A lot of people are under the impression that a last will is the preferred estate planning document. They shy away from trusts for a couple of different unfounded reasons. One of them is the idea that a will is the right choice if you are not extremely wealthy. The second one is a fear of permanently losing control of assets that are conveyed into a trust. Let’s clear up these misconceptions. Essentially, there are two different classes of trusts: revocable trusts and irrevocable trusts. … [Read more...] about Trusts Are Often Misunderstood
If you fully understand the value of estate planning, you are probably gratified by the thought that you will be able to leave behind some resources for your loved ones to draw from after you are gone. Many people feel this way, but you should be aware of a certain unpleasant reality so you can take the right steps to preserve your legacy. Latter Life Expenses When you reach the age of 65, you will qualify for Medicare under existing laws. This government health insurance program for senior … [Read more...] about Effective Planning Can Safeguard Your Legacy
The most important reason why you should discuss your personal situation with a licensed estate planning attorney is because there are many different options. There is no one-size-fits-all inheritance plan that is right for everyone so you should learn about your options so you can make the right choices. With this in mind, we will look at the value of irrevocable trusts in this post. Incidents of Ownership One major distinction between the different types of trust is the ability to revoke … [Read more...] about Why Would You Use Irrevocable Trusts?
A revocable living trust is a versatile estate planning tool that can be the right choice for a wide range of people. That being said, there are different types of trusts. Though a revocable living trust can satisfy multiple aims, there are other options that can be preferable under certain circumstances. We will look at the matter of trust selection in this post. Revocability and Incidents of Ownership There are people who never even consider the possibility of using a trust because they are … [Read more...] about Aims a Living Trust Will and Won’t Accomplish