So, you have been chosen as a Successor Trustee to manage your relative’s or friend’s Trust. Wow, you may think, what an honor. Yes, being chosen as a Successor Trustee is certainly an honor; the person who chose you likely considered you trustworthy, responsible, amicable, and detail-oriented. Before serving as a Successor Trustee, […]
Read More »How to Choose a Trustee
When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and […]
Read More »How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
While the term fiduciary is a legal term with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to […]
Read More »The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. One solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust.
Read More »Estate Planning: 3 Reasons We Run the Other Way
We understand that it feels hard to get around to estate planning; it sounds about as fun as getting a root canal. However, we also understand that we all want to make sure that our loved ones are protected and receive our hard-earned assets – regardless of whether we have $10 million or $10,000.
Read More »How to Write a Will
For many people writing a will can be a daunting task. People do not like to think about their own deaths, let alone decide what will happen to their belongings after they pass away. However, once things are broken down, writing a will does not have to be too difficult.
Read More »Trusts and Title Insurance Problems
When you create a revocable living trust, it is important to transfer your assets into that trust, including any real estate that you own. However, if you are not mindful, transferring real property into a trust could result in the loss of your title insurance.
Read More »A Few Words on Perpetual Trusts
Most people struggle to plan their financial futures beyond the next decade, while those with money and foresight are likely to think well in advance about what they want to leave their children, grandchildren and even great-grandchildren. But what about planning for eternity? It seems too long to contemplate. Yet in the last several decades, […]
Read More »When Are Charitable Gifts Delivered?
With the holiday season upon us, the charitable giving season is also upon us. Charitable giving is important not only for income tax purposes, but can also be important for estate tax purposes.
Read More »Becoming a Successor Trustee
When a trustee passes away or becomes incapacitated, someone else has to take over the trust. This new trustee is called a successor trustee and needs to learn about all of his or her duties in handling the trust.
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