Trustees are given certain responsibilities and duties when administering a trust. These responsibilities can vary depending upon the trust instrument or document, but there are a few duties that apply broadly to all trustees. This article will cover the two main duties, those of Loyalty and Care, that all trustees must understand before accepting the […]
Do not miss out on an unprecedented retirement and estate planning opportunity. During 2010, converting “traditional” IRA accounts into “Roth” IRA accounts present some unique opportunities. TRADITIONAL vs. ROTH A traditional IRA is an individually-owned retirement account in which the owner can receive a tax deduction upon the contribution of assets (maximum of $5,000 for […]
Selection of the appropriate trustee is often an emotional decision. While many grantors may feel that naming someone outside the family to act as trustee may be seen as a “vote of no confidence” for their family, they should instead view that decision as both loving and prudent. Simply put, when a grantor names a […]
As you may or may not know, 2010 has been a tumultuous year in the area of estate planning. Currently, there is no federal estate tax. And, worse yet, no one knows exactly what the future holds for the federal estate tax. How do you plan when there is so much uncertainty? Marital Deduction Given […]
So often clients come to us for help with an estate plan, convinced that a living trust is necessary because they have heard that it is the ideal tool to assure avoidance of a ‘dreaded’ probate proceeding. Many believe that probate is expensive, time-consuming and overwhelming. Therefore, a living trust, coupled with a pour-over will, […]
While most estate planning attorneys prefer that clients review their estate planning documents on an annual basis to ensure that all key information is kept up-to-date, it is evident that this is not always the case. Since more often than not clients have their estate plans drafted and then file the documents away, never to […]
It is essential to have your affairs in order to ensure that your property and family members are cared for after your death. Your estate plan is the blueprint for your wishes and directives for when you are unable to express such requests either due to incapacity or death. By creating an estate plan, you […]