Trusts

How do you best support a family member with a disability?  Consider setting up a Special Needs Trust. First, a little background.  Many people with a disability qualify for government benefits in the form of SSI (Supplemental Security Income) or Medicaid.   However, both of these programs are awarded on a “need” basis, meaning the person can only qualify for the program if he or she has limited assets and income. For...

No Thanksgiving would be complete without sending up a big thanks to Congress for the Garn-St. Germain Act.   What? You’ve never heard of Garn -St. Germain? Grab yourself a cup of coffee and settle into a comfortable chair. This is one story you want to hear. Why Did The Garn-St. Germain Depository Institutions Act Get Passed? It starts back in 1982 with a seemingly-innocent little paragraph known as the “due-on-sale clause.” This...

SHHHHH. Can we talk privately? It’s about the kids. I know you have some assets that you want to set aside for them, but…….. you’ve been worried. You don’t want the kids to become trust fund babies. If they get even a hint about how much wealth they will have when you die – well, let’s just say they won’t have much incentive to pursue an education or trade. I have...

So you want to live with someone to whom you are not married?  We call that “cohabitating” or “inviting a lawsuit.” Whatever. Cohabitation is legal, but that does not mean it is a relationship you should leap into lightly.  Before you make the move, you should consider the cautionary tale of Stephen Carl Smith and Mary Deneve. Smith and Deneve began living together in 1991. They neither married nor signed a cohabitation...

You did the right thing: you went to an estate planning lawyer and had documents prepared. What you do now? Perhaps it is easier to describe what you should not do. What You Shouldn't Do With Your Estate Planning Documents You should NOT lose them. You should NOT put them in a place where they cannot be easily found. You should NOT interlineate changes, mark through names or addresses, or spill coffee...

When individuals think of estate planning, wills and trusts are usually the first things that come to mind, but it is strongly suggested that you also consider creating a durable power of attorney as well. Life, as we well know, is filled with uncertainties. Completely unforeseen circumstances can place an individual in a situation in which they are unable to make or execute key business, personal, legal or financial...

Settling and estate — especially an estate with a trust — can be lengthy, emotional, and complicated. Trusts and wills serve different functions and are handled differently after a person’s death. If an estate has both a will and a trust and you are both the executor of the will and the trustee (the person in charge of the trust), you will have additional responsibilities. The trustee must be...

Trust Disputes Tear a Family Apart Picture this: mom and dad know they will leave an inheritance when they die. They want to make sure that the money is spent by their kids wisely and is not frittered away. So they set up a trust. They pick the oldest as trustee, with the second oldest as the next trustee in line. All of the kids are beneficiaries, and even the...