Before we consider the need for a trust, it’s important to understand exactly what a trust is. A trust is a legal document that is formed between two or more parties where one person, who is called a trustee, holds property on behalf of another, called a beneficiary. More specifically, a trust is created when property…Read More
Members of the military have a more dangerous occupation than the average American. Because of this, service members should make estate planning a priority. Make a plan and prioritize estate planning now so in the event that something happens to you, your loved ones will have clear instructions for your assets. Letter of instruction A…Read More
Special needs trusts (also known as supplemental needs trusts) are an important part of the financial planning process for a special needs child. These trusts are designed to provide benefits to those with physical, psychiatric, or intellectual disabilities, and still allow them to receive government benefits including Social Security (SSI) and Medicaid. There are two types…Read More
Trusts are created to give legal protection for a person’s assets, to make sure those assets are distributed according to that person’s wishes and to save time, and in some cases avoid or reduce inheritance or estate taxes. Trusts Defined A trust is a separate legal entity a person sets up to manage his assets. Trusts…Read More
The biggest question regarding estate planning is this: Do I really Need a Will? The short answer is yes, everyone should have a will. People who die without a will leave behind a lengthy probate process for their families. Probate without a will is an experience unlike any other. Wills are not just for the…Read More
Most of us have an idea in our minds of how we would want our estate to be distributed at the time of our death. Unfortunately, the majority of Americans do not have those thoughts down on paper in the form of a will. A will is only the starting point of a well-thought-out estate plan….Read More
Many people assume that a basic estate plan means having a will. In reality, there is so much more to a solid estate plan. In reality, a well-designed estate plan should be designed to help save on taxes, protect assets and help to avoid probate. A good plan should also appoint someone to act for you…Read More
Wills and trusts are important elements in any comprehensive estate plan. These legal documents are called “living documents”. Most people realize it is important to have a will and/or trust, but many forget to update them as changes in their situation occur. Those who create a will or trust using an estate planning website usually…Read More
The term “estate planning” includes a set of documents that will help you and your family manage your estate and your healthcare when you cannot. A will, a trust, a power of attorney, beneficiary designations, and an advance medical directive are all a part of an estate plan. It is important to give your family…Read More
A basic tool in any person’s estate planning is the will, which usually addresses not only your property and assets but also dictates who will care for minor children if both parents pass away. Wills aren’t really the best and final option for every estate, especially given that probate must occur before any assets are…Read More
