Trust administration can become problematic in the face of transparency problems. Trustees are in a unique position and may be depended upon financially by multiple parties. Without proper transparency during the administration of a trust, beneficiaries are at risk of financial exploitation and emotional distress.
Transparency...Category: Trusts
Should I Name Co-Trustees in My Trust? What Happens When They Disagree?
Selecting suitable trustees for your trust is a crucial decision that affects the management and execution of your estate plans. Many opt for co-trustees, sharing the responsibilities between two or more individuals. This choice can bring varied skills and perspectives to trust management but also introduces the potential for disagreement. The...
Ask the Attorney: What Exactly Is a “Trust Protector”?
The term "trust protector" might sound like complex legal jargon, but it actually signifies an important role in the realm of estate planning. A trust protector is someone appointed to oversee and ensure a trust operates as intended, offering an additional layer of security and flexibility. This role is becoming increasingly...
Does Charitable Giving in Your Estate Plan Have Tax Benefits?
When you start the process of estate planning, your main goals may include avoiding probate, protecting generational wealth, and ensuring that your spouse, children, or other family members are cared for in your absence. You might also consider legal options like wills and trusts, along with directives for healthcare, guardianship,...
3 Safe Ways to Store Your Estate Planning Documents
Estate planning is an essential part of preparing for the future. No one truly knows how much time they have, but everyone wants to ease the suffering of their loved ones when they’re gone.
The last thing you want is for a spouse, parents, or children to...
4 Key Estate Planning Documents for Young Adults
As a legal adult aged 18 or over, you are responsible for managing your assets and debts, which constitute your estate. Although most young adults have a long life ahead of them, unexpected events can occur, leaving you incapacitated or even resulting in loss of life.
Accidents and illnesses...
Ask an Attorney: How Can I Protect My Home From Medicaid?
Over 72 million Americans currently participate in Medicaid, a federal program designed to provide medical coverage for qualifying seniors, children, pregnant women, low-income individuals, SSI recipients, and patients with disabilities. Some states also fund expanded Medicaid programs for residents.
Many patients need the long-term coverage...
Revocable Living Trust vs. Will: Key Differences
As you begin to explore estate planning, it’s likely you’ll come across options like revocable living trusts and wills. At first glance, they can appear similar, but there are key differences that can have a significant impact on whether one is a better choice for your needs than the other.
Common Mistakes Made on Life Insurance Beneficiary Designations
Over half of Americans have a life insurance policy, either as an individual or through their workplace. Investing in life insurance can give you peace of mind and a sense of security, but it’s important to pay close attention to details when designating beneficiaries.
Your...
Estate Planning Considerations for Tax Season
Tax season can be stressful, particularly if you have a complex financial situation. And when you’re going through the monotony of filing taxes, the last thing you want is to complicate things by diving into estate planning, too.
However, as many attorneys and financial experts will tell you,...
