Although it may sound like something your teenager has said, an ILIT is actually an irrevocable life insurance trust. An ILIT is a type of trust that is funded during your lifetime by a term or whole life insurance policy and pays out proceeds of the policy upon the insured’s death.  Since it’s irrevocable, the trust generally...

When a client is in the process of creating a trust, one of the first questions that comes up is “How should I choose my successor trustee?”. (Find out our answer in the previous article “How to Choose a Trustee” ). The follow-up question is usually if they should name co-Trustees to manage their revocable...

For many people, a trust is an integral part of a thorough and effective estate plan. Whether it is designed to avoid probate, reduce estate taxes, or protect assets, it is important that a trust is administered as instructed in the trust document to ensure that it serves its purpose. Therefore, one of the most...

Understanding the types of trust that are available and discussing your goals and wishes with your estate planning attorney should be accomplished before you settle on which type of trust is best for you.  A Guide to Some Common Types of Trusts As discussed in our blog, “Trusts, not Just for the Rich and Famous”,...

We frequently receive calls from people looking to act on behalf of a family member or loved one who has lost capacity and is no longer able to manage decision making for themselves. When that person does not have an effective Health Care Proxy or Durable Power of Attorney in place, the next step is...

In a previous article, we explored the benefits of reserving a life estate to protect your home from the high cost of nursing home care. (You can read the full article here) Reserving a life estate is a common planning technique where the home is deeded to a loved one, typically your adult child(ren), and...

Your home is often your most important asset.  Many families want to protect this asset from the high cost of nursing home care.  When nursing home care is not imminent, a common planning technique is to deed the home to a loved one, typically your adult child(ren), and reserve a life estate for yourself. This...

The long-awaited legalization of same-sex marriage was a welcome victory for the LGBTQIA+ Community and their allies. Even so, it is still quite common in the LGBTQIA+ community to have a long-time partner but never marry. If you have been sharing your life with a significant other but are not legally married, it is imperative...