A Living Trust, (more formally referred to as Revocable Living Trust or Revocable Trust) holds your assets in trust for your use and benefit during your lifetime; and it gives clear direction on how those assets will be distributed upon your death. One of the prime advantages of a Living Trust is that it can...
It’s heartbreaking to comprehend losing a loved one; losing a loved one from complications of the COVID-19 virus can be even more difficult to bear. The swift and sudden onset and extreme contagiousness of the illness means patients are dying without loved ones by their side. These factors can make it especially challenging for those...
Dorothy from the Wizard of Oz had it right: “there’s no place like home”. As we move through life, trying to avoid the Wicked Witch of the West and the Flying Monkeys, our home is a place of great love, security and comfort. Often a lifetime of memories with family and friends is created within...
In estate planning, it can be very confusing understanding the terminology that is used to describe the important fiduciary roles. Have you heard the term personal representative? How’s that different from a Trustee? And what is the difference between a Guardian and Conservator? Here is a quick review of the labels or terms you should...
If you recently signed revocable trust documents, Congratulations! Establishing the building blocks of your estate plan is an important first step in creating peace of mind for you and your loved ones. One of the main benefits of a revocable trust is the ease of administration for your loved ones and avoidance of the need...
Last week I had an opportunity to sit with a new client who said it had been several years since he had reviewed his estate plan. During that time he had lost his wife and one of his children had married and had a child. As part of our review process, we look at his...
Whenever we purchase a life insurance policy, open a mutual fund, or enroll in a company retirement plan, we are usually asked to designate a beneficiary. After naming these individuals, we never give it much thought again. Maybe you’ve named your spouse, one of your parents or your children. After your death, these assets are...
Although often associated with the rich and famous, a trust can be a useful planning tool for just about everyone. A well crafted trust may help you with things such as: managing your assets should you become disabled or incompetent; help to minimize estate taxes; provide for a child who struggles with managing their own...
Aretha Franklin reportedly did not have a Will or Trust at the time of death. Aretha Franklin’s final wishes may not get the respect they deserve. It was reported in the news that legendary singer, Aretha Franklin, did not have a will or trust at the time of her passing. According to the Detroit Free...
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