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
A special needs trust or a supplemental needs trust can be established to help a disabled individual who is receiving assistance from the government -- or is eligible to receive it. Disabled people, who cannot support themselves and rely on government assistance, are not allowed to have more than a certain amount of personal assets, so family members can't just give them money to pay for just … [Read more...] about Special Needs Trust: What Expenses Can They Pay For?
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