Blog

A lot of people come to me with questions regarding what a will is, because it is so important for passing your legacy on to the next generation.

Estate planning is even more important for LGBT+ individuals, yet it is often overlooked until it is too late. In reflection of Pride Month, let’s discuss the necessity of estate planning for LGBT+ individuals and couples.

Setting up a living trust is the best way to ensure your assets are passed onto the right people if you pass away. So how do you start the process? In this article, we will walk through the various steps you will need to take to set up a living trust with the assistance of an estate planning attorney.

Many people are afraid of drawing up a will and doing other estate planning because of the perceived high cost. The truth is, drawing up a will is a small cost compared to the cost of probate of an estate if you die without a will and own almost any property.

Trusts are an excellent tool to provide for the future needs of yourself or your loved ones. A trust can be especially beneficial if you have children with special needs, including minor children and adult children with disabilities. You can also create a trust for yourself if you need to apply for Medicaid and your assets exceed the limits to qualify.

If your loved one died without a Will, transferring his or her assets to beneficiaries can be quite difficult. If no action is taken, assets will not be properly transferred and the beneficiaries will have to take some legal action down the road to straighten out the situation. In some cases, a costly determination of heirship proceeding and dependent administration of the estate may be required.

A revocable trust is one that can be completely or partially revoked either during the lifetime of the person creating the trust or afterward. An irrevocable trust means just that: it cannot be revoked.

One of my biggest pet peeves over the years has been the over-selling of living trust packages to folks doing their estate planning. There are definitely times when a living trust is a good estate planning tool. However, for many individuals a living trust is an unnecessary expense.

There are at least six really good reasons for you to have a living trust in your estate planning package.

Most young parents don't want to even think about the possibility of death and see no need for estate planning. However, if a tragedy struck and both parents of minor children were killed, the situation left for their loved ones to deal with is extremely complicated, expensive, and emotional.