In most cases the language in a Trust simply states that the Trustee shall be entitled to "Reasonable Compensation" without stating a specific dollar or percentage. All of the following factors shall be considered in determining reasonableness of compensation: The degree of difficulty and novelty of the tasks required of the Trustee. The responsibilities and risks involved. The amount … [Read more...] about What is Reasonable Compensation for a Trustee to Settle a Trust Estate?
Only you and your spouse typically know where information about all your banking, bills, accounts, doctors, debts, etc. is located. By listing the details of your life, such as property, personal information and finances on one document, you can greatly assist those who may end up taking care of you in the event of illness, or taking care of your estate in the event of your death. A good … [Read more...] about Advanced Estate Planning Information For Caregivers And Surviving Spouses
Sample Case Study: Client in their mid 80’s with an estate of approximately $9,000,000. Children are three daughters in their early 60’s. Two of the three daughters have received substantial help (+/- $500,000 from the parents over the past 30 years). The third daughter has received little or no help as she has been financially successful and responsible. The two daughters that … [Read more...] about Should You Distribute Your Estate Equally Among Children In Unequal Circumstances?
If you are in a second marriage, did you have children from your first marriage? What happens when your spouse has children that you have grown fond of? How do you treat children from a prior marriage versus the children in a current marriage? The best solution is to create Trust(s) for the benefit of all those you want as beneficiaries. Once you have your Trust(s) established, you should … [Read more...] about Creating a Trust for the Benefit of Children from a Second Marriage
As we get older, one in four of us will require some level of caregiving services. This could range from simply running errands and providing occasional transportation to doctors, shopping, to providing extensive around the clock care. Experts estimate that family members provide more than $450 billion in elder care services annually. One question is "should family members be paid for this … [Read more...] about Should Family Members Be Compensated for Caregiving Services