Creating an estate plan requires you to think about a variety of topics, including who will receive which assets when you pass away. There are multiple options to make this possible, so you have to choose which one is best for your circumstances. One option is to...
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Trusts
How an incentive trust could help your beneficiaries
There are many different types of trusts you can create as part of your estate plan, depending on the goals that you want to accomplish. You can set up a special needs trust to protect someone’s access to government benefits, for example, or a spendthrift trust if you...
How do I fund a living trust?
Many people choose to include a living trust in their estate plan to help keep their assets out of the often slow probate process, while still retaining the flexibility to access those assets should they need to. For a living trust to be effective, you need to ensure...
What are spendthrift trusts?
A spendthrift trust does what it says on the tin. It is a trust to help people be careful with how they spend the money they inherit, but how does it do this and why might it be needed? The trust acts as a layer of protection. Putting money or other assets into a...
What are the benefits of charitable remainder trusts?
Estate planning doesn’t have to focus solely on what happens to your assets once you die. In fact, if you have significant assets, your estate plans should also include strategies to minimize potential financial drains – including excessive taxation. This is where a...
Factors to consider when choosing a trustee for your SNT
Special needs trusts are important tools for safeguarding the financial future of individuals with disabilities, ensuring they receive proper care and support while maintaining eligibility for government benefits. One’s choice of trustee is a crucial decision, as they...
6 kinds of trusts
To avoid probate, estate taxes and disputes, a trust can be added to an estate plan. A trust allows a grantor to entrust assets to a trustee who is responsible for managing the assets until they are distributed to beneficiaries. There are many different kinds of...
Is there a downside to making a trust very specific?
If you are writing a trust as part of your estate plan, you may be thinking about making it very specific, so that it accomplishes a certain goal. For instance, say that you went to college when you were younger and you feel that it was a transformative experience....
A child’s substance abuse may be a reason to create a trust
Parents often want to give their children every opportunity in life, so they often want to leave their children a decent inheritance. Many adult children count on receiving an inheritance eventually to help them pay off student loans or fully fund their retirement...
2 solutions when a trustee has damaged trust assets
A trustee has control over the maintenance and investment of trust resources, as well as the distribution of those assets to the beneficiaries of the trust. Nothing shatters the security of trust beneficiaries more thoroughly than the realization that a trustee has...