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 […]

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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? […]

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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 […]

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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, […]

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If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there is no substitute for you […]

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If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs), […]

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Probate is required when a person passes and leaves behind assets that are solely in their name. A probate case, overseen by the court, is the process designed to validate the deceased person’s will if one exists, pay off any outstanding debts and taxes, and distribute the remaining assets to the rightful heirs or beneficiaries. […]

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If a friend or family member has asked you to serve as trustee for their trust upon their death, you should feel honored—this means they consider you among the most honest, reliable, and responsible people they know. However, being a trustee is not only a great honor, but also a major responsibility. The job can […]

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When creating a trust, you likely have a specific goal in mind. How the trust accomplishes that goal depends on the terms that you put in place. Those terms define how the money can be used. For instance, some people who have trusts in their name want to use them to buy homes. They may use […]

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As a newly divorced mother, you probably have a lot on your mind. For example, you have to figure out how to provide everything your children need on just the income you currently have and the child support you receive. Many divorced parents only realize after the end of their marriage that child support typically […]

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