Estate Planning
Family Dynasty Trusts Head toward Termination
Trustees need to plan for automatic termination of Great Depression trusts. Dynastic trusts from the days of the Great Depression are near expiration and planning is required, according to Wills, Trusts & Estates Prof Blog in “Preparing for Trust Termination.” Most of the trusts created at that time have mandatory termination dates at which time,…
Read MoreIRA Go into Your Trust?
Consider carefully before making your trust the beneficiary of your IRA. For tax purposes, it is not always a good idea to designate a trust as the beneficiary of your IRA, according to the Financial Advisor in “Is Naming A Trust As Beneficiary Of A Client’s IRA A Good Idea?” The biggest and most important…
Read MoreAn Estate Plan Protects Your Family in the Future
The key reason for an estate plan is simple: protecting your family from future problems. Gathering the information to create an estate plan is probably not a pleasure. However, the reason for the estate plan is to protect your family from problems in the future, according to J Weekly in “Estate planning wards off problems…
Read MoreA Homemade Will? Save Now and Risk Paying Later
An Online will may save you some money now but you can rack up a big bill in probate. Creating a homemade will that later goes to probate may be a big disappointment, according to the Huntsville Item in “A humorous look at the danger of homemade wills.” A will is designed to pass on…
Read MoreEstate Plans Should Be Reviewed When Big Changes Arise
We are facing big changes right now and more changes are likely. An estate plan should be considered as only temporarily up to date, because significant changes in situations should spark a review of the plan. Recent Treasury Department regulatory changes make it likely that your plan needs review as Wealth Management discusses in “Remind…
Read MoreThere are Exceptions to Attorney-Client Privilege
Attorney-Client privilege is important in estate planning but there could be exceptions. Attorney-client privilege is one of the key doctrines of our legal system but there are exceptions as explained by the Wills, Trusts & Estates Prof Blog in “Treasure-Hunter’s Documents Might Be in Deep Water.” This doctrine even has an important place in estate…
Read MoreEstate Planning Can Help Prevent Family Fights
A family fight over an estate can be destructive but a good estate plan can reduce the chances of that battle beginning. It is a fact of life that all fights cannot be avoided but there are steps that can reduce the chances of conflict over an estate, according to the Lodi News-Sentinel in “Avoid…
Read MoreThe Two Basic Categories of Estate Planning
While estate planning has many different documents it comes down to two categories. One of the best ways to begin estate planning is to break the process down into two categories, according to the Motley Fool in “The Estate-Planning Documents Everyone Needs.” There are all sorts of different legal documents in estate planning that are…
Read MoreBoth Wills and Trusts Have Their Advantages
There are many opinions on the use of wills and trusts but each has strengths and weaknesses. When you are getting advice on wills and trusts it is best to decide which option is best for you but in order to do that you need to know the differences, according to the Motley Fool in…
Read MoreA Bypass Trust Can Still Be a Good Idea
Bypass trusts are not as popular as they were at one time but can still work under certain circumstances. The “bypass” trust has gone out of favor as a result of federal estate law changes but can still work for you, according to the Poughkeepsie Journal in “Bypass trust works better for many families.” Basically,…
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