When it comes to estate planning, one of the most common questions people ask is, At what net worth do I need a trust? The answer is not as simple as a dollar amount. No specific net worth threshold determines whether you need a trust. Instead, it depends on your goals, the complexity of your estate, and whether you...
Continue ReadingTrust strategies are essential in estate planning, offering many advantages for managing and protecting your assets. Incorporating a gift to a trust ensures your wealth is preserved and distributed according to your wishes. Working with an experienced trust attorney is essential. They will guide you through the legal requirements and tailor the trust to your needs, giving you peace...
Continue ReadingPlanning for the end of your life can be intimidating even before you factor in trusts and estates law. Before you dive into discussions about Totten trusts or spendthrift clauses, you need to know the basics. What is trusts and estates law? Wills and trusts are at the core of estate planning, where you make provisions for your care...
Continue ReadingMedicaid has strict qualification requirements, which means you need to plan ahead and protect yourself from losing out on this healthcare option. You can protect assets from Medicaid in a trust, but only if you select the right type of trust. What Is a Medicaid Trust and How Does It Protect Your Assets? A Medicaid trust is an irrevocable...
Continue ReadingA trustee is a party who has a fiduciary obligation to any property held by the trust. While the trust holds the legal title to all property and assets within it, the trustee is responsible for following the instructions left in the trust documents, including ensuring the best interests of the beneficiaries are considered. The role of the trustee...
Continue ReadingAs a grandparent, you want to secure a healthy financial future for your grandchildren. One of the better ways to do that is through a trust. Trusts, in general, are excellent ways to pass assets to beneficiaries, and they can also help your grandchildren achieve their goals later in life. If you are considering leaving property or some of...
Continue ReadingNot sure which assets you should transfer into a trust? There are some you can transfer (and should), while others could cost you when it comes to taxes and penalties. Creating a trust is only half the battle. The most critical step to establishing a revocable trust is to fund that trust. Funding, in its simplest terms, means transferring...
Continue ReadingOne of the most important parts of an effective estate plan is to ensure that a family’s children are properly provided for, whether they are minors or adults. This is often accomplished by placing some or all of the estate into a trust. The following five types of trusts have been found to be very effective in providing for...
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