Living Trust Frequently Asked Questions A living trust is a very useful estate planning document and is a piece in the puzzle of a complete estate plan. In this article, we will go over 5 living trust frequently asked questions. 1. What is a Living Trust? A living trust is a legal entity that you set up to hold your property. You create and fund it as the Grantor. The Trustee then manages the [...]

Frequently Asked Questions About Special Needs Trusts A special needs trust is a unique type of trust that allows a disabled individual to receive supplemental support without putting their eligibility for government benefits in jeopardy. In this article, we will go over 7 frequently asked questions about special needs trusts. 1. What is a Special Needs Trust? SNTs are designed to hold and manage assets for the benefit of a person with disabilities. This [...]

Qualified Terminable Interest Property (QTIP) Trust A Qualified Terminable Interest Property Trust, or QTIP Trust, is a type of irrevocable trust. It allows you to provide for your surviving spouse while still providing for secondary beneficiaries, such as children from a previous relationship. In this article, we will go over the basics of how a QTIP works. Income Provisions When you set up a QTIP you need to name a trustee to care for [...]

Transferring Accounts at Death Transferring accounts at death can be accomplished a few different ways. The first is to name a living trust as the owner of the account. The second is to use a POD or TOD designation. POD stands for payable on death, this is typically used to transfer bank accounts to a listed beneficiary. TOD stands for transfer on death; this is used to transfer investment accounts at death. In this [...]

Estate Planning for Unmarried Couples When you are in an unmarried relationship there are extra steps you need to take to protect each other. You are not automatically set up as each other’s beneficiaries. Additionally, you would have no rights if a probate was involved. In this article, we will go over the basics of estate planning for unmarried couples. Joint Tenants with Rights of Survivorship Owning real property and accounts as joint tenants [...]

Spendthrift Trust A spendthrift trust protects your assets from being wasted by a beneficiary who is a reckless spender. This type of trust lets you distribute assets to your beneficiaries under specific conditions. In this article, we will go over the basics of how a spendthrift trust works. People Involved There are three sets of people involved in a spendthrift trust. The first is the Grantor. This is the person who creates the trust [...]