Estate Planning attorneys include irrevocable trusts as part of a comprehensive Estate Plan to achieve both tax and non-tax goals. As the use of Irrevocable Trusts has evolved, so have the ideas about changing them. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more.
Most people don’t like surprises—especially when it comes to matters as sensitive as inheritance. One of the best ways to avoid family tension and reduce the likelihood of disputes after your passing is to promote open communication during the estate planning process. While it may not always be feasible to involve every family member in … Read more
Art often imitates life and the latest chapter unfolding for Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, the probate commissioner issued his order in response to Rupert Murdoch’s petition to amend the 1999 trust that controls his empire. It didn’t go the way Rupert hoped. Read on to learn more.
Have you considered how downsizing could simplify your estate planning efforts? You might think estate planning revolves around legal documents, wills, and trusts. Yet, your physical belongings significantly influence how smoothly your estate passes to your loved ones. The truth is that downsizing as part of an overall estate planning strategy offers hidden benefits beyond … Read more
One of the most common questions we hear from clients is: “Why is my trust so long?” It’s a fair question. At first glance, a shorter trust might seem more appealing—easier to read and less intimidating. But in estate planning, brevity often comes at a cost. Like any legal document, a trust is only as … Read more
You’ve worked hard. You’ve saved diligently. You’ve paid into Social Security and earned your Medicare benefits. So when you need long-term care, you should be covered—right? Unfortunately, not entirely. While Medicare covers some medical expenses, it typically doesn’t pay for long-term custodial care—the care that helps with daily living activities like bathing, dressing, cooking, or … Read more
Your child is turning 18. On the outside, not much has changed—they still mix lights and darks in the wash or forget their bag on the roof of the car. But legally, everything is different. At 18, your child is now considered an adult in the eyes of the law. And with that legal adulthood … Read more
As I recently walked through the Oklahoma City National Memorial, the weight of history felt especially profound as today marks the 30th anniversary of the bombing. Standing where Fifth Street once ran, looking at the Reflecting Pool mirroring the black granite Gates of Time, I was struck by how an ordinary spring morning – April … Read more
Far too many people assume that a simple will is the estate planning document to use unless you’re a multimillionaire. In reality, this is probably the most widely embraced myth in our field. Granted, a will can suffice when the situation is extremely simple and straightforward. However, there are many different types of trusts, and … Read more
Many people focus on wills and trusts but overlook the importance of planning for potential incapacity. Without the right incapacity planning documents in place, courts may step in to make decisions that could conflict with your personal values and long-term wishes. Why Incapacity Planning Matters Unexpected medical conditions, accidents, or cognitive decline can leave you … Read more