If you are thinking about setting up a trust, it’s important to understand the differences between a revocable and irrevocable trust. Revocable Trusts (aka Living Trusts) are more common and offer flexibility while the owner is alive and of sound mind. They allow individuals to name themselves as trustees, co-trustees...
A Trust is an important part of your estate plan that can help with several purposes: avoiding probate, reducing taxes, and protecting beneficiaries. However, they can also be more expensive to draft than a will. Here’s how you can minimize costs while still getting the benefits of a trust. Choosing...
Dealing with the death of a loved one is always challenging. It becomes more complex when you must take on the responsibility of probating their estate. This process involves determining what property they owned, paying their debts, and distributing their assets to beneficiaries. It includes following specific steps outlined in...
Understanding the difference between probate and non-probate assets is vital to ensuring your estate plans are properly executed. Probate is a complicated process that involves locating and collecting assets, reimbursing administrative expenses, paying debts, filing taxes and distributing remaining property to beneficiaries and heirs. Non probate assets bypass the probate...
Estate planning is a complex and important legal process. It involves determining how your assets and property will be distributed, as well as addressing tax matters. A real estate lawyer can assist you with all aspects of your estate plan. These professionals are experts in state and federal tax law...
In the event of an individual’s incapacity, guardianship is a legal way to assign another person to handle their personal and financial affairs. A guardian is a family member, spouse, parent, friend or a court-appointed person who will be responsible for making decisions in the best interest of their ward....
If you want to avoid probate and preserve your privacy, you can put your real estate into a living trust. It’s a simple process that requires changing the title to your property. A living trust can also be a good option for protecting assets from creditors and minimizing income tax...
A pour-over will is a document that names a trustee to take over your assets upon your death. This can save you and your loved ones from going through a lengthy and costly probate process. It also prevents any minor children or incapacitated adults from receiving their inheritance directly from...
Divorce is a stressful event, and it can be difficult to know what to do with your assets. But one of the most important things you can do to protect yourself and your family after a divorce is to update your estate plan as soon as possible. Generally, you need...
If you are concerned about an elderly family member’s financial status or health care, the fastest way to help is by petitioning for guardianship. It is important to seek legal counsel for this process. A court determines whether a guardianship is needed, the extent of the guardian’s authority, and who...
A bloodline trust is a type of revocable trust that is set up to ensure the assets you leave behind stay in your bloodline. It protects your inheritance from future ex-partners and third parties who may want to access it. There are many advantages to bloodline trusts, including peace of...
Special needs trusts are a tool used to help individuals maintain government benefits such as Supplemental Security Income (SSI) and Medicaid. However, they also can have a number of disadvantages. Often, families set up this type of trust to make sure their loved ones are taken care of when they...
Choosing beneficiaries is one of the most important things you can do when planning your estate. This will ensure your wishes are carried out when you die. The beneficiaries you name can include both individuals and entities, such as charities, trusts, or other nonprofit organizations. They can be the recipients...
After someone dies, their estate needs to be dealt with. This includes paying their debts and taxes, and distributing their money and property to those who are entitled to it. If you owe money to someone who died, it’s best to contact the probate court in the county where she...
If you want to learn more about the rules for inheritance in USA, then you have come to the right place. This article will tell you about how you can inherit property and assets from your parents, spouse, and others. Average inheritance in the U.S. In 2016, the average inheritance...
Revocable There are many reasons why someone may want to set up a trust. Some people are looking to protect their assets from creditors, other people are looking to give minor children a leg up on life, and others are looking to provide a way for people who may not...
If you are a child guardian and want to know what powers you have, you are in the right place. Here you’ll find out what powers you have, what duties you have, and how much authority you have as a guardian. Common powers When a family member becomes incapacitated, the...
When you are a minor, you will probably be asked to fill out a form that will ask you how you want to be handled in case you become incapacitated. This will be done so that a guardian can take care of your medical needs. There are different types of...
Revocable trusts A revocable trust is a document that allows an individual to name a trustee and manage their assets. Creating a revocable trust can be beneficial for individuals looking to protect their assets and reduce their tax burdens. However, there are also some disadvantages associated with a revocable trust....
If you’re thinking about whether or not to put your assets into a living trust, you’ve come to the right place. This article will explore the benefits and drawbacks of putting your valuables in a living trust. Assets that can be put in a living trust Putting your assets in...
Creating a bloodline trust is a great way to leave your estate to your heirs. Whether you want to pass your assets to your business, to a charitable organization, or to your children, you can do so with a trust. However, there are several things you should know before you...
