Maybe you grew up without much. You worked hard. You earned a good education. You succeeded in life even though the streets weren’t paved with gold where you grew up. In fact, maybe you grew up in a very impoverished, oppressed community without many assets. The first article in the series discussed the “Divorce Protection” Trust or “Access” Trust. The second article discussed a fully discretionary trust, often called an “Asset Protection” Trust or a “Sentry” Trust. This third article in the … [Read more...] about Leaving Assets Can Be Tricky – Part 3
Leaving Assets Can Be Tricky – Part 2
Maybe you grew up without much. You worked hard. You earned a good education. You succeeded in life even though the streets weren’t paved with gold where you grew up. In fact, maybe you grew up in a very impoverished, oppressed community without many assets. Part One of the series mentioned leaving an asset outright to your children. You could leave your assets to them outright. That might be the right solution sometimes, but all too often, that is not the right solution. This is the second in … [Read more...] about Leaving Assets Can Be Tricky – Part 2
Leaving Assets Can Be Tricky
Maybe you grew up without much. You worked hard. You earned a good education. You succeeded in life even though the streets weren’t paved with gold where you grew up. Maybe you even grew up in a very impoverished, oppressed community who may not have many assets. Now you (and your spouse if you’re married) have accumulated enough so you’re comfortable. Maybe you’re not a billionaire, but you feel like you’ve achieved a reasonable level of material success. After your death, you’d like to provide … [Read more...] about Leaving Assets Can Be Tricky
The Basics: “HIPAA” Powers
This is the third in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. The second article examined the Healthcare Power of Attorney and Advance Directive. This third article in the series focuses on a “HIPAA” Power of Attorney. These three documents are the keystone in even the most basic estate plan. Power of Attorney Brief Review Earlier in the series, we saw that a Power of Attorney is a document by which you appoint someone as … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Financial Power of Attorney
A Power of Attorney is part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. This is the first in a three-part series of articles on Powers of Attorney. This first article examines the Financial Power of Attorney. The second article will address the Healthcare Powers of Attorney. The third article in the series will focus on a “HIPAA” Power of Attorney. These three documents … [Read more...] about The Basics: Financial Power of Attorney
The Basics: Power of Attorney for Healthcare
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. This article concerns the Healthcare Powers of Attorney and Advance Directives. This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance … [Read more...] about The Basics: Power of Attorney for Healthcare
Planning for the Secure Act
The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. This is a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This second article examines planning strategies for dealing with the Secure Act. As laid out in the first article in the series, the Secure Act requires more rapid distributions of retirement benefits to most beneficiaries, a … [Read more...] about Planning for the Secure Act
Modifying an Irrevocable Trust
Modifying an Irrevocable Trust by Steve Hartnett In the past, trusts often were drafted with little flexibility. Now, more and more, trusts tend to be drafted with increased flexibility and there are even ways to change “irrevocable” trusts. This is the third part of a three-part series. The first part examined ways of building flexibility into a trust. The second part examined using Trust Protectors to add flexibility to a trust. This third part examines modifying a trust by going to … [Read more...] about Modifying an Irrevocable Trust
A Trust Protector Adds Flexibility
Trusts can be drafted to be quite flexible. This article examines how a Trust Protector can add flexibility to your trust. This added flexibility can increase the usefulness of your trust. Trust Protectors Add Flexibility by Steve Hartnett In the past, trusts often were drafted with little flexibility. Presently, trusts are drafted with increased flexibility, and there are even ways to change “irrevocable” trusts. This is the second part of a three-part series. The first part … [Read more...] about A Trust Protector Adds Flexibility
Making Trusts More Flexible
Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust which will increase its usefulness. Making Trusts More Flexible by Steve Hartnett In the past, trusts often were drafted with little flexibility. Now, more and more, trusts tend to be drafted with more flexibility and there are even ways to change “irrevocable” trusts. This is the first of a three-part series. This first part examines ways of building flexibility … [Read more...] about Making Trusts More Flexible
