A lot of people are under the impression that a simple will is the right estate planning document for just about everyone. They think that trusts are very complicated legal devices that are only used by multimillionaires that have to pay estate taxes. This is simply not true. Yes, there are trusts that are utilized by high net worth individuals, but there are reasons why "ordinary people" should use trusts, and we will look at a few of them here. Providing for People With Disabilities If … [Read more...] about Why Would You Need a Trust?
One of the reasons why you should discuss your unique personal situation with an estate planning attorney is because there are many ways to proceed. A lot of people think that there are constraints when this is really not the case. You do not have to take risks if you develop your plan in a fully informed manner. With this in mind, let’s look at an estate planning approach you can take if you have a spendthrift on your inheritance list. Revocable Living Trust A relatively simple but highly … [Read more...] about Estate Planning for a Spendthrift Heir
One of the most commonly held misconceptions within the realm of estate planning is the idea that you lose all control of assets that you convey into a living trust. For this reason, many people don’t even consider the possibility. They are not prepared to make a decision that is etched in stone. This sentiment is understandable, but in reality, the most widely utilized trust in the field of estate planning is the revocable living trust. With a revocable trust, you can act as the trustee and … [Read more...] about Can You Change a Living Trust?
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
A living trust can be an effective building block to construct your estate plan around because it is a versatile device, that is a good fit, for a wide range of people. You can benefit from a living trust, even if you do not consider yourself to be wealthy. But, when it comes to trust administration proper funding is crucial. Let our Florence trust lawyers explain. How a revocable living trust works The revocable living trust is an estate planning device that you should certainly explore … [Read more...] about Florence Trust Lawyers Explain the Importance of Funding
Many tools are available to craft an Estate Plan that meets your needs. One of the most flexible tools in Estate Planning is the Living Trust. A Living Trust is a legal tool that ensures that your estate will take care of an heir or heirs in a very specific manner, according to your wishes. Examples include: A trust fund for a minor, with disbursements over time – a schedule that you set up A fund for a special needs or disabled person, especially one who may need special care for a long … [Read more...] about Living Trust Options Allow Flexibility, Protection and Probate Avoidance