One of the things people often forget to consider when creating an estate plan is the need for liquidity within the plan. Without sufficient liquid assets in your estate, your remaining assets could be at risk. The estate planning lawyers at Nash, Nash, Bean & Ford, LLP explain what could happen to your estate if it lacks sufficient liquid assets to pay all debts. What Happens after Your Death? The issue of insufficient estate liquidity won’t become apparent until after you are gone … [Read more...]
Top 5 Questions to Ask When Choosing a Trustee
Like many people, you may elect to incorporate a trust into your estate plan for any of a wide variety of reasons. One reason trusts are so popular is the numerous and diverse estate planning goals that can be furthered using a trust. No matter what kind of trust you create, nor what estate planning goal you hope to achieve using the trust, one of the most important steps during the creation of the trust is choosing a Trustee. Because it is your trust, the ultimate decision is yours to make; … [Read more...]
Should I Purchase a Long-Term Care Insurance Policy?
Long-term care planning should be part of most comprehensive estate plans because we all stand a good chance of needing long-term care (LTC) at some point. The reason LTC planning is essential is the high cost of that care and the need to have a plan in place to pay for that care. The Medicaid lawyers at Nash, Nash, Bean & Ford, LLP help you understand whether purchasing a long-term care insurance policy is the right option for you. Why Is Long-Term Care Planning Important? Long-term care … [Read more...]
Living Trust Benefits
Over the course of your lifetime, you will likely review and revise your estate plan several times. Each time you revise your plan you may add new estate planning tools and strategies to address your growing family and estate. One of the most common of those tools is a living trust. A better understanding of the many ways in which a living trust benefits your estate plan can help you to decide if one is right for you. What Is a Living Trust? All trusts can be broadly divided into two … [Read more...]
Steps Involved in Creating a Trust
A well-rounded and comprehensive estate plan will incorporate a wide variety of estate planning tools and strategies. Among the most common of those tools is a trust, due in large part to the fact that trusts can help achieve so many different estate planning goals. Working with an experienced estate planning attorney is the best way to ensure that the trust you create is successful and error-free. It may, however, be beneficial for you to understand the most common steps involved in creating a … [Read more...]
What Veterans Need to Know about Benefits
If you served your country in the United States Armed Forces, or you are a surviving dependent of someone who did, the country owes you a debt of gratitude that can never truly be repaid. Nevertheless, the government does attempt to give back to veterans and their dependents in the form of veterans benefits. Though you may already know about many of the benefits to which you are entitled, a veterans benefits attorney discusses what veterans need to know about some of the more common … [Read more...]
Common Estate Planning Tools Explained
Although most Americans acknowledge the need to have at least a basic estate plan in place, more than half of them do not have one. Various explanations are given for the seeming disparity, including the fact that estate planning can be intimidating for the first-time planner. Along with the need to make potentially life-changing decisions, estate planning involves the use of a number of tools and strategies with which the average person is not familiar. To help take some of the mystery out of … [Read more...]
Is an Inherited IRA Taxable to the Beneficiary?
In recent decades, the popularity of individual retirement accounts (IRAs) has increased significantly as more and more companies do away with employer-sponsored pensions. The ubiquitous nature of IRAs make it increasingly likely that a beneficiary will inherit an IRA as part of an estate after the death of the owner of the estate. If you are one of those beneficiaries, you may be wondering if an inherited IRA is taxable to the beneficiary? What Happens to an IRA When the Account Owner … [Read more...]
Can a Beneficiary Do Anything If the Trustee Isn’t Following the Trust Terms?
Often, an inheritance is left to loved ones through a trust instead of as a direct gift in a Last Will and Testament. As the beneficiary of a trust, you must depend on the Trustee to manage the trust assets and administer the trust using the terms created by the Settlor (creator of the trust). You also must count on the Trustee to distribute the assets to you pursuant to the terms of the trust and/or the authorize distributions if the Trustee has discretionary authority with regard to … [Read more...]
How Do I Modify or Revoke My Revocable Trust?
Though once thought of as only benefitting the wealthiest among us, trusts are now commonly used by the average person to accomplish a wide range of estate planning goals. If you do include a revocable trust in your estate plan, you may later find that you want to modify, or even revoke, that trust. You may be surprised to learn that modifying or revoking a trust if often easier than making changes to your Last Will and Testament; however, if the proper steps are not followed, an attempt to … [Read more...]
