Estate Planning is something everyone, not just the wealthy ones, should do. Without a legal, defined plan in place, you’re leaving your entire legacy in the hands of the courts. Estate Plans come in many shapes and sizes, but if there’s one thing we know, it’s that the process is definitely not one-size-fits-all. It’s easy […]
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Jack and Leticia are establishing a trust. They would like to help their son, Jack Jr., through college but want to retain control of their financial help. Jack Jr. is not known for his financial aptitude. He regularly blows through his allowance and is caught short-handed when it is time to pay his bills. Jack […]
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Quincey and Jaide are meeting with their estate planning attorney. They are drafting their trust agreement. They are excited to take this important step towards ensuring financial security for their family. Writing the trust agreement is a formal statement that provides guidance on how they want their accounts and property distributed. Speaking of accounts and […]
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Are you a person who reads every word of an instruction booklet or, more relevant to estate planning, a trust document? If so, you may see a reference to Joseph P. Kennedy and his descendants and wonder why he is listed in your trust. Since many people have experienced identity theft or know someone who […]
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Estate planning documents are carefully considered plans. For this reason, it is important to balance the desire for flexibility with the concern that changes may be made without considering the potential implications of those changes. When a trustmaker dies, their revocable living trust becomes irrevocable. Other trusts are irrevocable from inception. But, what happens if […]
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Marco and Lisa Smith are consulting with their attorney to draft their Last Will and Testament and discuss the possibility of establishing a trust. They have two adult children, both in their late thirties. Their son is married with two children, and their daughter lives at home and works at a childcare center. She was […]
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Estate planning can be confusing. There are very specific terms that sound alike but have different meanings. The concept of trusts is one of the more perplexing aspects of estate planning. Each type of trust is a tool that has a specific function. Learn more to determine which ones are best suited to your situation. […]
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A revocable living trust is an estate planning tool that allows individuals to transfer their accounts or property ownership to a trustee. The trustee has a legal obligation to use the property for the benefit of the beneficiaries. The person who creates and funds the revocable living trust may also be called a grantor, settlor, […]
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Wills and trusts are estate planning tools that allow individuals to transfer their money and property to others when they die. It is possible to have both a will and a trust, especially if you have a larger estate. Carrying out your loved one’s final wishes should be a priority for everyone involved. However, in […]
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A trust is a written agreement between a grantor, the person who establishes the trust, and the trustee appointed to manage and administer it. In a revocable living trust, the grantor will typically also serve as the initial trustee. A grantor will name a successor trustee to manage the trust when they can no longer […]
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