This blog post aims to break down the seemingly abstract concept of a family trust into understandable terms, providing clients and potential clients of the McGee Law Firm with a sense of relief and confidence in their estate planning decisions. Navigating the world of estate planning can be daunting, especially when it comes to understanding … Read more
There are many estate planning tools out there that can be used for specialized situations. A supplemental needs trust also known as a special needs trust is one of them. This is a specific type of trust that is used in limited circumstances. Not everyone needs one, but if you are one of the people … Read more
If you are creating a trust, you already know that you need to get the initial paperwork right. You don’t want your trust to end up not being enforceable or not serving the designated purpose, especially since you might not find out about the problems until it has become too late to fix them. 1. … Read more
Deciding who will handle your estate after you’re gone is a big deal. Whether it’s the trustee for your trust or the executor for your will, this person will make sure your final wishes are carried out, and your money and stuff are taken care of. So, it’s super important to pick the right person. … Read more
It’s a common misconception that wills and trusts serve the same purpose in estate planning. Although both are essential tools for asset distribution after death, their functionalities and implications are distinctively different. A will becomes active only upon death, directing the distribution of assets held in your name. It requires formalities like signing in the … Read more
When formulating a Revocable Living Trust, selecting the right individual to oversee the trust’s assets is crucial. Typically, the creators (Trustors) of the trust manage it as Trustees during their lifetime. However, after their demise or incapacity, it’s common for a child to assume the role of Successor Trustee. While this can be a prudent choice, it’s … Read more
Compiling a comprehensive list of your assets is a critical first step in any financial or estate planning process. The asset inventory is the basis for informed decision-making, whether for managing your financial portfolio or planning your estate. A financial planner relies on a complete asset list to understand your financial position. This detailed overview … Read more
Estate planning is more than just creating documents; it’s about ensuring your plan works as intended. This lesson was learned the hard way by Ted and Emily. They had diligently met with an attorney, discussed their family’s needs, and crafted an estate plan centered around a Revocable Living Trust. They believed their work was done … Read more
It’s an inevitable part of life—our parents aging. Beyond the calendar marking the years, signs of their advancing age, both physically and mentally, become more apparent. Witnessing the transformation of our once energetic parents can be an emotionally challenging experience. This progression might unfold gradually, allowing you to transition into a caregiving role. Perhaps during … Read more
Learn how living trusts can protect your privacy. Imagine standing in a crowded place with no clothes on. This unsettling imagery taps into one of our deepest fears: the dread of exposure and the loss of our cherished privacy. In our digital age, prying eyes or those with malicious intent can access an alarming amount … Read more