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
Revocable Living Trust
We all know that passing away is one of the two certainties of life, but in spite of this, the majority of American adults are not properly prepared from an estate planning perspective. A lot of people fail to act because they really don't know why estate planning is important. There are several things you should know about estate planning, and when you digest this information, you will understand why having an estate plan is essential. Our Ashland estate planning attorneys can provide the … [Read more...] about Why is it Important to Have an Estate Plan?
Although most people equate estate planning with simply creating a last will and testament, a will is not always the best choice. If you use a will to state your final wishes, your heirs will receive lump-sum inheritances. However, everyone is not good at managing money, and this can be disconcerting. Let our attorneys explain how using a revocable trust can be a better choice than a simple will. Revocable trust vs will Many clients ask which is better? When considering the question revocable … [Read more...] about Revocable Trust vs Will: Which is Better?
A legal matter can sometimes seem like an exercise in paper shuffling, and this mentality is often applied to the subject of inheritance planning. However, the estate planning process can be complex so let our Ashland estate planning lawyers help you get started now. Estate planning is unique so it takes time Each family is different, so there is no one-size-fits-all estate plan that will be perfect for everyone. There are those who assume that you can simply draw up a quick last will, toward … [Read more...] about When Should I Start My Estate Planning?
When you have been fully capable throughout your life, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health. You may assume that it is unlikely that you will ever need long-term care, but you cannot overlook the costs of long-term care, should you ever need it. With careful planning, you can position your assets to allow you to qualify for Medicaid, while protecting some of the financial legacy you spent your lifetime … [Read more...] about Include Asset Protection in Your Medicaid Plan
For most clients, deciding between creating irrevocable trusts and revocable trusts depends on the need for retaining control of assets. There are, in fact, some very distinct differences that should be considered as you make the decision. 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 attorneys can help you decide … [Read more...] about Ask Your Trust Attorneys Which Type of Trust Will Meet Your Goals
You may be familiar with the many different types of trusts available to use in your estate plan. One of those trusts, the testamentary trust, is the type of trust that only goes into effect after your death. A testamentary trust is really the opposite of a living trust, which becomes effective when you create it and continues to operate during your lifetime. If you are considering which type of trust to use our estate planning attorneys can answer questions and help you make the right … [Read more...] about Estate Planning Attorneys Explain the Benefits of Testamentary Trusts
The revocable living trust is a vehicle of asset transfer that is very useful for people of relatively ordinary means. Topics covered in this whitepaper include: The Basics On Going Control Probate Avoidance Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Why Would I Want a Revocable Living Trust in North Carolina?
You may take pause before creating a trust because you are concerned about losing control of the assets that you convey into it. It is important to understand that there are different types of trusts. There are revocable trusts, and there are irrevocable trusts. When you create an irrevocable trust, generally speaking you are surrendering personal control of the assets. These trusts are used by those who want to gain tax or asset protection. Because you do relinquish incidents of ownership, … [Read more...] about Do I Maintain Control of Property I Convey Into a Revocable Living Trust?
If you’ve decide to include a trust in your estate planning, you will need to carefully consider who you will choose as your successor trustee. While you’re able to serve as trustee of your trust, you need to pick a capable and reliable successor trustee to serve in the event of your incapacity or death. Take a look at the following information, for considerations that you should make when making this decision. When choosing a successor trustee, consider the following: Will he or she be able … [Read more...] about Appointing a Successor Trustee for Your Trust: Considerations