Posts Tagged ‘Trust’

Most people use either a Last Will and Testament or a Revocable Living Trust as their primary Estate Planning instrument.  So what’s the difference?  Both instruments control the distribution of assets to loved ones upon death but the manner in which this happens is one of the main differences between these two documents. A Last […]

One of the biggest misconceptions that people have about estate planning is that trusts are only for the super-wealthy. That’s simply not the case. A trust, in its simplest form, is a probate avoidance mechanism.   It’s not the only one, but it is a particularly good one.   If you do not have a […]

Naming who should get the life insurance money after you die sounds simple, but designating beneficiaries can get tricky. Mistakes are common, financial advisers say — and they can be heartbreaking and expensive. When mistakes are made “you’re not creating problems for you.”  “You’re creating problems for the people you leave behind.” Here are 7 […]

What If You Become Incompetent? Without a plan the courts pick the successor manager of your affairs With a plan you pick the successor manager of your affairs Who Raises Your Children? Without a plan a judge decides without the benefit of your insight With a plan you nominate the guardian of your choice How […]

ANSWER:  In and of themselves, trusts do not avoid taxes, but they help to carry out good tax planning. As far as income taxes go, revocable living trusts are “tax neutral.” During your lifetime, your trust will not need to file its own income tax returns. The taxpayer identification number for your trust is your […]

You have seen the articles telling you that you MUST have a living trust so that you can avoid PROBATE.  So, what is probate and why is it important to avoid? Probate Court supervises the transfer of assets from a decedent to his or her heirs or beneficiaries.  The Court also makes certain that important […]

Why should I care and what difference does it make? Probate is a process to settle your estate through the court. Sometimes, probate is time-consuming and expensive.  Avoiding probate will often save the family thousands of dollars in court costs and attorneys fees. The best way to avoid probate is to re-classify those assets as […]

1. What will happen during an initial meeting with your office and how much will it cost? When you consider getting your legal affairs in order, the first thing to do is call the office of the lawyer who you will meet with to handle your planning.  When you talk with someone on the phone, […]

Families who have children with disabilities must consider special issues when considering how to plan for the financial future of their disabled children. The majority of disabled people will need public assistance at some time in their lives.  To qualify for public assistance the person must be “impoverished” with assets below $2,000 for SSI and […]

The Minnesota Attorney General warns senior citizens not to fall for claims of unscrupulous salespeople who instill and prey on seniors’ financial fears in order to sell unwanted, unnecessary or unsuitable living trusts and annuities. Seniors should use caution with speaking with individuals trying to sell these products. What is a living trust? A living […]