The revocable living trust is a very useful estate planning tool. Contrary to popular belief, you do not have to be wealthy to benefit from a living trust. You continue to control the assets that you convey into a revocable living trust because you can act as the trustee and the beneficiary while you are alive and well. It is possible to change the terms of the trust, and you can even dissolve the trust entirely if you choose to do so. When it comes to trust administration, understanding the … [Read more...] about The Importance of Funding in Trust Administration
Last Will May Not Be Best Option
You may believe that a last Will is your best option for transferring your assets on death because you are not wealthy. But in many cases you have more effective options for distributing your assets to your loved ones even if you do not consider yourself to be among the financial elite. A lot of people do not realized that a Will is not just read by your family members. The court has to make sure the wills is in fact the last one and is valid; and the court has to allow creditors an … [Read more...] about Last Will May Not Be Best Option
Be Clear to Avoid a Contested Estate
If you want everything to go smoothly when you die, carefully consider your planning options. Some people make inheritance planning decisions that they know will not sit well with some of their family members or other interested parties. These people are often opening themselves up to the possibility of a contested estate. First off you may want to ask yourself if the potential for acrimonious legal battles is really worth the statement you are thinking about making. Depending on your … [Read more...] about Be Clear to Avoid a Contested Estate
Why Huntersville Trust Attorney Recommends Living Trusts
If you’ve heard of the living trust, chances are that you think it’s one of those planning tools that complicated your life. In reality, proper use of these trusts can help to simplify your estate planning. Many people think that the will is the simplest type of estate planning available to them, and in many cases they’re right. The Last Will and Testament is the most basic type of estate plan that you can use – though most people, unfortunately, don’t even bother to create that basic document. … [Read more...] about Why Huntersville Trust Attorney Recommends Living Trusts
Understanding How Your Asset Protection Strategies Work
Have you thought about whether your assets are protected against bankruptcy, lawsuit, divorce, and other risks? If not, then you could be at risk of losing everything. You can spend a lifetime building wealth. The foundation of financial stability is usually built that way, one brick at a time over many years. The problem is that nothing built by human hands lasts without careful attention and maintenance over time. Your wealth is no different. No matter how much you earn, save, or invest, your … [Read more...] about Understanding How Your Asset Protection Strategies Work
College Savings in Kentucky
College savings are a challenge for most families. Fortunately, Kentucky has its own 529 Plan, which is a college savings (and investment) plan. While many states allow out of state residents to invest in their plan, we’ll review the Kentucky plan and its benefits. Note: You may have heard of the Kentucky prepaid plan known as “KAPT,” but that was closed to new enrollees in 2004. That’s why the KAPT is not being discussed in this article. The Kentucky 529 Plan is called the “Kentucky … [Read more...] about College Savings in Kentucky
Our Trust Attorney Knows What Type of Trust You Need
For many people, the choice between an irrevocable trust and a revocable trust comes down to a matter of asset control. There are some clear differences in benefits that should also be considered. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our Charlotte trust attorney can help you decide which option is best for your needs. How … [Read more...] about Our Trust Attorney Knows What Type of Trust You Need
Should I Consider Drafting a Living Will as Part of My Estate Plan?
If you’ve ever been to the hospital, ten you’ve probably been asked whether you have a living will. If you’re like most people, you probably don’t. For several important reasons, that could be a mistake and could cause your family unnecessary grief in the future. An Ashland estate planning attorney can help you decide whether a living will is a good option for you. You may have a last will or trust in place – and perhaps an equally-important financial power of attorney in case of incapacity. … [Read more...] about Should I Consider Drafting a Living Will as Part of My Estate Plan?
Ashland Living Trust Lawyer Can Help With Asset Protection
Asset protection is important to some individuals for one reason or another. Some lines of work leave people open to legal actions, and shielding resources from the disgruntled former spouse of a family member can be another concern. Some people hear about revocable living trusts and assume that revocable trusts will provide asset protection. While these trusts are valuable for many reasons, it is important to understand that they do not provide asset protection during your lifetime. Let our … [Read more...] about Ashland Living Trust Lawyer Can Help With Asset Protection
The Power of Attorney: Do You Know the Basics?
Are you concerned about incapacity planning and wondering what type of power of attorney you need? In this article, our Charlotte estate planning attorney will explain what a general power of attorney does. For a variety reasons, we all have times when we need someone else to manage some of our affairs – and not just when we’re incapacitated due to illness or injury. The basic need for a power of attorney Many people run into situations when they are at least temporarily unable to handle … [Read more...] about The Power of Attorney: Do You Know the Basics?
