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A couple of years ago, I heard someone talking about relationships. The speaker asked what the number one cause of divorce was. Answers like, “money,” or “lack of communication,” or “infidelity” all came up, but none was correct. Instead, the speaker replied that the number one cause of divorce was “unmet expectations.” The speaker went […]
Are Trusts Taxed? [Answered]
I get asked the question above on an almost weekly basis. The short answer is that if you put your assets into a trust, you still get taxed. A trust is not a magical way to avoid all taxes on assets, despite persistent myths to the contrary. A trust can help to minimize taxes, but […]
Four Fundamental Estate Planning Documents: Part 4 – The Living Will
When I talk with clients about estate planning, I often need to start with the basics, giving them a good solid foundation. I am not sure I have done that yet on my blogs, so I am excited to do a four part series where I talk about the basic, foundational documents of every estate […]
The 3 Roles in a Trust, and Why They’re Important to Understand Before Sitting Down With Your Estate Planning Attorney
A couple of weeks ago I was discussing a trust with a client, and thought I had explained what a trustmaker, trustee, and trust beneficiary were. While I was talking about how only one of their kids would act as the Trustee, the client reacted with haste, exclaiming, “WHAT DO YOU MEAN ALL OF MY […]
