The bad news: When a person dies owning property in their sole name without a beneficiary, their loved ones will have to go through a court-supervised process called probate to transfer the property out of the deceased person’s name and into the name of intended beneficiaries or heirs at law. Going through probate court may […]

Posted in Probate, Trusts | No Comments »

From the moment a child is born, a parent feels an instinctive drive to protect and nurture. We childproof our homes, carefully choose schools, offer guidance through adolescence, support their careers, and watch with pride as they start their own lives. The desire to be there for them extends beyond emotional and physical care. Finances […]

Posted in Trusts | No Comments »

As a general rule, a person’s debts do not go away when they die. Some types of debt, such as federal student loans, are typically forgiven upon the debtor’s death, but private loans and cosigned accounts may still be owed after the debtor has passed away. State laws also play a role in handling a […]

Posted in Estate Planning, Trusts | No Comments »

When Ian Burke, a mail carrier from Denton, Texas, heard that Floyd—a 70-pound dog he’d befriended on his delivery route—had ended up in a shelter after his owner’s death, he didn’t hesitate. Burke arrived at the City of Denton Animal Shelter before it opened to be first in line to adopt Floyd and give him a […]

Posted in Estate Planning, Trusts | No Comments »

Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight. If you are concerned about challenges to your estate plan, consider the following: 1. Do not attempt […]

Posted in Trusts, Wills | No Comments »

Many estate plans contain revocable living trusts that will become irrevocable (cannot be easily changed or terminated) when the grantor dies. Such trusts may benefit the surviving spouse during their lifetime and may continue for the benefit of several additional generations. Because these trusts can be designed to span multiple decades, it is crucial to […]

Posted in Estate Planning, Trusts | No Comments »

Many people believe that once they’ve created a trust, they can simply file it away and forget about it. But just like your health needs regular check-ups, your whole estate plan, including your trust, requires periodic reviews to ensure your plan will work for your loved ones, and not fail when they need it. Think […]

Posted in Estate Planning, Trusts | No Comments »

A common misconception is that only wealthy individuals and people in high-risk professions, such as doctors or lawyers, need an asset protection plan. However, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that could crush your finances. What Is Asset Protection Planning? […]

Posted in Estate Planning, Trusts | No Comments »

Many people believe that once they set up a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true. While trusts commonly protect a beneficiary’s inheritance, few trusts protect assets (accounts and property) previously owned by the […]

Posted in Trusts | No Comments »

A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary’s eligibility for needs-based government benefits. SNT funds can generally be used to pay for almost anything that falls outside the basic support that programs such as Supplemental Security Income (SSI) and Medicaid provide. This includes many goods, […]

Posted in Estate Planning, Special Needs Planning, Trusts | No Comments »