** This article has been revised from its original version which was published on July 9, 2018 A trust identification number identifies a trust, like any other legal entity, for tax purposes. You need a trust identification number in order…
Topic: “How do I know if I need a Revocable or Irrevocable Trust?” Date/Time: Thursday, April 21st, 2022 at 1:00 p.m. Kim N. Christian, Esq. welcomes you to her upcoming webinar on "How do I know if I need a…
A Living Trust is one of many planning tools that allow an individual to plan for how their property and wealth will be distributed to individuals and/or organizations during both their lifetime and upon their passing. So, should you set…
You have heard many people refer to trust as a great planning tool for your estate. It provides opportunities for so many different things, such as long-term care planning, tax planning, and probate avoidance. While you consider meeting with an…
Yesterday I spoke to Jill, whose mom and dad have been talking to their friends. They have mentioned to Jill that they are getting nervous that they need to do some Estate Planning. They know that many of their friends…
Funding your Trust is critical to having a successful outcome to your estate plan. Goals of a Trust When an individual implements their estate plan, they usually have one or more goals they are looking to accomplish. For example, a…
If at the time of your death, you owned real property solely in your name and in more than one state, your Executor may be required to commence more than one probate proceeding. Ancillary probate may be required in order…
In order to avoid probate, you may decide to either place your home in a revocable trust or place someone you trust on the deed, creating joint ownership. Each of these options have their own pros and cons, but which is a better safeguard?
A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the estate and then gives authority to distribute the decedent’s assets.
It’s a common mistake for people to assume that after creating a trust, their work is done. If your assets are not properly titled to the name of the trust, a whole host of issues can arise when the time comes for trust to be administered. What’s worse is that the purpose for creating the trust could be defeated by failing to properly fund the trust.