Recent Blog Posts
What Happens if I Do Not Move by The Scheduled Closing Date?
Not moving by the scheduled closing date is not really an option; the seller is going to have to figure out a way to move, as the consequences of not moving by the scheduled closing date can be rather severe. First and foremost, a buyer can hold the seller in breach of contract, and… Read More »
What Aspects of My Estate Plan Will Include Details About Incapacity Planning?
Depending on the type of estate plan that is prepared for you, the level of incapacity planning will vary. Every trust will have specific language about how it should be administered in the event that the grantor or the owner of the trust becomes incapacitated. It is common to prepare healthcare powers of attorney… Read More »
What Exactly is a Special Needs Trust and Who is This Intended For?
A special needs trust is for a person with some sort of special need or disability, and it supplements any government benefit the special needs person has. The trust supplements the money that the person is receiving through government programs such as Social Security. A properly drafted special needs trust allows the person with… Read More »
What Goals Should Estate Planning Ideally Accomplish?
The goal of estate planning is to efficiently transfer a person’s assets upon their death to individuals or organizations that are important to them (e.g. family members, church, charity). These assets include real estate, retirement accounts, collectibles, and personal assets. Is It Ever Too Late to Start Planning Your Estate (will or Trust)? Once… Read More »
What Are the Steps Involved in Trust Administration?
Trust administration varies in complexity based on the complexity of the estate. For estates with a net worth between $750,000 and about $3.5 million, trust administration tends to be rather simple. The process begins by reviewing the trust itself and determining whether sub-trusts should be created for minor children, whether a business needs to… Read More »
How to Set up Temporary Guardians
How Delegating Parental Powers Can Be Critical With summer vacation time upon us, even with our Covid-19 world, many people are hitting the road or jumping on a plane. It is not uncommon to have minor children go on vacation with another family or go on a trip with a sports team or marching… Read More »
How to Effectively Be a Trustee
1. Full Transparency Most successor trustee’s of living trusts are acting on the behalf of the remaining beneficiaries. The trustee is the person appointed by the decent to make all the decisions required to manage the assets of a trust. The beneficiaries are the people who are entitled to the assets in the trust…. Read More »
Avoid Additional Complications During a Healthcare Crisis
1. Don’t Procrastinate! With all the talk in Washington about healthcare reform, I started thinking about what practical things we could do to ensure that we are protecting ourselves and the ones we love. It seems that we all put off the need to prepare or update our will or trust. However, when a… Read More »
