Important Documents Related to Final Distribution of a Trust Estate NOTICE OF PROPOSED ACTION In the course of settling a Trust estate, the Trustee may need to make a significant decision that might affect the interests or desires of the beneficiaries. The most common decision would be to sell a piece of property or borrow money secured against trust assets. It may also involve a … [Read more...] about Important Documents Related to Final Distribution of a Trust Estate
Which is the right Trust for you and your family? One of the key goals of estate and Trust planning is to avoid federal estate taxes. Careful estate planning can eliminate a significant estate tax burden for surviving spouses and their beneficiaries. Any of the Trusts below can be useful tools in preserving an estate's assets. But which Living Trust is right for you? Credit Shelter Trusts … [Read more...] about What Type of Living Trust Should I Have?
Is My A/B Trust Obsolete? A revocable living trust is a valuable tool to protect and preserve your assets both for you, your children and future generations. A living trust can help you avoid the unnecessary costs and delays associated with Probate and can help you minimize or avoid estate and inheritance taxes. Like any plan, your living trust should be reviewed periodically to ensure that … [Read more...] about Living Trusts Created Prior to 2011. Is My A/B Trust Obsolete?
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
Is Your Home Properly Titled to Your Living Trust After You Refinance? For most people their most valuable asset is their home. Ensuring that your home and the rest of your estate passes efficiently to your heirs is a fundamental reason people create a Living Trust. Most people recognize they must transfer title to their home to their Trust as soon as the Trust is created. Unfortunately, most … [Read more...] about Refinancing Your Home – The Biggest Threat to Your Living Trust
Your last Will and Testament is essentially your instructions to the Probate Court as to how you would like your estate distributed. When you die and your will is submitted to the court, a probate case is opened. As with any legal case brought before the court, it becomes a matter of public record. Most families don’t choose to share their personal and financial matters with the world while … [Read more...] about Are All Wills a Matter of Public Record?
This seems to be a very common question. Many clients assume that they, are and ask how they are supposed to go about recording them. The answer in fact is the opposite. Living Trusts are not required to be recorded, are not designed to be recorded and in nearly all circumstances should not be recorded. One of the benefits of having a living trust is to ensure privacy by avoiding the public … [Read more...] about Is a Living Trust a Public Record?
Most, but not all grantor trusts are revocable, but all revocable living trusts are grantor trusts. Generally speaking, a grantor trust status does not hinge on whether a trust is revocable or irrevocable, but whether the grantor is responsible, in whole or in part for taxes on the income produced by the trust assets. There are a number of myriad features of grantor trusts, but this is its … [Read more...] about Are All Grantor Trusts Revocable?
One of the defining features of an Irrevocable Trust is that it cannot be amended, either at it’s outset, or at the occurrence of a specified event, such as the death of the Grantor. Sometimes an irrevocable trust contains the ability for it to be modified through the use of a power of appointment. A power of appointment is a specific power granted usually to a surviving spouse or a … [Read more...] about Can An Irrevocable Trust Be Amended?
Treasury Regulations Permit Naming Trusts as (Designated) Beneficiaries of Retirement Accounts While often viewed as a "gray" area, the reality is that a trust can absolutely become eligible for designated beneficiary treatment, qualifying as a "see-through" trust where the post-death RMDs are calculated based on the life expectancy of the oldest of the trust's underlying beneficiaries. In … [Read more...] about Naming Trusts as Designated Beneficiaries of Retirement Accounts