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
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
Does a Home Belong in a Trust for Estate Planning Purposes?
Planning ahead for real property is important but also specific to the considerations of the person creating the estate plan. Determining the most effective and tax efficient way to transfer a piece of real property requires answering important questions, such as what you hope to happen to the future of the property, who may be responsible enough to take it over and what they intend to do with it, and possible Read More
Five Documents Possibly Needed For Your Estate Plan
An estate plan can be as simple as just a will, but it can also include many other documents and strategies designed to help you reach your individual goals. Working with a knowledgeable estate planning attorney is extremely important for identifying what does and doesn't belong in your estate plan. Furthermore, having an established relationship with an estate planning lawyer makes it easier to reach out, should Read More
Using Both a Will and a Trust in Your Estate: When it Makes Sense
It is a common misconception that you only need a will or a trust for estate planning purposes. Only by working with an estate planning attorney can you understand how both of these tools can help you accomplish estate planning goals and when it is most appropriate to have each. If you already have a trust, it’s a common myth that you don’t also need a will. In a perfect world having your trust may be sufficient if Read More
Two Important Questions to Consider When Creating a Trust
A trust is one of the most valuable and increasingly popular estate planning tools to use a trust appropriately. It is recommended that you work with a qualified estate planning lawyer to ensure that the trust is legal, properly funded and aligned with your estate planning goals. Two primary questions will guide much of your conversation with your estate planning attorney. The first of these is who will serve as the Read More
How Private is a Trust?
Have you put together a will for your estate plan? Depending on your personal goals and the kinds of assets you have, this may not be enough for estate planning purposes. Working with a New Hampshire estate planning lawyer is one way to add some privacy to your estate and to remove the bulk of your planning from the public eye in probate court. One of the leading reasons for using a trust for estate planning or Read More
What is a Quiet Trust?
Trusts are some of the most powerful and advanced estate planning tools used for leaving assets behind to your heirs while also having some level of control over their access to those assets. In some cases, you might inform your beneficiaries that you have created a trust for their benefit, but there are situations in which this does not work and in which a quiet trust created by an estate planning lawyer may be more Read More
Should I Use A Revocable Or Irrevocable Trust?
There are many different trusts out there that can help you for estate planning purposes, but it is essential that you work with an estate planning lawyer to help you decide which strategy is right for you. You may have heard of different kinds of trusts, such as a special needs trust, a grantor trust or a testamentary trust. All of these are either irrevocable or revocable. A revocable trust simply means that it Read More
A Will Versus Trust: What To Know
Most people understand that a will is one of the most important types of estate planning documents. At a simple level, it can accomplish several goals within your estate planning, such as naming a guardian for any minor children and determining what happens to your property. However, it may depend on whether or not you also need a trust in connection with your will. If your estate is under a certain amount, you Read More
