Category: Trusts

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

Should I transfer my LLC ownership to my Trust?

When possible, titling your LLC in your Trust’s name can have advantages. If you have an LLC in Missouri, frequently transferring your ownership interest to your Trust is the best way to transfer LLC assets to your heirs upon your death. (While still shielding your personal assets from any business liabilities incurred by the LLC). […]

Published on August 25, 2021

When should I consider a Trust Restatement?

Typically, Trusts need to be reviewed from time to time to ensure they still reflect your wishes and take current laws into account. When changes need to be made, a Restatement can be a useful option. What is a Trust Restatement? With a Revocable Living Trust, the Settlor reserves the right to amend their Trust—a […]

Published on August 16, 2021

Pet Trusts: Estate Planning for Pet Owners

Most pet owners are deeply concerned for the wellbeing of their pets, should they die unexpectedly. Pet Trusts are a powerful tool to care for your pets and bring peace of mind. How can I provide for my pets after I die? The instrument most frequently used to care of your pets after you die […]

Published on August 11, 2021

Pour-Over Wills Are Crucial to Trust-Based Estate Planning

If I have a trust do I still need a Will? In short, yes. It is always advisable to have a Will. If you have a Trust you should still have a Will. There are certain issues addressed in your Will that cannot be addressed in a Trust. Some of these issues include nominating a […]

Published on March 5, 2021

How Does a Trust Work?

Learn about how Revocable Living Trusts work. How does a Trust work? “A Will Meets a Business” I think it is easiest to think of a Trust as “a Will meets a business.” A Trust is like a Will because it performs the same ultimate function—transferring your assets to your beneficiaries. However, a Trust is […]

Published on February 4, 2021