoid Probate Nightmares Part 2
If you’re creating a trust when handling your estate affairs, you will need to choose responsible successor trustees. Take a look at the following information, for 4 tips which make selecting a trustee a breeze. If you have any questions, or if you’d like to discuss your trustee’s duties, contact an estate planning attorney. Should you consider appointing a family member? It is very common to … [Read more...] about How to Choose Trustee: 4 Tips
A trustee holds legal title to trust assets and must carry out trust instructions. Trustees and successor (i.e. back up) trustees must be appointed. Sometimes, trustees work together and they are referred to as “co-trustees.” Trustees are needed for revocable living trusts, charitable trusts, special needs trusts, pet trusts, children’s trusts, spousal trusts, dynasty trusts, life insurance … [Read more...] about 9 Tips for Choosing a Trustee
Parents with young children have quite a few difficult decisions to make when it comes to estate planning. Not only do you need to figure out who should take care of your children in the unlikely event you pass away before they’re old enough to care for themselves, you also have to put a plan in place to provide for your kids’ financial well-being in the event you can’t be there. For some … [Read more...] about Does the Person I Name as My Children’s Guardian Also Have to Control Their Inheritances?