Monthly Archives:: July 2018

Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations Involved—Part 2

by Tara Cheever ~ Attorney at Law July 27, 2018 Estate Planning, Personal Representative, Tax, Trustee, Trusts, Wills

Being asked to serve as trustee can be a huge honor—but it’s also a major responsibility. Indeed, the job entails a wide array of complex duties, and trustees are both ethically and legally required to effectively execute those functions or face significant liability.

To this end, you should thoroughly understand exactly what your role as trustee requires before agreeing to accept the position. Last week, I highlighted three of a trustee’s primary functions, and here I continue with that list, starting with one of the most labor-intensive of all duties—managing and accounting for a trust’s assets. READ MORE

Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations Involved—Part 1

by Tara Cheever ~ Attorney at Law July 20, 2018 Estate Planning, Personal Representative, Trustee, Trusts

If a friend or family member has asked you to serve as trustee for their trust upon their death, you should feel honored—this means they consider you among the most honest, reliable, and responsible people they know.

However, being a trustee is not only a great honor, it’s also a major responsibility. The job can entail a wide array of complex duties, and you’re both ethically and legally required to effectively execute those functions or face significant liability. Given this, agreeing to serve as trustee is a decision that shouldn’t be made lightly, and you should thoroughly understand exactly what the role requires before giving your answer. READ MORE

Retirement Planning for Business Owners

by Tara Cheever ~ Attorney at Law July 13, 2018 Asset Protection, Estate Planning, Retirement Planning, Trusts

When you are the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also planning for the business itself. Who will run the business after your retirement? Additionally, your estate plan must integrate into your retirement and business transition strategy. READ MORE

Declare your Independence from Court Interference!

by Tara Cheever ~ Attorney at Law July 5, 2018 Estate Planning, Guardians for Minor Children, Power of Attorney, Trust Administration & Probate, Trusts, Wills

While our great nation celebrated its independence yesterday on July 4th, you can rest assured that you too can declare independence for your family — from court interference. Life can be unpredictable. Whether it is a financial issue, the birth or adoption of a child, sickness or incapacity, it is important to be prepared with proper estate planning. In fact, failure to put together a comprehensive estate plan can leave you and your loved ones at the mercy of the court when it comes to distributing assets or caring for a minor or sick family member. READ MORE