Posts Categorized: Trusts

Why You Need a Trust – Even if You Aren’t Rich

by Tara Cheever ~ Attorney at Law October 19, 2021 Estate Planning, Trusts

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund – or trust – is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money.

Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death.

And why would you want to keep your family out of court (known as avoiding probate)? READ MORE

Estate Planning Must-Haves For Single Parents

by Tara Cheever ~ Attorney at Law September 16, 2021 Estate Planning, Healthcare, Trusts, Wills

Having an estate plan that covers the care of your children in case you should be in a severe accident, fall ill, or die welcomes peace of mind for the single parent knowing everything and everyone they love is taken care of.  Here are the must-haves that can protect your children if something were to ever happen to you: READ MORE

Legendary Rapper DMX Dies With No Will, Millions in Debt, and 15 Children – Part 2

by Tara Cheever ~ Attorney at Law September 7, 2021 Estate Planning, Healthcare, Tax, Trusts

As we reported last week in part one, Legendary hip hop artist DMX born Earl Simmons passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support.

Although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed to pay income taxes, and both of these issues would land the rapper in prison and rehab on more than one occasion.

The saddest part of this whole situation is that virtually all of the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been easily prevented with straightforward estate planning. Using revocable living trusts, for example, DMX could have ensured that his children and fiancée would have immediate access to his assets upon his death or incapacity, avoiding the need for court involvement altogether and keeping the contents and terms of his estate totally private. READ MORE

Don’t Forget To Protect Your Furry Family: Estate Planning For Your Pets

by Tara Cheever ~ Attorney at Law August 24, 2021 Estate Planning, Pets, Trusts

Humane Society estimates that between 100,00 to 500,000 pets are placed in shelters each year for exactly this reason, and a large number of these animals are ultimately euthanized.

Unfortunately, the law considers pets to be nothing more than personal property just like cars, furniture, and electronic devices. So unless you take the proper steps to include your pet in your estate plan, your beloved companion could end up in a shelter or worse following your death or incapacity. READ MORE

Preserving Your Money and Property Beyond the Third Generation

by Tara Cheever ~ Attorney at Law August 3, 2021 Asset Protection, Estate Planning, Trusts, Wills

Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. Providing for multiple generations through your financial and estate plans is a significant legacy to leave your family. As previously mentioned, ensuring that it is done properly requires careful planning with experienced professionals. To take the next step in your planning, consider the following steps (if you have not already done so): READ MORE

The Difference Between a Prenuptial Agreement and a Will or Trust

by Tara Cheever ~ Attorney at Law July 27, 2021 Estate Planning, Personal Representative, Trusts, Wills

Having a will or a trust is something responsible people do, but despite the more common use of these tools today, a certain percentage of the general population still misunderstands the difference between the reasons for creating a will or a trust and the reasons for entering into a prenuptial agreement. What do these different legal documents do? And when should you use them? READ MORE

Britney Spears’ Nightmare Conservatorship Underscores The Vital Importance Of Incapacity Planning – Part 1

by Tara Cheever ~ Attorney at Law July 13, 2021 Conservatorships, Estate Planning, Healthcare, Incapacity, Trusts

Since the age of 16, when she burst onto the charts with her debut single, “…Hit Me Baby One More Time,” Britney Spears has been one of the world’s most famous and beloved pop stars. Yet despite her massive fame and fortune, Britney, who is now 39, has never truly had full control over her own life. READ MORE

The Perfect Father’s Day Gift for Every Father

by Tara Cheever ~ Attorney at Law June 17, 2021 Estate Planning, Trusts, Wills

We may go to great lengths to protect and pass on our family’s financial wealth. Still, very few of us take the time to even document, much less preserve, our family’s legacy. The stories, values, insights, and life lessons of our parents, grandparents, and those who came before them— are typically lost forever when a beloved father figure passes away. READ MORE

Why Is My Trust So Long?

by Tara Cheever ~ Attorney at Law June 15, 2021 Estate Planning, Healthcare, Incapacity, Power of Attorney, Trusts, Wills

When you met with an attorney a few weeks ago, perhaps all you expected was a simple will. Maybe you thought that, with your situation, the work should be easy and the documents should be few. But now that you have finished working with the attorney, your parting gift is a large binder filled with hundreds of pages. You may be wondering, “Why is my trust so long?” READ MORE

What is Long-Term Care and Who Provides It?

by Tara Cheever ~ Attorney at Law June 1, 2021 Elder Law, Estate Planning, Healthcare, Incapacity, Trustee, Trusts, Wills

Most long-term care involves assisting with basic personal needs rather than providing medical care. You are usually determined to need long-term care if you need help with two or more “activities of daily living” (such as bathing, dressing, eating, and going to the bathroom). Family members usually provide long-term care to start, but as an illness escalates paid care may become necessary. READ MORE