If you are a Baby Boomer, you are certainly old enough to understand the value in having an estate plan in place. In fact, you may be old enough that it’s past time to update your plan if you haven’t done so in the last few years. Toward that end, the estate planning attorneys at Nash, Nash, Bean & Ford, LLP offer several reasons why Baby Boomers need to review and revise their estate plans. Baby Boomers Head into Retirement The Baby Boomer generation is larger, by far, than any previous … [Read more...]
Can Life Insurance Be Paid to a Trust?
If you are counting on life insurance to help achieve some of your estate planning goals, it is imperative that you understand how the proceeds will be treated after you are gone. This is particularly true if you are considering naming a trust as the beneficiary of the policy. The trust attorneys at Nash, Nash, Bean & Ford, LLP explain how paying life insurance to a trust works and why it is often a wise estate planning strategy. The Many Uses for Life Insurance Although there are a wide … [Read more...]
What Is the Best Way to Make Changes to My Living Trust?
A living trust is one of the most common estate planning tools. In fact, living trusts have evolved to the point where there are few estate planning goals that cannot be furthered using a living trust. One of the advantages to using a living trust to distribute assets is the fact that you can make changes to the trust, if you create the right type of living trust. To help broaden your knowledge, the living trust lawyers at Nash, Nash, Bean & Ford, LLP explain how to make changes to a living … [Read more...]
What Documents Do I Need to Start an Estate Plan?
For the average person, the hardest part of creating an estate plan for the first time is simply getting started. If you are unfamiliar with estate planning, you don’t know where to start nor which documents you need in your plan. Every estate plan should be tailored to the needs of the person creating the plan; however, there are some common documents found on most basic estate plans. To give you some idea of the documents you may wish to include in your initial estate plan, the estate planning … [Read more...]
When Is a Professional Trustee the Best Choice?
At some point, you may decide that incorporating a trust into your estate plan is a good idea. If you do, one of the most important decisions you will need to make when creating your trust will entail deciding who to appoint as the Trustee of your trust. The trust administration lawyers at Nash, Nash, Bean & Ford, LLP discuss when a professional Trustee is the best choice for your trust. What Is a Trust? A trust is a legal relationship where property is held by one party for the benefit … [Read more...]
What Happens If My Estate Lacks Sufficient Liquid Assets to Pay Debts?
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...]
