Category: Trusts
“External events that cause reflection are good reminders to update estate planning documents.” Now is a good time to reach out to an estate planning attorney to review and update beneficiaries, named executors, financial and health care proxies, wills and trusts, advises the article “Planning Strategies During Market Uncertainty & Volatility: Estate Planning and Debt […]
“If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.” Estate administration, that is, when the executor gets busy with paying debts, taxes and distributing assets, is often the time when any missing steps in […]
“Survivorship periods don’t usually surpass 60 days. If this period surpasses 120 days, it could put the tax-free estate transfer of assets to a surviving spouse at risk.” A survivorship clause in a will or a trust says that beneficiaries can inherit only if they live a certain number of days after the person who […]
“Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.” A recent case examined the issue of when the fiduciary duty begins for an agent who has […]
“The recent decline in asset values may make gifting a more attractive estate planning technique for many individuals, especially if you are considering gifts of stock or other non-cash assets.” Gifting assets to a trust for children or grandchildren is often an important part of an estate plan. The recent article “Is Now a Good […]
“When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.” Whether the reason is Alzheimer’s, Parkinson’s or any number of illnesses that lead to dementia, it’s hard for families to think about legal or financial concerns, when a […]
If you experienced a temporary illness or needed someone to quickly step in to pay your bills, would your finances be organized enough for them to handle? Unexpected events can happen at any time. Without a backup plan, finances are vulnerable. The importance of having an estate plan and organized legal and financial documents on […]
“What is equal treatment at time of death can be disputed among the children, when some children have received substantially more in lifetime gifts than the others.” Most parents want to divide their estate equally among their heirs, but sometimes things just don’t work out that way. That’s especially the case when one child needs […]
“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.” Naming a beneficiary on a non-retirement account can result in an unintended consequence—it can even topple an entire estate plan—reports The National Law Review […]
Why You Should Not Name a Trust as an IRA Beneficiary? “For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.” An IRA may […]
