Compassionate and Comprehensive Planning for Individuals, Families and Businesses

Frequently Asked Questions

What are the considerations?

Protecting a Spouse or Minor Children

Protecting a Spouse from Future Predators

Protecting Older Children from Bad Choices

Balancing Beneficiaries in Blended Families

Leaving a Social Legacy (Charitable Intent)

Protecting One’s Dignity in event of Disability

Saving Taxes

 

What is Probate?

A Legal Proceeding

The Judge enforces the Will instructions

Transfers Property after death

 Provides a forum for a Will Contest

Time Consuming and Expensive

 

‘Probate is the lawsuit that you start against yourself, or the benefit of your creditors, for which you pay all the costs, and ultimately, you lose.’

 

What are the Problems with Probate?

All financial information is public

Time consuming

Can be expensive (not always)

Subject to challenge

Only works at death

One shot to see if it works

 

What is a Trust?

Instructions for Trustee

Effective upon signing

Contains Disability instructions

How to manage your property

How to pay your bills

How to distribute  your property

 

What Happens in a Typical Revocable Trust?

Grantor transfers assets during his life.

At death, more assets received from estate (pour-over will) or as beneficiary

Funds a Credit Shelter Trust with remaining unified credit for non-spouse beneficiary.

Surviving spouse right to income and limited right to invade principal.

 

What is a Trust Settlement?

A Private Proceeding

Trustee enforces Trust instructions

Mechanism to manage or transfer property upon disability and after death

Difficult to contest

Comparatively inexpensive, because much work done during life