Posts Categorized: Trusts

Imagine naming your ex as the beneficiary of your retirement account in your twenties, only to leave behind a million-dollar nest egg for them years later. This isn’t just a hypothetical scenario – it happened to Jeffrey Rolison, whose failure to update his beneficiary designation led to a high-profile legal battle. This story underscores the critical importance of regular reviews of your estate plan, especially beneficiary-designated accounts, to ensure your wishes are honored. Learn how to protect your loved ones and avoid making a million-dollar mistake in our latest blog post. READ MORE

In today’s world, stay-at-home parents provide invaluable nonfinancial contributions to their families, from childcare and household management to transportation and meal preparation. But have you considered what would happen if they were no longer able to fulfill these essential roles? In this article, we explore the importance of recognizing and protecting the value of stay-at-home parents through comprehensive financial and estate planning. Learn how to quantify their contributions, the role of insurance, tax planning strategies, and the importance of establishing guardianship for minor children. Protecting your family’s future is crucial, and we’re here to help you navigate these important decisions. READ MORE

In the world of estate planning, understanding the HEMS standard – standing for “health, education, maintenance, or support” – is crucial for effective trust management. This standard guides trustees on permissible distributions to beneficiaries and helps prevent tax consequences and asset protection issues. In our latest blog post, we explore the reasons behind incorporating HEMS in trusts, including its tax benefits and asset protection features. We also provide practical examples of what qualifies as a HEMS distribution. Ready to learn more about securing your legacy? Reach out to schedule a Life and Legacy Planning Session today! READ MORE

In this third installment of our Celebrity Estate Plans Series, we delve into Jay Leno’s real-life case to uncover the critical importance of planning for incapacity. While Jay Leno’s fame may have brought his situation into the public eye, the lessons from his experience are universally relevant. Discover how incapacity planning can prevent your loved ones from facing unnecessary court battles, financial delays, and public exposure. Learn why having a comprehensive Life & Legacy Plan is crucial to ensure your affairs are managed seamlessly and privately, regardless of life’s unexpected turns. Ready to protect your future? Schedule a Life and Legacy Planning Session with us today. READ MORE

When it comes to estate planning, open communication with your spouse is crucial. From knowing where important documents are kept to discussing burial arrangements and thoughts on remarriage, addressing these topics can prevent confusion and stress for your loved ones. In our latest blog, we break down four essential conversations every couple should have to ensure a smooth transition and safeguard your family’s future. Don’t leave your spouse with unanswered questions – read on to find out how you can create a comprehensive plan that truly reflects your wishes. READ MORE

In this installment of our Celebrity Estate Plans Series, Vanilla Ice shares valuable insights on estate planning through his own experiences. From tackling estate taxes to maximizing life insurance benefits and utilizing trusts, Vanilla Ice offers practical advice to safeguard your assets and ensure they benefit your loved ones for generations to come. Discover the lessons from Vanilla Ice’s journey and learn how to create a solid estate plan that aligns with your goals and aspirations. READ MORE

As an executor or trustee, ensuring assets reach their intended beneficiaries is crucial. But what happens when a beneficiary is missing? Here’s a glimpse into the steps and considerations involved in locating beneficiaries, including the use of heir search services and the importance of legal guidance. Stay informed to navigate these complexities effectively and protect your fiduciary responsibilities. READ MORE

In our exploration of Michael Jackson’s estate plan, we uncover valuable lessons applicable to everyone, regardless of fame or fortune. Despite his global influence, Jackson’s oversight in estate planning, relying solely on a Will instead of a trust, led to prolonged legal battles and public scrutiny for his family. This highlights the critical importance of comprehensive estate planning and the role of a successor trustee in safeguarding assets and family harmony. Learn from his story to ensure your loved ones are protected with a well-thought-out estate plan. READ MORE

As you celebrate the Fourth of July, embrace the ultimate American liberty: the right to decide your own affairs, even after death or in the event of incapacity. Learn how a Life & Legacy Plan empowers you to preserve self-determination, protect your family, grow your wealth, and define your legacy. This comprehensive estate planning approach ensures your wishes are honored, evolves with you, and minimizes stress for your loved ones. Make your own declaration of freedom and secure your legacy with a Life & Legacy Plan today. READ MORE

Joint tenancy with rights of survivorship (JTWROS) is a common form of property ownership in the United States, offering an undivided right to enjoy the property and a seamless transfer to the surviving joint tenant upon death. While this method is attractive for its simplicity and low cost, it can lead to unintended legal consequences. Explore the benefits and potential pitfalls of JTWROS, and learn about the various methods for severing joint tenancy when necessary. Ensure your estate planning aligns with your wishes by consulting an experienced attorney. READ MORE

Did you know that your physical health can have a profound impact on your estate planning? As we mark Men’s Health Month, let’s explore how good health extends beyond just longevity and quality of life—it’s also crucial for setting up a robust estate plan. A strong estate plan ensures your wishes are respected throughout your life and even after, making it as important as your physical well-being. READ MORE

Conversations about death and dying can be uncomfortable, but they’re essential for ensuring your parents’ wishes are honored. This blog explores the importance of discussing estate planning with your parents, offering practical tips on how to approach the topic. Learn how to navigate these sensitive conversations, involve all necessary parties, and review existing plans to build a solid foundation for your family’s future. Don’t wait – take steps now to secure your parents’ legacy and provide peace of mind for everyone involved. READ MORE

When your child turns 18, they’re legally considered an adult, even though they still have a lot more growing to do (though they might not think so!). Just like any other adult, their health and financial information is protected by privacy laws. But you can still step in and help them if you and your child plan ahead. In our latest blog, we share three essential strategies to help you and your child navigate this important transition: education, communication, and legal planning. Learn how to support your newly-minted adult through this critical phase and ensure you’re able to step in if needed. READ MORE