What is a living trust and why should I have one? There are many kinds of trusts and the goal of this article is to discuss some of the most popular questions about Living Trusts and why they are an important part of your Estate Plan....
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Many situations exist where people are living together without the benefits of a legal marriage under the law, and in such cases the use of Trusts and Wills can be an important tool to reduce costs, taxes, transfer assets, and to enable one party to effectively care for the other under adverse circumstances....
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A Trust or Will is said to be “contested” or "challenged" when one or more parties take legal steps to invalidate, nullify or modify the terms or provisions of the Trust or Will documents....
Continue readingWhen a Trustor dies, the Trustee has certain administrative duties to complete. Even with specific direction from a Will or Trust, the Trustee may need guidance or additional help administering the duties of the Trust. ...
Continue readingTrusts created by or for the benefit of U.S. citizens or resident aliens in a jurisdiction other than the United States are called Offshore Trusts. These trusts are similar in most respects to Onshore (U.S.) trusts, but have provisions that are governed by the laws of the selected foreign jurisdiction where the trust was formed....
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A Special Needs Trust (SNT) is also called a Supplemental Needs Trust, they are typically created to provide benefits to elderly, disabled, mentally ill, other individuals who are unable to care for their own financial affairs now or in the future....
Continue readingA Trust created for asset protection will typically be treated as a Spendthrift Trust only if it contains the appropriate language designated for Spendthrift Provisions. This language in the Trust agreement document is called the spendthrift clause or spendthrift provision....
Continue readingGenerally, in an Irrevocable Living Trust, the Trustor (the person who created the Trust) surrenders all control of the assets that are transferred into the Trust. As the name implies, an Irrevocable Living Trust cannot be revoked, terminated, or changed once the Trust has been finalized....
Continue readingA Revocable Living Trust is a document that is created by the Trustor (the person who made the Trust) to hold and own all the Trustor's assets, which are used for the benefit of the Trustor by the Trustee(s) of the Trust. The Trustor maintain control of the assets within the Trust....
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