It’s that time of year…tax season. When most of us think of tax season, we think of our individual and business tax returns since these are the most common tax forms. Most of us do not think of the tax obligations relating to trusts—but many of us should. Many of my clients are surviving widows…
Scenario: Your widowed mother was smart enough to have a trust drafted. As a result, her property can pass to you and the other beneficiaries without the lengthy and costly process of going to probate court. Now what? When your mother had a trust drafted, she became both the Trustor (trust creator) and the Trustee…
The simple answer is no. Most trusts drafted by estate planning attorneys are amendable and revocable. The main idea behind having a trust drafted is protection. A trust protects your beneficiaries in a two major ways. First, a trust allows you to leave your assets to the people you choose in the manner you desire….
It’s that time of year…tax season. When most of us think of tax season, we think of our individual and business tax returns since these are the most common tax forms. Most of us do not think of the tax obligations relating to trusts—but many of us should. Many of my clients are surviving widows…
Depending on your own financial and familial situation, there are many potential reasons and benefits for having a living trust drafted. However, the two biggest reasons to have a living trust drafted are rooted in two concepts: cost and time. Put simply, a living trust is much less costly and time-consuming than probate court. Cost…
“Planning is bringing the future into the present so that you can do something about it now.” We plan to go on vacation. We plan to have dinner with friends. But when it comes to planning for how we will be taken care of as we advance in age, many of us prefer not to…