At a Glance What Do Revocable Living Trusts Do? A revocable living trust (RLT) allows individuals to avoid probate and plan for incapacity. By itself, a revocable living trust does not provide asset protection or estate tax benefits. However, revocable living trusts can serve as the foundation for an estate plan that uses these irrevocable […]
RLT
Power of Attorney: the Ins and Outs
There are various kinds of power of attorney (POA). Knowing which to use is critical in making sure your goals are accomplished. For purposes of this article, we will focus on “financial” powers of attorney. Financial powers of attorney deal with a person’s assets or financial matters. This includes contract powers, signing authority, and dealing with third […]
How to Choose an Estate Planning Attorney
Choosing an estate planning attorney for your revocable living trust is a significant decision that will impact you and your heirs. Everyone agrees on the need for a competent estate planning attorney, but how do you determine who is right for you? This article explores what to look for in an attorney’s education, experience, teamwork […]
5 Not-So-Common Estate Planning Questions
Clients rely on their estate planning attorneys to guide them in what to consider when developing their revocable living trust. The usual discussions are centered around how best to provide for beneficiaries and who should be in charge of things when they can no longer manage their affairs due to incapacity or death. Without proper […]
Health Care Considerations in Estate Planning
Most people think of an estate plan as a legal solution for financial matters. However, health care considerations are incredibly important to any estate plan. Health care considerations will help you and your loved ones decide what to do when you may be incapacitated by illness or age, but not deceased. Life spans have increased due […]
How to Avoid 4 Estate Planning Pitfalls
In 1973, the artist Pablo Picasso died with an estate worth $100-$250M and no estate plan. The ensuing battle over his estate lasted six years and cost $30M. This was good for lawyers and not so good for Picasso’s descendants! Unfortunately, Picasso’s estate is just one example of a common problem. Many people either do […]
Estate Planning is “People Planning”
Why People Planning Matters Estate planning is about protecting assets over time for the good of beneficiaries. Many grantors and advisors work hard on the first part, protecting assets, but fail to adequately address the second part, creating a positive impact for beneficiaries. Many grantors intend for their trusts to become a gift of love […]