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Iden Law Offices News and Articles

Tuesday, April 26, 2016

Trust Funding Q & A

What does it mean to fund a trust, and why is it so important?   Once you create a revocable living trust there is one last step that should not be overlooked: funding your trust.  Trust funding  is the process of retitling certain assets to name your trust as the new owner or, in some cases,  naming  the trust as the primary or contingent beneficiary of your assets. Unfortunately, many people who invest time and money into creating a revocable living  trust  fail to do this. With some important exceptions, all of your real property, personal property and business interests should be funded to your trust.   If your trust is not properly funded, many assets may still have to go through a probate proceeding after your death before eventually  reaching your trust and its beneficiaries.

Read more . . .

Friday, April 1, 2016

Do I Need a Revocable Living Trust?

New clients often believe that they do not need a trust because they don’t have multi-million dollar estates. Yet, nowadays, trusts are not only for the rich and famous.  Why?  Because it’s less about avoiding estate taxes and more about the cost savings and protections that trusts can provide.  A properly drafted and funded trust avoids the expense, delay, and loss of privacy that a probate administration would cause.

The following scenarios help my clients understand why a trust may be worth considering.

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Friday, March 11, 2016

Special Needs Trusts

If you are the parents of a child with special needs such as a mental or physical disability, you face the challenge of providing for them while you are alive, as well as seeing that they are taken care of after you are gone.  The expenses of caring for a family member with special needs can be overwhelming, and ongoing medical care may not be covered by private insurance plans.  State and local governments offer assistance, but it is subject to strict financial eligibility requirements.  So what can a parent of a child with special needs do (or not do), to assure adequate care throughout their lifetime, yet not disqualify them from government assistance?

Read more . . .

Tuesday, March 1, 2016

Time to Review Your Trust!

Things change. Despite all the time and thought that went into creating your trust, life happens.  Often these changes affect your estate planning.  If you don’t review and adjust your plan it may not achieve your desired results when you need it most.

How often should I review my documents?  We recommend reviewing your revocable living trust and will, along with your advance legal directives, at least once every three years.  

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