Estate planning can – and should – accomplish much more than simply deciding what happens to your estate assets when you are gone. A well thought out estate plan, for example, might also include additional goals such as incapacity planning, probate avoidance, and Medicaid planning, just to name a few. In order to accomplish the numerous and varied estate planning goals you may have, your estate plan will need to incorporate additional tools and strategies above and beyond a basic Last Will and … [Read more...] about Revocable vs. Irrevocable Trusts
Revocable Living Trust
A comprehensive estate plan should accomplish much more than just deciding who will receive your estate assets when you die. Along with creating a blueprint for the distribution of your assets, your estate plan can also do things such as plan for incapacity, help set you up for retirement, and even help with long-term care planning, among many other things. In order to accomplish all of these goals you will likely need to include additional estate planning tools and strategies in your estate … [Read more...] about When Do Revocable Trusts Terminate?
Does a Revocable Living Trust Provide Asset Protection from Raymond German Assets in this type of trust could be transferred outside of probate, which is a time-consuming process. Plus, you can include spendthrift protections when you establish a revocable living trust. Learn more about revocable living trust provide asset protection in this presentation. … [Read more...] about Does a Revocable Living Trust Provide Asset Protection
What Is a Minnesota Revocable Living Trust from Raymond German Assets in a revocable living trust can be transferred to the beneficiaries outside of probate. Learn more about Minnesota Revocable Living Trust in this presentation. … [Read more...] about What Is a Minnesota Revocable Living Trust
People in North Dakota and Minnesota who create an estate plan will almost always create a revocable living trust as a part of that plan. Modern estate plans rely heavily on revocable living trust because they offer such effective probate avoidance benefits. Few people have to worry about the potential impact of estate taxes anymore, but probate costs and time expenditures can still be significant. A revocable living trust gives you the ability to mitigate these concerns. However, even though … [Read more...] about Useful Living Trust Tips
The estate planning process will require you to create a number of different tools, including a living trust and a last will and testament. Both of these documents are essential if you want to ensure that your inheritance choices will be legally honored. Yet because a lot of people do not have a lot of familiarity with a living trust, a lot of them are surprised to find out that they need both of these tools. Here are several questions about living trusts and wills, and why you will need to … [Read more...] about Why Does an Estate Plan Include a Will and a Living Trust?
Recognizing that you need an estate plan that includes a revocable living trust is an important step, but it’s not the final step in the estate planning process. Just as you would with your car, you need to regularly perform maintenance on your estate plan in order to get the most use from it. This is especially true when it comes to revocable living trusts. A revocable living trust is an excellent tool to incorporate into a comprehensive estate plan, but as time goes by you want to pay … [Read more...] about Why You Need to Update Your Revocable Living Trust in North Dakota
Creating a revocable living trust in Grand Forks is one the best decisions you can make when deciding to create an estate plan. These tools afford significant benefits, many of which are not available to you if you decide not to include one in your plan. However, a lot of people are hesitant to create revocable living trust because of the property control issues they believe are present. In short, people believe that by creating a revocable living trust they will hand over control of their … [Read more...] about Don’t Worry About Controlling Your Living Trust in Grand Forks
Many people who create a revocable living trust do so in anticipation of distributing assets after they die outside of the probate process. While this is a significant benefit to creating such a trust, you might also want to consider their usefulness in incapacity planning. Here are some facts about how living trusts can benefit you in such a situation. You stay out of court. If you are ever incapacitated and rendered unable to make your own decisions, someone will have to do that for you. … [Read more...] about Your Living Trust Can Help When You’re Incapacitated
Probate law, and the probate process, is something most people never really think about, much less have any first-hand experience with. At its most basic, probate is a set of legal procedures that apply after someone has died leaving behind property that has to go to new owners. However, not all of the property someone leaves behind is considered probate property. Probate Property In general, any real estate, personal property, investments, and cash the deceased person owned is lumped … [Read more...] about Understanding the Difference Between Probate and Non-Probate Assets