You may leave money or assets to a non-profit organization by means of a charitable trust or will. People leave assets to all types of nonprofits like hospitals, animal shelters, religious organizations, etc.
Henry Montag, CFP, CLTC, is a guest author for the Russo Law Group P.C. blog.
Do you want to establish a trust? There are many different reasons people do so:
While there are many factors for an individual or family to consider the benefits of establishing a trust, it is equally important that grantor’s/parents review the trusts they have chosen and make certain that the trustees are knowledgeable about their duties and are continuously still operating in the beneficiary’s best interest.
A lot of changes can occur over the course of one year, let alone the many years it may have been since you have last reviewed your Estate Plan.
Some factors that can effect your estate plan include:
What good is a plan if it does not comply with your wishes and current situation?
Most pet owners think of their pet as a member of the family.
You love your pet and want to make sure that he will be taken care of after you pass away. After reaching that decision, most people are still unsure of what arrangements need to be made.
What is a pet trust?
A pet trust is a legal agreement to provide for the care of one or more pets in the event that the pet owner dies or becomes unable to care for them. New York State gives statutory authority for the benefit of pets under Estates, Powers, and Trusts Law, Chapter 17-B.
Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf. Additionally, in order to ensure that your assets are passed on to your loved ones without problems, high legal fees and time delays, it is important to start your planning today.
Using a Will or a Trust that you found by searching on Google is like using WebMD to diagnose a serious illness.
A rational person would not consult WebMD to learn how to treat a serious illness. You might use it as a source of reference, but if you are in pain or want to prevent health issues, you consult to a doctor.
The same is true when planning your estate. You may save a couple dollars by creating your own estate plan, but you are going to cost your loved ones ten times that with the expense of going to court, and by hiring an attorney to interpret and administer the errors in the DIY estate plan you created.
A question clients often ask is, “What happens to my assets when I die?”
The answer to that popular question depends on what you do while you are alive.
When you die, your assets are essentially bulked into two general categories: (1) Non-Probate Assets; and (2) Probate Assets.
In order to determine if something is a non-probate or probate asset, you must look at the way in which the asset is owned.
It is estimated that 64% of Americans do not have a will. Some of the top reasons people give for not making a will include:
As recent celebrity deaths have shown, life can end unexpectedly in an instant. Without the proper planning, the inevitable can have many unwanted and unintended consequences for those you leave behind.
*This article has been re-posted with permission from the author Harry S. Margolis.
Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out?
Here are some do’s and don’ts to get you started:
Many clients frequently come to me and ask if they should have a trust. Sometimes they are not even sure what a trust is and, more often than not, they do not understand how a trust works.
Although my mother always told me to never answer a question with a question (sorry mom!), my initial response is a question – what are you looking to accomplish by having a trust?