Many good children lose their inheritance for various reasons: divorce, bankruptcy, litigation, or bad investments, just to name a few. Special provisions in a revocable trust with special protection provisions can help to protect family money. This article show how this could work, using a fictitious family of Bob and Mary and their four children, Rick Read more
Your trust should be reviewed every few years to make sure that it is up-to-date, for any changes in the law or changes in your circumstances and goals. Here is a checklist of to think about. This applies only to revocable “living” trusts, not to irrevocable trusts. Do you name the right successor trustees? The trustee of Read more
Your estate and trust planning should reflect you, your family, your financial and health situation, and your goals. At a minimum, everyone should have a Will (planning for inheritance) and Powers of Attorney for health care and finances (planning for incapacity). Many people will benefit from additional trust planning. There are three types of trusts Read more
As a Successor Trustee, you step into the Trustee role when the original Trustee dies or becomes incapacitated. Here are some important actions to take when your parent named you as a Successor Trustee in their planning, upon their death. When your parent dies and you become Trustee, you will need to immediately step in Read more
One of the considerations for estate planning is whether your plan should include a Living Trust to avoid probate and to make administration easier and more confidential. In North Carolina, not everyone needs to have a Living Trust and it’s a decision that your elderlaw estate planning lawyer should help you consider. Is a living trust right for you? If you’re married, both in good health and your assets (other than your home, IRAs and life insurance) are less than $150,000 then the advantages of a Living Trust may not justify the expense in your situation. But if you have more in bank accounts and other investments, or if you’re single, or if you, your spouse or your beneficiaries have health concerns then a Living Trust is worth considering for peace of mind. Your Living Trust will survive you to ensure that the right people will inherit your assets in the right amounts, and upon the terms you designate.
Trusts can be confusing. It is important to recognize that a traditional Living Trust does not protect assets from nursing home costs and Medicaid. Generally a Medicaid asset protection trust will be irrevocable rather than revocable, and you will have limited direct access to the principal in the trust. Other types of trusts for advanced level wealth planning and estate tax savings may apply for clients who may have taxable estates.