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
Posts Categorized: Wills
Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent
There is a common misconception that estate plans are only for the ultra-rich – the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money. In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order. READ MORE
Planning for the Future (Without a Crystal Ball)
If you don’t yet have a will or trust, now is the time to explore getting one. If you have an “old” will or trust, now is the time to talk with me about whether you need an update. Modern families need modern estate planning solutions, and I am ready to help you create a flexible estate plan that works now, and will work in the future, even if the current tax laws change (even though no one has the proverbial crystal ball). READ MORE
New Baby? Time to Create Your Estate Plan
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
How A Living Trust Helps Your Family
There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members with special needs. Estate planning also lets you dictate how your assets will pass on to future generations after your death. READ MORE
Do I really need an Estate Plan?
Virtually everyone who owns property could benefit from estate planning. Plus, estate planning covers more than just property. It’s also about ensuring someone you trust can make critical medical and financial decisions for you if you’re unable to do so due to incapacity. READ MORE
Which life events require an immediate estate plan update?
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?
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
Estate Planning: 3 Reasons We Run the Other Way
While it is easy to run the other way when it comes to your estate planning, the process to complete your estate plan is not that bad and you will find the peace of mind of the plan will outweigh any objections to get started. READ MORE
How to Build Freedom From Court Interference Into Your Life Planning
Deciding on a Power of Attorney and having a fully funded Revocable Living Trust are just two of the many steps we can take together to keep your affairs free from court interference at incapacity and at death. With a solid estate plan prepared by a Trusted Advisor you can take comfort knowing that everything you’ve worked so hard to build and maintain will be passed along to only the people who matter most. READ MORE
“I Love You” Wills don’t really say “I Love You”
Say “I Love You” to your beneficiaries by doing a comprehensive estate plan. READ MORE
Not Just Death and Taxes: 4 Essential Legal Documents You Need for Incapacity Planning
Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes, it must contain incapacity planning. A proper estate plan includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself. What happens without an incapacity plan? READ MORE
Estate Planning for Women
While everyone is in need of estate planning, women especially need to understand estate planning and have their own plan in place. The following describes why having a estate planning portfolio, which includes a Trust, Will, Durable Power of Attorney and healthcare documentation is so important for women: Incapacity. On average women live longer than READ MORE
Naming a Guardian for your Minor Child(ren)
Parents with minor children need to name someone to raise them (a guardian) in the event both parents should die before the child becomes an adult. While the likelihood of that actually happening is slim, the consequences of not naming a guardian are great. If no guardian is named in the parent’s will, a judge—a READ MORE
Common Estate Planning Myths . . . Debunked
Estate planning. You’ve heard the phrase, but do you know what it is? You probably have it on your list of things you should do, but you may not think it’s a priority. . . perhaps because of some of the following common estate planning myths and misconceptions. Myth #1 – Estate planning is only READ MORE