Hugh Hefner was known for throwing lavish and decadent parties at his Playboy Mansion. The parties were often described as wild affairs that lasted well into the night. Hefner might have been known for these wild parties, but he wanted…
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…
One of the most popular questions that I get from potential clients is what’s the difference between a will and a trust. Most articles on this topics, however, often presume that everyone knows the basics of these essential documents. But,…
While the term fiduciary is a legal term with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick…
Today many estate plans contain trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important for the trust creator…
Many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust will avoid the public, costly and time-consuming court processes of conservatorship or…
Leaving your hard-earned assets outright to your children, grandchildren or other beneficiaries after you die will make their inheritance vulnerable to creditors. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. What is a Discretionary Trust?…
When establishing a trust, you need to give serious thought to choosing your successor trustee—the person who will administer your trust once you’re no longer able to do so. This individual ideally should be: Someone you trust implicitly. Someone who…
As a new parent, you want to ensure your new baby’s future in every way. For most new parents, a will is the last thing on your mind. Many new parents struggle to figure out what steps they need to…
You’ve worked hard and have begun to acquire wealth. You’ve even have a will to make sure that your assets go to your family. You think you’re all set. Unfortunately, a common misunderstanding is that your will encompasses and controls…