A QTIP trust is a special kind of trust, especially useful in second marriages, designed to protect couples and their children. Like other kinds of trusts, a QTIP trust serves a specific purpose, and is only appropriate for those whose circumstances match the goals the QTIP trust achieves. To better understand what a QTIP trust is, what it does, and why you might need one, let's take a closer look. What is a QTIP Trust? The term 'QTIP' is an acronym meaning "qualified terminable … [Read more...] about Understanding Estate Planning – What is a QTIP Trust?
One of the most popular ideas about estate planning involves the well-known reading of the will. You've no doubt seen the scene a hundred times in film or television; an attorney gathers together the family members of a deceased person and reads them the terms of the last will and testament, often with dramatic results. This image is so well known that many people take it for granted that these reading of the will ceremonies are a common part of the estate planning process. The reality … [Read more...] about Understanding Estate Planning – What Happens at a Reading of the Will?
Last week we looked at some common ways people can fund a trust. This week we want to continue the discussion, and explain some additional trust funding methods. If you've read any of our blogs about trusts, you probably know that funding is a necessary step in the trust creation process. Even the most well-designed trust will be useless if it's not funded properly. Talking to your lawyer so you're clear about what you'll need to do to fund a trust, and then taking the steps you need to take, is … [Read more...] about How do you Fund a Trust? 4 More Methods
People who create an estate plan in Oklahoma, Kansas or Missouri often ask us how they can fund a trust or have questions about the funding process itself. As you may know, the process of transferring personal property to a trust is known as funding. Any trust you create is useless unless you fund it properly. So today we are going to take a look at several ways to fund a trust and what you might have to do when using each method. How to Fund a Trust: Assign Property One of the … [Read more...] about How do you Fund a Trust? 3 Common Methods
A trustee is a person who serves a vital role in any estate plan that includes a trust. We talked about trust several times in the past, but clarifying what a trustee is, what that person's duties might be, and how he or she will protect your interests is important, especially for people who are unfamiliar with trusts or estate planning in general. While different trusts might require trustees to perform different types of duties, there are some general issues that are common to every … [Read more...] about Understanding Estate Planning – What is a Trustee?
There is a lot to take into consideration when you are planning your estate. In most cases, it is not a matter of splitting up a pie into slices of different sizes. Topics covered in this white paper include: People with disabilities Supplemental needs trust Conclusion References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What Is A Supplemental Needs Trust?
Living trusts are some of the most popular estate planning tools around today because they afford such powerful protections and abilities. Unfortunately, there are a lot of myths and misperceptions surrounding these essential estate planning devices that far too many people believe. To help dispel some of these popular living trust myths, today we are going to take a closer look at a pair of them, and explain why they are wrong. … [Read more...] about You Don’t Need to Worry About These Living Trust Myths
In this week's discussion of understanding estate planning concepts, we are going talk about trusts. Even though we have about trusts a lot in the past, it is easy for estate planning attorneys to discuss them because they are such a vital part of the estate planning process, and because we deal with them on a daily basis. On the other hand, for the average person doesn't have much exposure to trusts or who might be first hearing about them, understanding what a trust is and how it works can … [Read more...] about Understanding Estate Planning – What is a Trust?
Ever wonder why you can't just write your own will? The truth is, while many states allow a handwritten (or holographic) will, there are a number of reasons NOT to do it. Listen as we explain the dangers of a handwritten will and how to ensure your loved ones and your assets are always protected. … [Read more...] about The Dangers of a Handwritten Will
An inter vivos trust is a key part of many modern estate plans. Also known as living trusts, or revocable living trusts, inter vivos trusts afford significant benefits and protections for those who create them. Using an inter vivos trust, and making sure it works in conjunction with the rest of your estate planning devices, is something your attorney will explain how to do in detail. Until you speak to your lawyer about these trusts, however, here are some questions with which you should be … [Read more...] about Understanding Estate Planning – Inter Vivos Trusts