As we get older, it is inevitable that we become more aware of our mortality. Reflections on life and death do not necessarily have to be morbid. They can also prompt us to take actions that focus on our legacy. Caring.com found that, in 2024, 43 percent of adults over age 55 have wills—down from 46 percent in 2023 and 48 percent in 2020
Category Archives: Trusts
19
Jul
Jul
Many people want their loved ones to avoid the probate process because it can be expensive, time-consuming, and public. It can also be difficult for a loved one to manage while they are grieving. However, some people appreciate having a neutral third party (the judge) oversee the winding down of their affairs in the event there may is a conflict.
12
Jul
Jul
Estate planning often involves dealing with difficult situations. Putting off thinking about these decisions is not the solution. By delaying making plans for how best to care for an addicted loved one when you are no longer around, you risk losing an opportunity and control that can further complicate matters.
05
Jul
Jul
Given Snow White’s young age when her father passed, it is likely that she was too young to manage a large sum of money or rule a kingdom without some guidance and oversight. Therefore, whatever he wanted to leave behind for Snow White could have been held in trust for her, either under his will as a testamentary trust or as a sub-trust of his revocable living trust. A trust would have allowed him to craft specific instructions on when and how Snow White would receive her inheritance. If the king created a separate sub-trust for Snow White, he could provide instructions so Snow White would receive her inheritance when the king died instead of waiting until her stepmother passed away to receive whatever was left over.
28
Jun
Jun
Before she died, Gloria Vanderbilt, heiress to the Vanderbilt fortune created by her great-great-grandfather, railroad and shipping tycoon Cornelius Vanderbilt, told her kids she would not leave them an inheritance. Gloria was herself the beneficiary of a trust fund worth an estimated $2.5–$5 million in 1925, or around $35–$70 million today, and had a reported net worth of around $200 million when she passed away.
24
May
May
Update your estate plan every 3 to 5 years. What’s more, if you have an adult child who still lives at home or recently had an adult child move back in with you, review the plan and make any necessary changes. Doing so is the only way to ensure that the court adequately addresses your wishes.
17
May
May
Before setting up an RLT, you should understand what you can—and cannot—do in your dual role as trustmaker and trustee. Living trusts are complex legal documents that need to be drafted carefully with help from an estate planning attorney.
A living trust is a legal document that allows you to transfer your assets into a trust during your lifetime. This can help your estate avoid probate, a potentially lengthy and expensive legal process. A living trust also provides privacy, as it does not go through the probate process, which is a matter of public record.
13
Apr
Apr
An important part of being a responsible business owner includes developing systems to help other people operate the company without you. A business succession plan clearly states who will take over specific roles, hopefully reducing any potential disputes between family members or key employees. If the business is sold after a transition event occurs, a comprehensive business succession plan will also clearly outline the sale price and purchase terms.
29
Mar
Mar
Communication with attorneys is protected by attorney-client privilege, which ensures confidentiality. Most nonlawyers cannot offer the same level of privacy, potentially jeopardizing sensitive information and creating legal risks.