Although a Last Will and Testament remains the most common estate planning document, a trust is not far behind in popularity. If you decide to add a trust to your estate plan, you will have to decide which type of trust to create. An Overland Park trust attorney at Parman & Easterday explains some of the many advantages to revocable trusts. Trust Fundamentals A trust is a relationship whereby property is held by one party for the benefit of another. A Settlor (also referred to as a … [Read more...] about Revocable Trust Advantages
One common reason to create an estate plan is to ensure that your assets are used to provide for loved ones after you are gone. Making direct gifts within your estate plan is one way to do that. There are times when you may not want to make a direct gift if the assets are valuable or the beneficiary is unprepared to manage the assets. An Oklahoma City trust attorney at Parman & Easterday explains how you can use a living trust to stagger an inheritance instead of gifting it … [Read more...] about Staggering an Inheritance Using a Living Trust
Given how popular trusts are, there is a good chance you will include one in your comprehensive estate plan. As the Settlor or Trustor (creator) of the trust, you appoint the Trustee (manager), designate the trust beneficiaries, and dictate the terms used to administer the trust. You also choose how to fund the trust. No matter how much thought you put into these initial decisions, circumstances may change in the future and you will want or need to make changes to your trust. An Oklahoma City … [Read more...] about How Do I Make Changes to My Living Trust?
Living trusts help you protect your assets and make sure they are able to be managed if you become incapacitated. According to the Alzheimer's Association, one in three seniors dies with Alzheimer's or some type of dementia. Over 70% of those 60 or older will require long term care before they die. Illness or injury can strike at any time and can strike anyone of any age. If you do not have a plan to ensure someone can manage your money and property, your … [Read more...] about Can Living Trusts Help You In Case of Incapacity?
When you create a comprehensive estate plan you will be able to use your revocable living trust as a part of your incapacity planning protections. A revocable living trust, also called an inter vivos trust, or more simply just a living trust, plays a key role in protecting your estate from unnecessary probate complications. It also allows you to exert some control over what happens to your property in the event you lose capacity. Today we are going to take a closer look at why your revocable … [Read more...] about Incorporating Your Revocable Living Trust Into Your Incapacity Plan
A lot of attention has been given to revocable living trusts in recent years. While these are excellent estate planning tools, revocable living trusts may not be right for everyone in every situation. A properly created and funded revocable living trust offers several key benefits, but that doesn't mean everyone needs one. Here are several reasons why a revocable living trust may not be right for you. A Revocable Living Trust May Not be Right For You: You Have a Small … [Read more...] about Why a Revocable Living Trust May Not be Right For You
There is an ideal estate planning solution for every scenario that may exist. Life is not a cookie-cutter affair. People go through life changes, and these changes can require estate plan updates. Various different strategies can be implemented depending on the circumstances. With this in mind, we would like to look at the estate planning device called a QTIP trust. The acronym QTIP stands for "qualified terminable interest property." A qualified terminable interest property trust can be … [Read more...] about What Is a QTIP Trust?
If you have reached your financial goals, your work is not done. You may have accumulated wealth, but you have to protect that wealth for the benefit of succeeding generations. The federal estate tax looms large as a source of asset erosion. It can significantly reduce the legacy that you are leaving behind. Life Insurance Policies When you are inventorying your assets to evaluate your level of estate tax exposure, you must include everything that is considered to be countable by the … [Read more...] about What Is an Irrevocable Life Insurance Trust?
People sometimes go forward with some misconceptions about estate planning techniques. Everyone has heard of the last will or last will and testament. Most people are also aware of the existence of trusts. You may assume that a last will is the simplest and least expensive way to facilitate the transfer of your assets after you pass away. This is not necessarily the case because of the existence of the legal process of probate. … [Read more...] about What Is the Cost of Probate?
There are numerous things to consider when you are creating an estate plan. You certainly want to facilitate the future transfer of your monetary resources, but you should also consider end-of-life issues. With this in mind, we would like to look at powers of attorney and guardianship in this post. … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?