A revocable living trust is a very versatile estate planning tool that can be a better choice than a last will. There are a number of reasons why a living trust will be preferable for most people, and we will look at them at another time. In this post, we will explain the anatomy of a living trust and provide a basic outline of the trust administration process.If you were to establish a revocable living trust, you would be called the grantor or settlor of the device. Some people that do not … [Read more...]
Selecting an Agent
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more.Selecting an Agent … [Read more...]
Last Will vs. Living Trust: Weighing the Differences
Many people think that a last will is the only logical choice as an estate planning vehicle of asset transfer if you are not extremely wealthy. In reality, this is not the case at all. A last will could be the right choice for someone with a straightforward family dynamic and very little to pass along. However, most people that have enjoyed even a moderate level of success would be better served through the utilization of a revocable living trust.Last Will Problems and LimitationsThere are … [Read more...]
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more.Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]
Why Would I Use an Irrevocable Trust?
There are different types of trusts that are used in the field of estate planning. A living trust is a commonly utilized device that can be revoked or rescinded by the person that establishes the trust at any time. It can be comforting to know that you maintain control of the assets that you convey into a trust, but there are reasons why you may want to use a trust that cannot be revoked. We will look at some situations that would call for the creation of an irrevocable trust in this … [Read more...]
Explore Estate Planning Options
A living trust is a very versatile, useful estate planning document that is actually the right choice for most people. Contrary to popular belief, a last will is not necessarily the simplest, most effective device for people that are not extraordinarily wealthy. The primary reason for this is the fact that a will must be admitted to probate. This is a costly and time-consuming process, and it is an open proceeding that allows the general public to find out the terms of the will.With a living … [Read more...]
The Anatomy of an Estate Plan
There is no one-size-fits-all, cookie-cutter estate plan that is right for everyone. This is why personalized attention is key, and this is exactly what you get when you engage our law firm. This being stated, there are certain rudimentary components that every estate plan will contain, and we will take a look at them from an overview in this blog post.Asset Transfer VehicleThe purpose of estate planning is to get your assets into the hands of your loved ones after you pass away, so an asset … [Read more...]
Is an Inherited IRA Taxable to the Beneficiary?
An individual retirement account can provide a financial foundation during your senior years if you pay into the account sufficiently throughout your working career. This being stated, if you ultimately do not need the money, it can be part of your estate plan. People often have questions about taxation and inherited individual retirement accounts, and we will provide some answers here.There are two different types of individual retirement accounts that are typically utilized: the … [Read more...]
How to Pick a Legal Guardian for Your Kids
Rochester estate planning attorneys provide assistance with the process of choosing a legal guardian for your children. This is one of many important steps that you need to take if you are a parent and you have a child who is depending upon you for care and support. While no parent likes to think about what could happen if they are not able to raise their child to adulthood as a result of incapacity or as a result of an untimely passing, it's imperative that every parent plan ahead for this … [Read more...]
Choice of Trustee Is Key
If you take the time to discuss your estate planning options with an attorney from our firm, you will understand why you may want to utilize a revocable living trust instead of a last will. When a will is used, it must be admitted to probate. This is a time-consuming and costly process, and there are limitations that go along with the utilization of a will.Things are very different with a revocable living trust. As the name suggests, you don’t have to worry about surrendering control of … [Read more...]
