Category Archives: General

Special Needs Trust – What Can I Do For My Child?

Several clients ask what they can do for a child who qualifies for means-based government assistance due to a disability.  The simple answer is a Special Needs Trust, sometimes referred to as a Supplemental Needs Trust.  The primary purpose of a Special Needs Trust is to shelter assets that will sustain an improved quality of life for the beneficiary, with provisions that maintain the beneficiary’s eligibility for governmental benefits. There are two main types of special needs trusts, a Self-Settled Special Needs Trust and a Third Party Special Needs Trust.  There are several rules that apply to Self-Settled Special Needs...Read More

Corporate Trustee Considerations – Revocable Trust

When creating a trust, there are two basic choices for a trustee: (1) an individual; or (2) a corporate entity.  In our last article, we addressed the individual trustee and factors to consider when choosing an individual trustee.  In this article, we review factors to consider when choosing a corporate trustee. There are three basic types of corporate trustees: (1) Bank Trust Departments.  The bank trust department is the traditional full service corporate trustee with fee schedules for their services as trustee. (2) Brokerage Firm Trust Departments. Most major national brokerage firms have in-house trust departments that combine the continued...Read More

Estate Planning In Second Marriages

  We all know someone who is in a second marriage and many of us are in a second marriage.  Second marriages can be exciting and fulfilling while at the same time present special planning challenges. A second marriage may include his children, her children, and sometimes our children.  How will the new spouse be provided for in the estate plan?  Can the assets of each spouse be protected for their respective children while still providing for the new spouse? The competing interests are between the children of the first spouse to pass away and the surviving spouse. Estate planning...Read More

Estate Planning – A Competent Attorney Is Essential

Many people have a misconception about estate planning.  For example, many will avoid doing their estate planning because they believe their assets “aren’t worth much” and think estate planning would be a waste of time and money.  The reality is that estate planning is necessary for everyone — no matter the value of their assets.  Completing your estate planning now with an attorney that regularly practices in the estate planning area to clearly define your intentions is an investment which will likely save your family financial and emotional heartache in the future. While you may want to live forever, there...Read More

What Are The Advantages Of A Revocable Trust?

When people think of how they would like their assets distributed following their death, they usually think of using a Will.  However, depending on your assets, a Will may not be the best testamentary document to use.  Creating a Revocable Trust provides a number of advantages over a Will. 1. When you transfer your assets to your Revocable Trust, your family will not have to go through the probate process.  Probate is a legal process in which the court supervises the administration of your estate.  Probate can be time consuming and costly to your family who will already be dealing...Read More
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