Both a Last Will and Testament and a trust agreement can be used to distribute your estate assets after you are gone. While most people initially execute a Will as their distribution method of choice, many later decide to establish a trust in addition to, or in lieu of, a Will. To help you decide what works for you, the Beverly estate planning attorneys at Legacy Care Law Firm discuss seven important differences between a Will and a trust. What Is a Last Will and Testament? A Last … [Read more...] about 7 Important Differences between a Will and a Trust
Estate Planning For Women: How Is It Different?
All adults should have at least a basic estate plan in place given the numerous benefits an estate plan offers. For women, however, estate planning can take on heightened importance. The North Andover estate planning attorneys at Legacy Care Law Firm discuss what you need to know about estate planning for women. Why Is Estate Planning More Important for Women? Statistically, women are more likely to outlive their spouses, ultimately leaving them to be the ones to pass down the … [Read more...] about Estate Planning For Women: How Is It Different?
Which Type of Trust Do I Need?
Most people are familiar with the concept of a trust; however, the thought of creating a trust can be a bit intimidating. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. The Woburn trust attorneys at Legacy Care Law Firm explain some commonly used trusts and the estate planning goals they can help you accomplish. Testamentary Trusts A testamentary … [Read more...] about Which Type of Trust Do I Need?
Why Do I Need a Will If I Have a Revocable Living Trust?
Like most people, when you created your initial estate plan, you probably chose to execute a Last Will and Testament as the foundation for that plan. As your estate and your family grew, you may have later decided to establish a revocable living trust to serve as your primary estate planning document. The estate planning attorneys at Legacy Care Law Firm explain why you still need a Will if you have a revocable living trust. Last Will and Testament Basics Most people are familiar … [Read more...] about Why Do I Need a Will If I Have a Revocable Living Trust?
Can I Be Personally Liable If I Administer a Trust?
Trustee Duties and Responsibilities If you have never served as the Trustee of a trust, it helps to first gain a general understanding of your duties and responsibilities. Overall, a Trustee’s job is to protect and manage the assets held by the trust and administer the trust using the terms created by the Settlor in the trust agreement. Some of the specific duties and responsibilities a Trustee has include: Trustee Liability for Mistakes and Errors As a first-time … [Read more...] about Can I Be Personally Liable If I Administer a Trust?
The Not-So Transparent Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about The Not-So Transparent Corporate Transparency Act
5 Areas People Frequently Overlook in Their Estate Plans
Whether you are creating your first estate plan or reviewing an existing plan it is important to make sure your plan is a comprehensive one. To get the most out of your estate plan, it should focus on more than just the distribution of assets after you are gone. To help ensure that your estate plan accomplishes everything that it can, an estate planning attorney at Legacy Care Law Firm explains five areas people frequently overlook in their estate plans. Contact an Estate Planning … [Read more...] about 5 Areas People Frequently Overlook in Their Estate Plans
Top 5 Tips for Parents When Creating a Trust for Children
Whether you are a new parent or the parent of adult children, protecting the inheritance you plan to leave your children is a common goal. Creating a trust is among the most popular ways to accomplish this goal. To help you avoid making common mistakes, the Beverly trust attorneys at Legacy Care Law Firm offer five tips for parents when creating a trust for children. What Is a Trust? A trust is a relationship whereby property is held by one party for the benefit of another. A trust … [Read more...] about Top 5 Tips for Parents When Creating a Trust for Children
How to Choose the Right Nursing Home for Mom
It can be excruciatingly difficult to watch your mother succumb to the physical and/or mental deterioration that comes with the natural aging process. Deciding that your mother can no longer safely care for herself is even more difficult. On the other hand, leaving your mother home alone could result in serious injury. Realizing that should make the decision to move her to a nursing home a little bit easier to accept. Once you have made that decision, finding the right facility becomes your … [Read more...] about How to Choose the Right Nursing Home for Mom
Are These Components Missing in Your Estate Plan?
Hopefully, you already have an estate plan in place. If so, you still need to make sure that your plan is complete and comprehensive in nature. An incomplete estate plan or one that fails to address all your goals will inevitably fail. With that in mind, the estate planning attorneys at Legacy Care Law Firm urge you to make sure the following components are not missing from your estate plan. Incapacity Planning People frequently overlook the need for incapacity planning when they go the … [Read more...] about Are These Components Missing in Your Estate Plan?
