One thing that all trusts have in common is the need to appoint a Trustee to oversee the administration of the trust. This is also where many people the mistake of appointing a spouse or close friend to the position without objectively considering the individual’s qualifications for the job. The North Andover trust attorneys at Legacy Care Law Firm explain why you might want to appoint a professional Trustee. What Does a Trustee Do? The overall job of a Trustee is to protect and grow the … [Read more...] about Why Should I Appoint a Professional Trustee?
How Are Capital Gains Taxed In An Irrevocable Trust?
One of the most common additions to a well thought out estate plan is a trust, sue in large part to the fact that a trust can accomplish such a wide range of estate planning goals. In order to know whether a trust could be a beneficial addition to your estate plan, you need to better understand your trust options and how each type of trust operates as well as the various benefits each type of trust offers. The North Andover trust attorneys at Legacy Care Law Firm explain when an irrevocable … [Read more...] about How Are Capital Gains Taxed In An Irrevocable Trust?
How Can an Incentive Trust Help Me?
Your initial estate planning efforts may consist of nothing more than executing a Last Will and Testament that ensures your assets will be distributed according to your wishes in the event of your sudden death at an early age. You will, however, undoubtedly elaborate on that plan as you acquire more assets and as your family expands. Eventually, your estate plan will likely include a wide range of estate planning tools, one of which may be an incentive trust. The North Andover trust … [Read more...] about How Can an Incentive Trust Help Me?
How Much Does a Trustee Get Paid?
As both your estate and your family grow, so will your estate plan through the addition of estate planning tools and strategies that can help accomplish additional goals. One of the most common of those additional tools is a trust agreement. If you create a trust, someone must administer that trust. The North Andover trust attorneys at Legacy Care Law Firm explain Trustee compensation for administering a trust. Trust Fundamentals A trust is a legal relationship where property is held by … [Read more...] about How Much Does a Trustee Get Paid?
When Does a New Hampshire Trust Terminate?
Although a Last Will and Testament remains the most used estate planning document, trust agreements are not far behind in terms of popularity. Consequently, there is a very good chance that you will find yourself involved in the administration of a trust at some point in your life. Whether you are the creator of a trust, a beneficiary, or a Trustee, there may come a time when you wish to terminate the trust. A Salem trust attorney at Legacy Care Law Firm explains when and how a New Hampshire … [Read more...] about When Does a New Hampshire Trust Terminate?
Why Would I Create an Intentionally Defective Trust?
If your estate consists of significant assets, one of your primary considerations within your estate plan should be the impact federal gift and estate taxes will have on your estate after you are gone. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trusts (“IDGT”). The North Andover trust attorneys at Legacy Care Law Firm explain why you might want to create an Intentionally Defective Grantor Trust. Intentionally Defective Grantor Trust Basics An IDGT … [Read more...] about Why Would I Create an Intentionally Defective Trust?
What Does It Mean to Be a Trustee?
Although once used almost exclusively by wealthy families, trusts are now commonly found in the average person’s estate plan. If you are contemplating the addition of a living trust to your estate plan, one of the most important decisions you will need to make when creating your trust is who to appoint as your Trustee. To choose the right person as your Trustee, you need a better understanding of what it means to administer a trust. To get you started the North Andover trust administration … [Read more...] about What Does It Mean to Be a Trustee?
Can I Refuse the Job of Trustee?
Did you recently learn that someone named you as the Trustee of a trust they created? If so, and you have never before served as a Trustee, the prospect of doing so may be a bit intimidating. In fact, you may not want the job. The North Andover trust attorneys at Legacy Care Law Firm discuss the ability to refuse the job of Trustee. What Is a Trust? A trust is a separate legal entity that owns and holds property for the benefit of one or more beneficiaries. A trust is created by a Settlor, … [Read more...] about Can I Refuse the Job of Trustee?
If I Am the Beneficiary of a Trust Can I Get the Trustee Replaced?
As the beneficiary of a trust, you are dependent on the Trustee of the trust to manage the trust assets well and to administer the trust according to the terms created by the Settlor of the trust. What happens if you feel the Trustee is not doing his/her job properly? As a beneficiary, do you have the ability to get the Trustee replaced? The Nashua trust administration attorneys at Legacy Care Law Firm explain the power of a beneficiary if a problem arises with the … [Read more...] about If I Am the Beneficiary of a Trust Can I Get the Trustee Replaced?
5 Things to Know When Creating a Trust
A trust agreement is one of the most popular of all estate planning tools due in large part to the flexible nature of a trust. For those who are contemplating the addition of a trust into their estate plan, the Salem trust attorneys at Legacy Care Law Firm discuss five things you need to know when creating a trust. Your stated trust purpose guides the administration of the trust you create. It is important to understand that defining your trust purpose with as much specificity as possible … [Read more...] about 5 Things to Know When Creating a Trust
