A growing number of people are creating a trust, as opposed to a will, as they consider what's best for them from an estate planning perspective. While this is a great idea on many fronts, it's important to note that trust administration laws are extremely complex....
Trusts
Don’t create a trust until you know the details
While some people strongly believe that a will is the only estate planning document they need, others have come to find that a trust has just as much to offer. With this document, you're able to better manage your property while you are living. Furthermore, and just...
How pet trusts allow you to leave your best friend in good hands – II
In our last post, we discussed how pet owners who consider their dogs, cats or other creatures to be members of the family naturally want to do everything in their power to ensure that they receive the necessary love and care, especially in the event of their sudden...
How pet trusts allow you to leave your best friend in good hands
If you were to ask a random sampling of pet owners as to whether they consider their dogs, cats or other creatures with which they share their homes to be part of the family, chances are very good the majority of these pet owners would answer a resounding "yes."...
Is a trust right for my situation?
In our last post, we spent some time discussing how those who enable their loved ones to inherit valuable assets upon their passing -- real estate, stocks, etc. -- will ensure that they secure what is known as a step-up in basis, meaning an avenue through which to...
Understanding the benefits of the ‘step-up in basis’
As we've made clear in prior posts, one of the primary objectives of estate planning is to ensure that as many of your hard-earned assets as possible are transferred to your loved ones upon your passing, such that that the federal government's tax interest is...
How a spendthrift trust can protect prodigal loved ones – II
In our previous post, we started exploring how those with serious concerns about leaving anything of value to a loved one with a checkered past and/or track record of poor financial decisions might consider the creation of a spendthrift trust. To recap, a spendthrift...
How a spendthrift trust can protect prodigal loved ones
When a person makes the prudent decision to execute a comprehensive estate plan, they are not only helping ensure that their tax liability will be minimized and their hard-earned assets distributed according to their exact wishes, but also that their loved ones are...
Compare the many types of trusts when estate planning
When it comes to estate planning, there are many questions to answer. For example: Is a trust the right decision for you and your family? If you decide in favor of a trust, this legal document will bring many benefits into your life. But there is one thing you need to...
Remarrying in California? Some things to think about
It's certainly understandable why estate planning concerns might differ widely between couples just starting out on a first-time marriage and individuals who are tying the marital knot for a second or subsequent time, respectively. In the former case, planning...