Trusts

Certain types of assets may not be subject to probate, such as contractual designations, but that doesn’t mean that an estate plan can’t address them, along with probate or trust property. Indeed, beneficiary designations of non-probate property like...

The so-called "trust-fund loophole" became a national news item when President Obama referenced it in his recent State of the Union address. The phrase refers to the step-up basis applied to inherited assets.Yet an attorney that focuses on estate planning knows that...

You worked hard for your money, so it only makes sense that you might want to have some influence on how your beneficiaries spend any assets you pass on to them in the form of an inheritance. At a minimum, an individual may not want an inheritance to be paid...

The approaching holidays mean social get-togethers for many readers with friends, family or loved ones. For some, such gatherings may include blended families, with children from a previous marriage.If this type of blended family gathering makes for complicated...

Can a will contain a trust? An attorney knows that answer to be yes. Upon the settlor’s death, a trust described in a will, known as a testamentary trust, becomes active and the designated trustee takes control of its management. However, a testamentary trust...

Estate planning can involve a variety of tangible and intangible concerns. In addition to passing property to heirs, an individual may wish to impart certain personal meanings or lessons.For example, although minimizing tax obligations may be a legitimate concern,...

Generally speaking, estate property identified in a will must go through probate before it is transferred to beneficiaries. Probate means court administration and the details of a will becoming a matter of public record.Unlike a will, a trust does not have to go...

Parents of minor children may have ample motivation to breach the topic of estate planning, but what about young singles?At a minimum, everyone could benefit from planning for medical emergencies. After all, many employers require an emergency contact from their...

As life expectancies increase, old approaches to spending retirement savings are being reexamined. Some may view a retirement plan as essentially a forced saving plan until an individual reaches retirement age, when annual minimum distributions from a...

In our recent estate planning blog posts, we’ve explored different types of trusts. Today’s post explores another benefit: longevity.Specifically, a trust allows for long-term estate planning in a way that wills cannot. As readers know, a will generally...