When you create a revocable trust, it’s usually because you want some level of control and flexibility over the operation of that trust. As a result, you may be able to dissolve the trust at some point in time. If you no longer need or want the trust, you can choose to revoke it or change the stipulations inside so long as it’s a revocable trust. Breaking a trust refers to the process of dissolving a trust that has Read More
Should I Have a Trust Only When I Hit a Certain Level Of Net Worth?
Everyone needs estate planning, regardless of how much you own or your net worth. Sometimes, people skip valuable estate planning tools because of misconceptions about needing a certain level of wealth to benefit from them. A trust is a popular estate planning tool that can be used by a wide range of people to achieve their goals. You do not need to reach a certain level of net worth or have a specific number of Read More
Yes, Even Gen Z Needs Estate Planning
Retirement and long-term care needs feeling far off? Not so for Gen Z, who spend more time educating themselves about planning for the future and getting their ducks in a row with finances. And given that 25% of Americans will need long-term care at some point in their lives, it’s wise to spend the time creating an estate plan now. Too many people are under the impression that estate planning is just about taxes Read More
What Role Does a Trustee Play in The Management of Your Estate?
A trustee is not an applicable player in every single estate filed across the country. A trustee is only relevant when you have established trusts for the distribution of assets during your life or after you pass away. A trustee is the person officially responsible for administering these trusts, and the trustee's role is very similar to that of an executor. However, the trustee's responsibilities may extend Read More
Just Retired? It’s the Perfect Time to Revisit Your Estate Plan
Hitting your chosen retirement age brings about a lot of emotions, and it can seem overwhelming to make this change from working full-time to stepping into whatever your next chapter looks like. Retirement brings about a significant amount of transition, and while you may be celebrating, you may also be nervous about what's ahead. This substantial change in your life coincides with the need to review your Read More
Proactive Financial Steps for Women in Their 50s To Protect Their Future
Once you've reached the decade of your 50s, it's time to tap into your accumulated life experience and wealth by investing with purpose and confidence. You also need to take steps for risk management such as ensuring that you have the right estate planning documents in place for your needs. As you enter your 50s, you may already be thinking about your intended retirement date and whether you have enough saved. It's Read More
How Do Living Trusts Work?
When you set up a trust, it is recommended that you do so with the help of an experienced estate planning lawyer. An estate planning lawyer can assist you with determining your individual estate planning goals and how these connect to the type of trust you select. When you choose a living or revocable trust, this gives you flexibility over your future use of this estate planning vehicle. When you put assets inside Read More
Tangible Versus Intangible Assets in Your Estate Plan
One of the first steps to take for creating an estate plan is to complete an inventory of all of the assets you own. It's easy to overlook assets as you may not realize how many of them you have that are digital or those that are tangible versus intangible. Common tangible assets in most people's estate plans include vehicles like motorcycles, cars or boats, homes or other real estate, personal possessions or Read More
Does My Trust Automatically Avoid Taxes?
Many people fall for the estate planning myth that establishing a trust avoids taxes. This is not normally true and in certain situations may actually increase taxes. It is very important to work with a local estate planning professional to handle all aspects of your estate plan creation. There are two different types of taxes that might apply to assets you place inside a trust or your state overall. These are the Read More
How Does an Estate Plan Address Long Term Care Costs?
Estate planning considers aspects related to management of your assets over the course of your life and what happens to them after you pass away, but it can also go so much further. When you work with a knowledgeable estate planning lawyer, you should be able to develop a holistic plan that considers multiple aspects of elder law and potential long term care needs. Increasingly, clients are asking their estate Read More
