“Corporate trustee” usually refers to a trust company or the trust department of a bank or credit union. Its employees can help you build, manage and protect your wealth when you put your assets in a revocable living trust. When you set up a revocable living trust, you need to name someone as the … [Read more...] about Considering a Corporate Trustee?
The Ins and Outs of Beneficiary Designations
In early June 2013, the US Supreme Court directly reinforced the importance of ensuring that beneficiary designations are kept up to date. In its ruling in the case Hillman v Maretta, the Court ruled that a deceased federal employee’s life insurance policy should go to his ex-wife, and not his … [Read more...] about The Ins and Outs of Beneficiary Designations
Is It Time for an Estate Plan Tune-up?
Congratulations! You took the time to consult an estate planning attorney, and have a Will or revocable trust with a guardian designated for minor children, financial power of attorney and advance medical directive. Just one small issue, the documents are seventeen years old, the children are not … [Read more...] about Is It Time for an Estate Plan Tune-up?
Trust Administration Part Two – Death of an Unmarried Grantor
When the unmarried maker of a revocable trust dies, the trust becomes irrevocable, and the successor trustee steps in to administer the trust. The successor trustee is responsible for taking the necessary steps to distribute the assets to the remaining beneficiaries, according to the terms of the … [Read more...] about Trust Administration Part Two – Death of an Unmarried Grantor
Trust Administration Part One – Death of First Spouse
Usually when a husband and wife create a revocable living trust, whether a joint family trust or two individual trusts, the trust document contains language designed to take maximum advantage of the estate tax exemption. When the first spouse dies, there is language within the trust to create a … [Read more...] about Trust Administration Part One – Death of First Spouse
Another Look at Virginia’s Pet Trust Law
The Virginia pet trust law, known as the "Trust for Care of Animal" took effect on July 1, 2006. It provides that a trust can be created for the care of an animal living during the trust grantor's lifetime. The trust ends on the death of the pet, or if the trust cares for more than one animal, on … [Read more...] about Another Look at Virginia’s Pet Trust Law
Estate Planning with Rental Real Estate
What are the risks involved in owning rental real estate? The law treats the property owner as the guarantor of the safety of his tenants and their guests. If anyone is injured on a property, the owner will generally be held responsible. If someone slips and falls on your rental property and sues … [Read more...] about Estate Planning with Rental Real Estate
Estate Planning by Ages and Stages
The Greek philosophers considered the meaning of life more than 2,500 years ago, and concluded that death follows life. Ben Franklin said "but in the world nothing can be said to be certain except death and taxes." (I'm probably losing a quarter of the readers at this point with "way too morbid for … [Read more...] about Estate Planning by Ages and Stages
Funding College with Gifts: An Overview of the Available Programs
In a recent edition of the Washington Post, financial columnist Michelle Singletary commentedon the cost of college and graduate education and the increasing amount of debt that US students are taking on. Citing the Council of Graduate Schools, she reported that "...many graduates are already … [Read more...] about Funding College with Gifts: An Overview of the Available Programs
Funding the Next Generation’s Retirement
Two strategies come readily to mind as ways of funding the next generation’s retirement, and possibly removing appreciating assets from your estate. First is buying a life insurance policy and putting it into an irrevocable trust. The annual exclusion amount ($13,000 this year rising to $14,000 … [Read more...] about Funding the Next Generation’s Retirement
