Do I Need a Trust?
Do I need a Trust? A common question many estate planning attorneys are asked by clients is "Do I need a trust instead of a just will?" Many people assume that Revocable Living Trusts or any Trusts are just for wealthy people, but there can be benefits to someone with even minimal wealth which could be significant. Here are some factors to consider when deciding if you need a Revocable Living Trust or any Trust instead of just a will. Planning for Mental Disability Regardless
Can Social Security Benefits Be Garnished to Pay Debts?
If you don't pay your debts, creditors can get a court order to garnish your wages, but what if your income comes from Social Security? The answer is that it depends on the kind of debt. For most types of debt, including credit cards, medical bills, and personal loans, Social Security cannot be garnished to pay the debt. If you owe money to a creditor, the creditor can go to court and get an order to take money from your bank account. If your Social Security check is directly
10 Ways the Elderly Can Avoid Financial Abuse
Increased dependency due to illness, disability or cognitive impairments can make seniors susceptible to financial abuse. Nest eggs accumulated over decades also often make seniors attractive targets for predators, whether the predator is an offshore bogus sweepstakes or a care provider who sees an opportunity to be paid more than an hourly wage. Just as sunlight makes the best disinfectant, transparency provides the strongest abuse protection. If others are aware of the seni
How Do Irrevocable Life Insurance Trusts Work?
In order to avoid the federal estate tax, many people transfer their policies to a trust rather than to children or other individuals. These trusts are called Irrevocable Life Insurance Trusts or “ILIT’s” (pronounced “eye-lets”). If this technique is used, the ILIT becomes the owner and beneficiary of the policies. The death benefit, when paid to the trust, is not subject to estate tax, assuming that the insured survives the transfer of ownership to the trust by at least thre
What Happens Without a Last Will and Testament?
If you fail to make a Last Will and Testament before you die, then your estate will be divided up based on the intestacy laws of the state where you live at the time of your death and the intestacy laws of any other state where you own real estate and/or tangible personal property. Many times the intestacy laws will give different results from what you would have wanted had you taken the time to make a Last Will. Aside from this, if you do own real estate and/or tangible pers
Can a Last Will and Testament Become Invalid Due to Its Age?
We all know what happens to bread if we keep it too long and don't finish the loaf - it becomes stale and can't be eaten, and so it has to be thrown into the garbage. But can the same thing happen to a Last Will and Testament - can a will become too old, making it stale and not worth probating, and so it has to be thrown away? Absolutely. Below is an example of how a will can become stale, rendering it a useless piece of paper that should be thrown into the garbage. Let's say
What Are the Essential Estate Planning Documents?
DOCUMENTS THAT SHOULD BE A PART OF EVERY ESTATE PLAN Estate planning is the systematic approach to organizing your personal and financial affairs in order to deal with the possibility of mental incapacity and certain death. Depending on your current family and financial situations, your foundational estate plan will include four or five essential legal estate planning documents. Aside from these essential documents, the laws of your state may dictate the creation of other est
Should You Write Your Own Will
Should you attempt to write your own Last Will and Testament? This question has already been asked in the Wills & Estate Planning Forum and aside from my own comments several others, including estate planning attorneys and non-attorneys alike, chimed in with their own feedback. The resounding answer was - NO, do not attempt to write your own estate planning documents, even with the help of books with forms, computer software such a Quicken Willmaker, or online programs such a
Trust PRO'S And CON'S
TRUST PRO'S AND CON'S When considering whether or not to include a Revocable Living Trust as part of your estate plan, you'll need to understand the pros and cons of using a trust instead of a Last Will and Testament. Pros of Using a Revocable Living Trust Avoiding Probate - This is probably the biggest advantage of using a Revocable Living Trust. Why subject your loved ones and your property to the restrictive rules of probate when you can easily avoid it with the use of a f
Record Keeping
The paper trail that follows us throughout our lives includes records that track births, deaths, marriages, divorces and adoptions among other life changing events. Personal records also document purchases, investments, assets and home improvements. Keep in mind: The better organized you are, the better you can manage your affairs, support claims on your tax returns, and be certain that your heirs can easily find thepaperwork they need.
Here is a checklist of someimportant
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