How Do Life Insurance and Qualified Retirement Plans Fit In? The most important aspect of owning a Revocable Living Trust is ensuring that your assets are titled in the name of the Trust and therefore owned by the Trust. There is an exception to this rule, that involves Qualified Retirement Plans (QRP’s), which include your IRA, 401(k), SEP, Keogh, 403(b) and even ROTH IRA’s. None of these … [Read more...] about Funding a Living Trust
When someone dies, one of the first questions that close relatives usually have is whether they are personally responsible to pay the credit card bills of the decedent. They may even start getting telephone calls from creditors asking them to pay outstanding balances. Close relatives may also want to know: Who is responsible for paying the mortgage of the decedent? If they are entitled to … [Read more...] about Can a Creditor Go After Non-Probate Assets?
Some common myths about doing your own Estate Plan. MYTH: I have chosen a godparent for my children, so it is not necessary for me to nominate a legal guardian for them in case something happens to me. FACT: Traditionally, the role of a godparent is to faithfully assist the godchildren in leading a spiritual and moral life. It is not a nomination or appointment to become the child's … [Read more...] about Common Myths About Do-It-Yourself Estate Planning
The concerns over the high costs and long delays associated with Probate are often central to the discussions over why living trusts are far superior to wills as estate planning tools, even for relatively small estates. For strictly probate avoidance purposes however, a living trust may not always be needed. Most states have a minimum asset threshold before probate becomes mandatory, and for … [Read more...] about Living Trusts Are Not Just About Avoiding Probate