Most people will be best served by the creation of a revocable living trust as a primary estate planning vehicle. This being stated, there are advanced techniques that can be utilized to address more complicated scenarios. In this blog post, we will take a look at three of them, and we will examine others in future articles. Special Needs Planning Many people with disabilities rely on Medicaid, which is a government health insurance program that is available to people with very limited … [Read more...]
Dead Hand Control: How Much is Too Much?
Often, clients want to continue to control their beneficiaries after death, just as they’ve done during their lifetime. They want to etch in stone the exact circumstances under which distributions should be made to the beneficiaries. Sometimes they think the beneficiary will have to go to the tombstone like a confessional or ATM. The problem is the client doesn’t know what may happen in the intervening years. Here are just a few of the several things that regularly change after a plan has been … [Read more...]
Estate Planning and Small Businesses
When you are caught up in your day-to-day activities it can be difficult to take a step back and look at the bigger picture. This is certainly true for a small business owner because it takes so much time and energy to run your business successfully. Retirement and estate planning involve some complexities for everyone, but when you are a small business owner you have added issues to consider. When you work for a company you can simply put in your notice and accept your plaque as you walk out … [Read more...]
Estate Planning Isn’t Spooky! But not planning can be downright terrifying.
The idea of estate planning might be one of the scariest things you have to confront as an adult. After all, nobody wants to think about their death. Or incapacity. But estate planning does not have to make chills run down your spine. On the contrary! Estate planning is empowering for both you and your family and allows you to live confidently knowing that things will be taken care of in the event of your passing or incapacity. Remember, estate planning is not just for the ultra-rich. If you … [Read more...]
Trusts Are Often Misunderstood
The estate planning lawyers at our firm place an emphasis on education, because far too many people have misconceptions about wills and trusts. One of the most common ones is the idea that a will is the only choice because trusts are "only for very wealthy people." Trusts are often misunderstood as being only useful for the rich. Yes, very high net worth individuals can benefit from the utilization of certain types of trusts. These are going to be irrevocable trusts that are used for estate tax … [Read more...]
Why Have a Revocable Trust?
If you have not thought a lot about estate planning until now, you may assume that you will eventually go to an attorney to execute a Will. Many people know that trusts exist, but they assume that they are only useful for people that are extremely wealthy. In fact, this is a myth. There is a certain type of trust called a Revocable Living Trust that is very useful for most people. Let’s look at some of the benefits that are realized through the utilization of a Revocable Living … [Read more...]
Digital Assets: An Estate Plan For Your Facebook Account
Did you ever wonder what happens to your digital footprint when you pass away? Well you should, particularly if you are part of the 77 percent of Americans who go online every day. As the internet has become more of an integral part of our lives, our information -- pictures, videos, financial, emails, social media accounts, and other personal information -- is constantly being stored online. All of this information is known as your “digital assets.” While the internet has made our lives easier … [Read more...]
Estate Plan Revisions May Be Necessary
As estate planning lawyers, all too often we speak with people that are looking for “damage control.” They find themselves in difficult circumstances because they did not plan ahead in advance appropriately. Of course, we do everything that we can to provide assistance after the fact, but most often there is only so much that can be accomplished. They say that the only certainties of life are death and taxes, and everybody prepares for April 15th each year. Strangely enough, the majority of … [Read more...]
How a Pet Trust Can Protect Your Furry Friends
Compliments of Anderson, Dorn & Rader, Written By: The American Academy of Estate Planning Attorneys If you have a pet, you know firsthand the bond that can develop between humans and animals. Many of us consider our pets part of the family. But have you considered what would happen to your furry or feathered companion if something were to happen to you? Over 500k pets are abandoned each year due to the death or disability of their owner. These pets could have been protected with just … [Read more...]
Two Common Mistakes with Trusts
Trusts are incredibly useful tools. But, not ever trust will fit every circumstance. Trusts must be used appropriately. Here are two common mistakes with trusts and how they can be easily avoided. Mistake #1: Using the Wrong Type of Trusts The first mistake with the use of trusts is not using the right type of trust. There are many different types of trusts. By far the most common type of trust is a Revocable Living Trust, often just called a "Living Trust" or “RLT.” A Living Trust is a great … [Read more...]
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