The most commonly utilized estate planning device other than a last will is the revocable living trust. If you have always assumed that you will be using a will, you should understand the benefits that living trusts provide so you can make an informed decision. Consolidation of Assets When a will is used, the executor is the estate administrator. Imagine the situation that the executor will step into after the passing of the testator. Everything that the deceased party owned will be … [Read more...] about Why Do So Many People Use Living Trusts?
Your children have always meant the world to you. You’ve done everything within your power to meet all their needs and ward off dangers. You’ve always kept a watchful eye out for them, whether it’s when they were swimming in the ocean or wandering too close to the edge of the Grand Canyon. You’ve met their needs, from putting food on the table to buying them new clothes for school. We cannot protect our children from every risk in life. When they grow up, they will make some mistakes, just … [Read more...] about Protect Your Children Now and in the Future
“Probate” is one of those words that we all have heard, yet few of us really know what it means. We know it has something to do with dying, but that’s about it. When an individual dies owning assets, there is a process to change the title from the (now deceased) owner, to the new owner. This process is called “probate.” The new owner to whom the assets are passed might be a creditor, a beneficiary under a Will, or (if the decedent dies without a Will) a beneficiary from a slate of “intestate … [Read more...] about What’s Probate and Should I Care?
Facing difficulties in life sharpens our focus. When tragedy strikes, we recognize what’s important in our lives: Our family, our friends, and our values. Henry Wadsworth Longfellow, the famous 19th century American poet, said “Into each life some rain must fall.” We have all had “rain” in our lives. Our tragedies typically are quite personal: the death of someone close to us, a life-threatening illness, or a violent crime. Sometimes our tragedies are shared by countless others: … [Read more...] about What’s Important in Your Life?
Since the dawn of time, pets have held an important place in our hearts and our homes. Ancient Egyptians used to mummify faithful pets and have them buried with themselves. This was a dubious honor for the pet. Even in modern America, people have attempted to take their pets with them. For example, Mary Murphy died in 1979, leaving $200,000 to Pets Unlimited, a shelter for pets. However, the more controversial provision in her Will was her command that her pet collie, Sido, be euthanized. The … [Read more...] about To My Dog, Lucky, I Leave $10,000
If your time as a trustee has come, you will be faced with a variety of responsibilities in the near future. As the days, weeks, and months go by, it is imperative that you complete all the necessary tasks at the appropriate time. You are not expected to get to work the day that the person passes on. However, you don’t want to put this off too long either. Once you have everything in order, once you are ready to take on this responsibility, it is time to get started. Tip: if for any … [Read more...] about Things to Know About Trust Administration
Most people with substantial assets are interested in benefiting those around them. The fruits of success are best when shared with those close to you. In 2022, each person can give up to $16,000 per year to any other person without any gift taxation. It’s important to note that you can give $16,000 to each and every person you wish. With most friends and relatives, this is not much of a problem. However, gifting to minor children presents unique issues. Minors do not have the legal … [Read more...] about Gifting to Children
If you’re in the process of creating your first estate plan or updating what you already have in place, you may be familiar with a revocable living trust. But if you’re not, there’s no better time than now to learn more. Here’s how we describe a living trust on our website: A trust is a relationship wherein property is held by one party for the benefit of another. A trust is created by a Settlor (also referred to as a Maker or Grantor), who transfers property to a Trustee. The Trustee … [Read more...] about What is a Revocable Living Trust?
Compliments of the McGee Law Firm, Attorney Brandon McGee When asked how people want their assets divided after they are gone, some people have definite opinions, while others are less certain. Not only do people differ in the level of their uncertainty concerning how to divvy up their assets, they even differ in what factors are important in making the decision. In June 2007, Money magazine released a reader poll concerning various financial issues. The following percentages … [Read more...] about Decisions, Decisions, Decisions…
Special Needs Trusts are just one aspect of a proper estate plan. Read on for more information on how we can help with your special needs trust or estate planning questions. Sam and Laura were delighted with the birth of their daughter Ella. The proud parents dutifully touted photos and began making college fund contributions. However, as time went on, Sam and Laura became concerned about Ella’s delay in developing basic skills. At two years old, Ella was struggling with speech, engaging in … [Read more...] about Special Needs Trusts and Autism