Category: Trusts

What is the best way to transfer real estate to a Trust?

The best method to move real estate into your Trust depends on various factors. Ultimately, you should consult an attorney. However, here are some general considerations. The best method for transferring real estate to a Trust is highly situational. Here are some examples: LLC-owned real estate: If you have a single member LLC (or you […]

Published on August 23, 2022

What happens to my Trust if I am incapacitated?

A well-drafted Trust contains many safeguards and instructions for what should happen if the Trust’s creator becomes incapacitated. Regardless of age, health, or mental capacity, the creator of a Trust remains the primary beneficiary while alive. (Or co-beneficiary, in the case of married couples). If you are not physically or mentally well, your successor trustee […]

Published on July 12, 2022

Can a Revocable Trust be amended?

A revocable trust can be amended anytime during your life. Learn more about situations that necessitate seeing your attorney to make such changes. Can a Revocable Trust be amended? Yes. A Revocable Living Trust (RLT) can be amended. One aspect of RLTs that clients find particularly appealing is the ability to change them with relative […]

Published on June 21, 2022

What jobs do I pick when I create my estate plan?

A typical Trust-based estate plan includes a Will, Trust, General POA, and Health Care POA. In the process of creating these documents an attorney will help you select a personal representative, guardian (if you have young children), successor trustee, general attorney-in-fact, and health care attorney-in-fact. In estate planning, there are several roles or “jobs” in […]

Published on June 1, 2022

What are the differences between a Will-based estate plan and a Trust-based estate plan?

Learn more about your options for selecting the right estate plan for you and your loved ones. Certain documents are almost universally recommended when an individual or couple has an estate plan prepared. These documents include: 1. “Standalone” Will OR a Trust & “Pour-over” Will 2. General Power of Attorney (selects an agent for financial/legal […]

Published on May 18, 2022

Can (and should) I select the same person as both Personal Representative and Successor Trustee?

Estate planning clients frequently ask if it is important to separate the roles of PR and Successor Trustee. Before diving into this question, it would be helpful to review the responsibilities of these two roles: Personal Representative – A Personal Representative (also called an executor in some states) oversees the administration of the decedent’s estate. […]

Published on October 26, 2021

What is a Certification of Trust? What is it used for?

If you have a Trust, it likely contains a support document called a “Certification of Trust.” This article will illuminate the role and importance of this document. The Certification of Trust or “Certificate of Trust” is essentially a short form version of your Trust. The Certification of Trust contains important information about the Trust that […]

Published on September 29, 2021

A-B Trusts

An overview of A-B Trusts as an advanced estate planning tool. An “A-B Trust” is a form of Joint Revocable Living Trust that automatically splits into two separate Trusts upon the first spouse’s death. These two Trusts are called the “A-Trust” and the “B-Trust.” The “A-Trust” contains the surviving spouse’s assets. The “A-Trust” will continue […]

Published on September 8, 2021

Disclaimer Trusts: Increased Flexibility in Tax Planning

Disclaimer Trusts allow one’s surviving spouse to choose which assets are held and which are placed in an Irrevocable Trust for their benefit. Depending on the size of the estate and the tax laws at that time—this flexibility can offer meaningful, financial benefits for the surviving spouse. Why would I need a “Disclaimer Trust?” A […]

Published on September 4, 2021