A trust is simply a contract between a “trustee,” who manages the trust, and a “grantor,” who establishes the trust. It is set up for the benefit of the “beneficiaries.” The trust document sets out the terms.  A trust is often considered the foundation of estate planning. While a trust is frequently characterized as a method to avoid probate, it has many other uses. For example, it can be used...

Trusts can pop up in the darndest places. Take wills, for example. In one case, Sam, a lawyer, drafted a will for his long-time friend and client, Nancy, that stated she was leaving all her property to him “to be distributed in accordance with the specific instructions I have provided him.” The will did not contain the specific instructions. Nancy died, leaving no husband and no children. Her will was probated and...

It’s beginning to look a lot like Medicare open enrollment time. The 2021 dates are October 15 to December 7. Don’t bother to look at a calendar; you will know by the onslaught of mail from health and prescription drug companies and, yes, your friendly federal government.    To successfully maneuver the system, you must accurately predict all your medical and prescription drug plans for the next year, match it to the...