December 2018

Last week we covered choosing a trustee. However if you can’t find the right individual family member or friend to take on the job of trustee, and you don’t like the idea of an independent professional fiduciary, you might want to consider a “trust bank” to administer your living trust. Trust banks are institutions or branches of institutions that provide trust administration as a business....

How do most people choose a trustee? What process will they follow to pick a candidate for a job which involves the proper handling of attorneys, bank officers, gun collections, and possibly millions of dollars? Usually, mom and dad sit around the kitchen table filling out estate documents. They come to the blank for filling in the trustee’s name. Who will they choose to execute their will and...

When a loved one dies, it is an emotional time accompanied by confusion on what happens next. If you are named as the successor trustee, you likely haven’t had any experience dealing with the steps you need to take in settling your loved one’s Living Trust. If you are the Successor Trustee – or need to figure out who is – this simple guide provides a few steps you need to follow....

  THE LIVING TRUST For most of my clients, at the center of their estate plan sits a document known as a “living trust.” Sometimes, attorneys will create separate living trusts for spouses, and sometimes joint trusts, depending on their circumstances and state of residence. This type of trust is called “living,” because it goes into effect and protects you even while you are alive. It...

You probably aren’t surprised to learn that all attorneys are not created equal, which makes trying to find the right one an important, yet hard, decision. There are two kinds of lawyers in this country: general purpose and special purpose. If you live in a big city or urban area, you won’t have any trouble finding someone who focuses on estate planning. If you live in a rural setting, it may...

Understanding Long-Term Care Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy.The U.S. Department of Health and Human Services estimates that 70% of people over age 65 can expect to need long-term care services at some point in their lives.1 So understanding the various types of...

 Your Children with Disabilities Will Become Ineligible for Benefits… Unless You Act! Parents of children with mental or physical disabilities face a variety of challenges in ensuring their children can successfully navigate life with and without them. Because people with disabilities are living longer due to advances in healthcare and other enabling strategies, they are increasingly...

Is the AB Trust Still Part of Your Estate Plan? Should It Be? An AB trust is a joint trust commonly created by a married couple to minimize estate taxes prior to the considerable increase in federal estate tax exemption. This trust is funded with assets of each spouse and divides into two separate trusts (Trust A and Trust B) upon the death of the first spouse. The AB trust plan results in the...

Proposition 13: How Not to Lose it Proposition 13 has saved many homeowners from losing their homes by keeping property taxes low. Passed by voters in 1978, Proposition 13 lowered property taxes to 1% (from 2.67%) of the full value of the property. Equally as important, Proposition 13 capped the increase in taxes to a maximum increase of 2% per year regardless of the value of the property. A...

An estate plan is important for people of all ages and wealth levels. Yet many people avoid estate planning because they do not want to think about the end of life, the possibility of failing health, or potential for an unfortunate disability. There is no time like the present to overcome those fears, stop procrastinating and start planning for your future. Pulling back the curtain on what...