Living Trusts Archives - About Estate Planning https://aboutestateplanning.com/category/living-trusts/ Knollmiller & Arenofsky, LLP Thu, 01 Oct 2020 21:27:28 +0000 en-US hourly 1 Minimizing Beneficiary Squabbling https://aboutestateplanning.com/minimizing-beneficiary-squabbling/ Wed, 07 Aug 2019 15:41:47 +0000 http://aboutestateplanning.com/?p=1448 We have all seen it. The media likes to pass along juicy stories of actors that either had no wills or their heirs are fighting tooth and nail over the inheritance. But how do we stop any infighting among our own beneficiaries when we pass? Most families get along great… Read More

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]]> Now What? The problem with having an A/B trust https://aboutestateplanning.com/now-what-the-problem-with-having-an-a-b-trust/ Wed, 12 Dec 2018 17:07:36 +0000 http://aboutestateplanning.com/?p=1420 Nothing is worse than having your estate planning attorney advise you one way then change their mind the next. Well, we are doing it again. Before when the estate tax applied to many more people, it was important to create an A/B trust. Essentially this meant that a married couples’… Read More

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]]> Are Inherited IRAs Subject to Creditor Claims? https://aboutestateplanning.com/are-inherited-iras-subject-to-creditor-claims/ Mon, 16 Jun 2014 22:51:14 +0000 http://aboutestateplanning.com/are-inherited-iras-subject-to-creditor-claims/ The answer is YES. On June 12th the Supreme Court of the United States handed down a decision stating that Inherited IRA’s are subject to the claims of creditors. For anyone who inherits an IRA, creditors or a spouse in a divorce can attach that inheritance if not properly planned.… Read More

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]]> Will My Heirs Have Hurt Feelings Over My Personal Items? Short Answer: Probably https://aboutestateplanning.com/will-my-heirs-have-hurt-feelings-over-my-personal-items-short-answer-probably/ Wed, 23 Apr 2014 22:57:37 +0000 http://aboutestateplanning.com/will-my-heirs-have-hurt-feelings-over-my-personal-items-short-answer-probably/ “The biggest estate-planning mistake is that people think it’s only about the money,” said Marlene Stum, a professor at the University of Minnesota and author of the “Who Gets Grandma’s Yellow Pie Plate?” workbook and website. “When it comes to their personal possessions, they say, ‘It’s just stuff.’ ” In my… Read More

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]]> “Only Older People Need Estate Plans” https://aboutestateplanning.com/only-older-people-need-estate-plans/ Mon, 24 Mar 2014 17:50:50 +0000 http://aboutestateplanning.com/only-older-people-need-estate-plans/ Français: Enterrement à (Photo credit: Wikipedia) It isn’t a surprise to anyone that those typically motivated to do estate planning are those that have their mortality staring back at them. Examples include clients preparing for travel, life-challenging illnesses or individuals in advancing years. I don’t need to remind anyone that… Read More

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]]> “I don’t need an estate plan since I’m unaffected by the estate tax” https://aboutestateplanning.com/i-dont-need-an-estate-plan-since-im-unaffected-by-the-estate-tax/ Thu, 06 Mar 2014 17:54:09 +0000 http://aboutestateplanning.com/i-dont-need-an-estate-plan-since-im-unaffected-by-the-estate-tax/ While this is a common misconception, I believe it mixes up two ideas, estate planning and estate tax planning. Estate tax planing is actually a small, but important, part of the overall estate planning process. Estate planning is about making sure your estate is in order and passes as you… Read More

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]]> Revocable Trusts, and Living Trusts, and Irrevocable Trusts! Oh, My! https://aboutestateplanning.com/revocable-trusts-and-living-trusts-and-irrevocable-trusts-oh-my/ Fri, 21 Feb 2014 20:00:59 +0000 http://aboutestateplanning.com/revocable-trusts-and-living-trusts-and-irrevocable-trusts-oh-my/ But wait, there’s more; there’s Loving Trusts, Family Trusts, Grantor Retained Trusts and many more. Let’s start with revocable vs. irrevocable trusts. These are exactly what they say. The revocable trust can be changed, amended, and even thrown away. The irrevocable trust however rarely can be changed except for very… Read More

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]]> Estate Planning Mistaken Belief #3 https://aboutestateplanning.com/estate-planning-mistaken-belief-3/ Fri, 07 Feb 2014 21:33:05 +0000 http://aboutestateplanning.com/estate-planning-mistaken-belief-3/ “Putting my child’s name on an asset avoids probate” This is how the conversation usually goes: “someone told me if I put my child’s name on my bank account, upon my death it goes to that child and I avoid probate.” This particular myth is a real “land mine” waiting… Read More

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]]> Estate Planning Mistaken Belief #2 https://aboutestateplanning.com/estate-planning-mistaken-belief-2/ Tue, 28 Jan 2014 22:36:30 +0000 http://aboutestateplanning.com/estate-planning-mistaken-belief-2/ IF I HAVE A WILL, MY FAMILY WILL AVOID PROBATE I am unsure how this mistaken belief ever came about since a Will is almost synonymous with probate. By way of background, using a Will as your primary estate planning document, your estate may be probated. Without a Will, your estate… Read More

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]]> Estate Planning Misunderstandings #1 https://aboutestateplanning.com/estate-planning-misunderstandings-1/ Wed, 22 Jan 2014 22:53:27 +0000 http://aboutestateplanning.com/estate-planning-misunderstandings-1/ Estate Planning Misunderstanding #1 Estate planning is only for the old. (This is the first in a series of estate planning misunderstandings.) The fact is, if you are an adult, you already have an estate plan. We all do. It was drafted on our behalf by the legislatures of the state… Read More

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