Trust vs. Will Updated: January 22, 2024 Both trusts and wills (Last Will and Testament) are estate planning techniques which can be used alone or together to pass on your assets to your beneficiaries. To determine whether a trust is preferable to a will for passing along your estate it is helpful to be aware […]
Trusts A trust is another way to leave your estate to your beneficiaries. A trust is a fiduciary (financial) relationship in which you, as the trustmaker or creator (called the “grantor” or “settlor“), give a trustee, who could be you or another person, the right to hold title to and manage your property or assets […]
Pour-over Will Updated: January 3, 2024 Unlike other wills, the pour-over will is not a stand-alone document. It is meant to be used along with a trust as a safety net and to do things a trust cannot, such as naming a guardian for your children. A pour-over will can be used as a way […]
Digital Estates Updated: October 9, 2023 Making Online Assets Available Data Privacy Laws Criminal Unauthorized Access Laws If you think about how hard it is for you to keep track of all of your digital information, including everything found on your cloud account and other websites, electronic devices, thumb drives, and external hard drives, imagine […]
Crucial Estate Planning Steps Updated: October 6, 2023 Know All Your Options Make Decisions Carefully Change with the Times Communication is Important If your estate plan is not done properly, there may be consequences that can’t be corrected or easily fixed. Aside from not having an estate plan at all, there are many other basic […]
Will Options for Couples Updated: January 3, 2024 Mirror Will Mutual or Married Will The Joint Will While an individual will gives you complete control of your wishes after you die, committed couples creating two wills can sometimes be an expensive process. There are other forms of wills that you and your partner can consider […]
Twenty-five states are “categorically needy” or “income cap” states where Miller Trusts can be used to qualify for these benefits. Miller Trusts may be called Medicaid Income Trusts, Income Diversion Trusts, Income Cap Trusts, Irrevocable Income Trusts, Income Trusts, d4B trusts, or Income Only Trusts. Some states require that you be 65 years or older […]
What are the consequences if you don’t arrange a will before passing away? Everything about the fate of your estate will be out of your hands and your assets are distributed to your next of kin (i.e. your closest family members) even if that is not what you wanted. In other words, any non-family member or charity you would have wanted to be a beneficiary would not receive anything. In the case that you have no next of kin, your assets are taken by the state.
Updating Your Will Updated: January 15, 2024 Creating a New Will Revoking a Will Altering a Will Using Codicils (Addenda or Additions) Creating your will is only half the work. You must keep it up to date with any changes that will alter your estate plans. You may need to add a few things or […]
Guardians and Conservators Updated: January 12, 2024 Choosing a Guardian Your Children’s Guardian Guardianship of Incapacitated or Disabled Persons Tasks of the Guardian Ending a Guardianship After you pass away and you either have no surviving spouse or your spouse dies at the same time, there may be minor children or other dependents such as […]
