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?
Is It Expensive to Administer an Estate?
When you are creating your estate plan, you will likely need to consider several goals at the same time. One thing it may not occur to you to consider is the cost of administering your estate after you are gone. To help you understand why this is important, the Nashua estate planning attorneys at Legacy Care Law Firm explain who pays the costs associated with administering an estate. What Is Involved in Administering an Estate? When you die, you will leave behind a legal estate consisting … [Read more...] about Is It Expensive to Administer an Estate?
Do You Have an Advance Directive?
Like most people, you probably take the ability to make decisions for yourself for. What would happen, however, if you were unable to make decisions for yourself one day because of your own incapacity? Chances are good you would prefer to make as many of those decisions ahead of time as possible to ensure that they are honored. One way to do that is to execute an advance directive. A New Hampshire estate planning attorney at Legacy Care Law Firm explains why you might want to execute an advance … [Read more...] about Do You Have an Advance Directive?
How Do I Trust Thee…Part III
If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article provides a framework for clients considering naming an institutional trustee. Read on to learn more. … [Read more...] about How Do I Trust Thee…Part III
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
How Do I Trust Thee…Part I
When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This … [Read more...] about How Do I Trust Thee…Part I
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?
What You Need to Know about Retirement Plan Distribution Rules
Like many Americans, you probably started saving money for retirement early on in your working years to ensure that you are financially secure when you retire. As you now get close to retirement age, you need to carefully plan when and how to start retirement plan distributions. That requires you to understand the rules relating to distributions as well as the options for deciding how much to take out. To help you plan, the Beverly estate planning attorneys at Legacy Care Law Firm explain what … [Read more...] about What You Need to Know about Retirement Plan Distribution Rules
Understanding How Divorce Impacts Your Estate Plan
When a marriage is heading for, or in the process of, a divorce, it typically has a significant impact on everyone involved. The financial ramifications alone can be devastating and last for years to come. That financial fallout can impact your estate plan as well. While no one should go into a marriage assuming it will end in divorce, planning for the possibility of a future divorce is financially wise. You also need to consider the estate planning ramifications of a potential or recent … [Read more...] about Understanding How Divorce Impacts Your Estate Plan
How to Protect an Older Loved One from Financial Abuse
The older adult population in the United States has increased dramatically in recent years and is expected to continue to increase in the years to come. Sadly, that increase has led to a corresponding increase in elder abuse. Elder abuse occurs in several forms, including physical abuse, emotional abuse, and financial exploitation. If you are the caretaker of an older person, it is imperative that you take steps to prevent elder financial exploitation. The Beverly elder law attorneys at Legacy … [Read more...] about How to Protect an Older Loved One from Financial Abuse
