Start Planning Early

It is important for all of us to acknowledge the inevitability and finality of death and to make plans accordingly. These plans affect your loved ones, so you should involve them in the planning process. It is best to do this well in advance of perceiving an impending need for the plans. If you are […]

Other Methods to Preserve Your Estate

Other Methods to Preserve Your Estate Updated: January 13, 2023 Payable/Transfer on Death Accounts Transfer on Death Deeds Homestead Protection Property and assets inherited after your death goes through the probate court if they are included in your will or if you die without one. Avoiding the probate process will save time and money on […]

Financial Power of Attorney

Financial Power of Attorney Updated: January 16, 2023 Types of Power of Attorney Choosing an Agent Choosing Powers to Assign Your Agent Creating a Power of Attorney Changing or Revoking a Power of Attorney At some point people with a chronic disease or terminal illness may become incapable of making or unwilling to make important […]

Joint Ownership

Joint Ownership Updated: January 10, 2023 Joint Ownership with The Rights of Survivorship Joint Ownership without The Rights of Survivorship Joint ownership is a way to make it easier for individuals to enter the property market by sharing the purchase. Joint property is any property or asset owned by two or more people. Examples: you […]

Charitable Trusts

Charitable Trusts Updated: January 9, 2023 Charitable Remainder Trust Charitable Lead Trust Giving to charity can feel rewarding and benefits good causes. For the most part, we give gifts while we are alive and receive benefits on our income taxes. Charitable gifts can also be used to reduce estate and capital gains taxes if you […]

Special Needs Trust

Special Needs Trust Updated: January 6, 2023 Unique Features of the Special Needs Trust First-Party Special Needs Trusts Third-Party Special Needs Trusts For many with a serious disability, health insurance is a major consideration and it becomes crucial to get coverage under Medicaid for many reasons. They may need Supplemental Security Income for everyday care and living […]

Generation-Skipping Trust

Generation-Skipping Trust Updated: January 5, 2023 A generation-skipping trust (GST) is a type of irrevocable bypass trust for assets to be subsequently passed on to your grandchildren while avoiding or skipping estate taxes during your children’s generation. They can be a living or testamentary trust. GSTs are much more complicated than they seem and you will likely need a professional to create one. […]

Trusts for Married Couples

Trusts for Married Couples Updated: January 4, 2023 Trust Vs Will Marital Trusts Qualified Terminable Interest Property Trust Dividing Trusts Dual Trusts Totten Trust Spousal Lifetime Access Trust The first decision married couples need to make is whether or not a trust is necessary. The 100% marital deduction rule allows you to give your spouse […]

Testamentary Trusts

Testamentary Trusts Updated: December 30, 2022 Standard Testamentary Trust Other Types of Testamentary Trusts Steps to Get Ready to Create a Testamentary Trust Creating a Testamentary Trust Adding Assets to a Testamentary Trust A testamentary trust (a.k.a. will trust) is a type of trust that, like a will, is created to transfer your assets to […]

The Living Trust

The Living Trust Updated: December 29, 2022 Family Trust Irrevocable Living Trust Revocable Living Trusts Income Trusts Steps to Get Ready to Create a Living Trust Creating a Living Trust Transferring Assets to a Living Trust A living trust is created while you’re alive. They are sometimes called family trusts. Living trusts can be revocable […]