Posts Categorized: Trustee

Five Surprisingly Common Planning Mistakes Many Baby Boomers are Making

by Tara Cheever ~ Attorney at Law March 23, 2018 Estate Planning, Healthcare, Personal Representative, Power of Attorney, Retirement Planning, Tax, Trustee, Trusts

Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition into retirement, many are learning that they have made some of the most typical retirement mistakes.

But, even if you’ve made a financial mistake or two, there’s still time to avoid these five surprisingly common planning mistakes baby boomers are making in droves: Mistake #1: Believing Estate Planning is Only for the Wealthy; Mistake #2: Checklist Mentality; Mistake #3: Not Completing Your Estate Planning Homework; Mistake #4: Leaving Out Little (And Not So Little) Things and Mistake #5: Not Preparing for Life Events & Emergencies. With my guidance, you will not make these common mistakes. READ MORE

Estate Planning Best Practices Gleaned From Famous Celebrity Deaths

by Tara Cheever ~ Attorney at Law March 16, 2018 Asset Protection, Business Law, Estate Planning, Guardians for Minor Children, Healthcare, Personal Representative, Power of Attorney, Tax, Trustee, Trusts, Wills

Discussing death can be awkward, and many people would prefer just to ignore estate planning all together. However, ignoring—or even putting off—such planning can be a huge mistake, as these celebrity stories will highlight.

The next time one of your relatives tells you they don’t want to talk about estate planning, share these famous celebrities’ stories to get the conversation started. Such cautionary tales offer first-hand evidence of just how critical it is to engage in estate planning, even if it’s uncomfortable. READ MORE

What do successor trustees and executors do?

by Tara Cheever ~ Attorney at Law February 16, 2018 Estate Planning, Personal Representative, Trust Administration & Probate, Trustee, Trusts, Wills

An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. A trustee, on the other hand, is an individual or trust company named in a trust document and is in charge of the assets that are held in a trust. Assets held in a living trust avoid probate, which means that court supervision is typically not required. READ MORE

After Tax Reform, Is Estate Planning Still Necessary?

by Tara Cheever ~ Attorney at Law February 9, 2018 Asset Protection, Estate Planning, Guardians for Minor Children, Healthcare, Power of Attorney, Tax, Trust Administration & Probate, Trustee, Trusts, Wills

The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018. However, comprehensive estate planning does a lot more than guard against you owing federal estate taxes. Other than taxes, you and your family likely face a range of estate planning challenges. Even prior to the Tax Cuts and Jobs Act, relatively few Americans needed to worry about the estate tax. However, virtually everyone will face a number of other issues, such as incapacity, medical emergences and guardianship concerns and everyone will face death. Estate Planning is very important and I look forward to giving you the peace of mind you deserve. READ MORE

IRAs, Annuities and Guardianship: Providing for Your Minor Children after You Die

by Tara Cheever ~ Attorney at Law January 16, 2018 Estate Planning, Guardians for Minor Children, Retirement Planning, Trustee, Trusts, Wills

Deciding guardianship for your minor children may very well be the most vexing decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, if you have an IRA or an annuity that you wish to pass to your minor children, how can you ensure those funds will be used properly—especially if the person you trust most to raise your kids isn’t necessarily the best with finances? This article will unravel each aspect of this important question. READ MORE

Why a Spendthrift Trust Can Be a Great Solution for Your Heirs

by Tara Cheever ~ Attorney at Law December 22, 2017 Asset Protection, Estate Planning, Tax, Trust Administration & Probate, Trustee, Trusts, Wills

Put simply, a spendthrift trust is for the benefit of someone who needs additional assistance managing or protecting his or her money. The spendthrift trust gives an independent trustee complete control and authority to make decisions on how the funds in the trust may be spent and what payments to or for the benefit of the beneficiary are necessary according to the trust document. Under a spendthrift trust, the beneficiary is prohibited from spending the money before he or she actually receives distributions. These restrictions prevent the beneficiary from squandering their entire interest or having it garnished by the beneficiary’s creditors. The trustee controls the assets in the trust, including managing and investing the funds, once the trust is made irrevocable. READ MORE

New Baby? Time to Create Your Estate Plan

by Tara Cheever ~ Attorney at Law September 23, 2017 Estate Planning, Guardians for Minor Children, Trustee, Trusts, Wills

Estate planning is often one item that gets pushed back on nearly everyone’s to-do list. The reasons you might be delaying vary: lack of time, not thinking you have enough assets, not knowing how to start, or fear of contemplating death. Whatever the reason for not putting an estate plan together, it is important to understand that if you just had a baby or have minor children – now is the time to meet with me to implement an estate plan. READ MORE

Which life events require an immediate estate plan update?

by Tara Cheever ~ Attorney at Law August 12, 2017 Estate Planning, Guardians for Minor Children, Healthcare, Power of Attorney, Retirement Planning, Trustee, Trusts, Wills

Since your family’s needs and circumstances are constantly changing, so too must your estate plan. Your plan must be updated when certain life changes occur. These include, but are not limited to: marriage, the birth or adoption of a new family member, divorce, the death of a loved one, a significant change in assets, and a move to a new state or country. READ MORE

Do You Really Need a Trust?

by Tara Cheever ~ Attorney at Law July 28, 2017 Estate Planning, Guardians for Minor Children, Retirement Planning, Trustee, Trusts, Wills

Trusts are not simply just about avoiding probate. Creating a trust can give you privacy, provide ongoing financial support for loved ones, and protect you and your property if you are unable to manage your own assets. Simply put, the creation of a trust puts you in the driver’s seat when it comes to your assets and your wishes as opposed to leaving this critical life decision to others, such as a Judge. READ MORE