Blog Category - Trusts Page 2

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Oct

5 Tragic Mistakes People Make When Leaving an Inheritance to Their Pets

Planning for your pets in your estate plan is an excellent way to ensure that your beloved pet will receive proper care and attention after you pass on. The problem, of course, is that you will not be there to ensure that your wishes are carried out. That is why it is critical to...

Oct

3 More Famous Pet Trust Cases and the Lessons We Can Learn from Them

Sometimes, pet owners can get a bit creative when providing for their pets' future care. The following three famous cases involving pet trusts offer some important lessons. David Harper and Red David Harper, a wealthy, reclusive bachelor in Ottawa, Canada, was not exactly f...

Oct

3 Famous Pet Trust Cases and the Lessons We Can Learn from Them

Not long ago, pet trusts were thought of as little more than eccentric things that famous people did for their pets when they had too much money. These days, pet trusts are considered much more mainstream. For example, in 2016, Minnesota became the fiftieth state to legally recog...

Oct

A Trust for Fluffy or Fido? Why Every Pet Parent Needs to Consider a Pet Trust Today

Estate planning is about protecting what is important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, and charities, many pet parents wonder what could happen to their “furry children” after ...

Oct

Are You Ready to Celebrate National Make-a-Will Month? Empower Yourself with Peace of Mind This Month

Which Will Would You Choose? If you or your loved ones have not yet created a will, you are not alone. In fact, according to a recent survey, not having created a will puts you among the majority of Americans. Like many Americans, you may wait for a major life event to occur befo...

Oct

Are Pensions Treated the Same in Your Estate Plan as Other Retirement Accounts?

The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicle...

Oct

Passing the Torch: Smart Business Succession Strategies

For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective bus...

Oct

Who Will Care for Your Child When You Cannot?

As a parent, you are responsible for the care of your minor child. In most circumstances, this means getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child's other parent were unable to car...

Oct

What to Do When a Disability Throws Your Estate Plan into Chaos

As poet Robert Burns mused centuries ago, the best-laid plans of mice and men often go awry. Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency in life. A car accident, sudden illness, workplace injury, or chronic medical condition can forc...

Oct

How to Choose the Right Agents for Your Incapacity Plan

Many people believe that estate planning is only about planning for their death. But planning for what happens after you die is only one piece of the estate-planning puzzle. It is just as important to plan for what happens if you become unable to manage your own financial or medi...

Oct

Who Should Be the Trustee of a Third-Party Special Needs Trust?

Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a ...

Oct

Legacy Insights: Navigating the Generation-Skipping Transfer Tax

Generation-Skipping Transfer Tax 101 Many people are familiar with the existence and some aspects of estate and gift taxes. If you are part of an ultra-high-net-worth family, it is important to also understand the generation-skipping transfer (GST) tax and how it may affect your ...

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