When a loved one passes away, one of the first practical steps that must be taken is to locate the decedent’s Last Will and Testament. If one was executed by the decedent prior to death, the person appointed within that Will as the Executor of the estate is charged with probating the estate. If you recently learned that you are the Executor of the estate of a recently deceased loved one, you may be wondering if you need an attorney to assist you with the probate process. To help you make that … [Read more...]
How Do I Know When to Use a Revocable Trust?
Your initial estate plan may consist of nothing more than a Last Will and Testament because your only real estate planning goal at that time is to avoid leaving behind an intestate estate. Over the years, however, your estate plan will grow as your needs and objectives change and expand. Additional estate planning tools and strategies will need to be incorporated into your plan to help meet those new needs and objectives. One common addition to an existing estate plan is a trust. Deciding which … [Read more...]
Protecting Your Estate from Uncle Sam
When you contemplate your estate plan, you probably focus on how you want your estate assets to be distributed after you are gone. While your estate plan certainly should provide a roadmap for the distribution of your estate assets, it should also protect those assets to ensure that Uncle Sam doesn’t get any more of them than is absolutely necessary. Toward that end, the Harrison asset protection attorneys at the Law Offices of Kobrick & Moccia discuss strategies aimed at protecting your … [Read more...]
QTIP Trust Requirements
Creating a successful estate plan often requires you to make use of a wide range of inter-related estate planning tools and documents. Moreover, as your estate and your family grow, your estate plan will likely need to grow as well. If you divorce and remarry, for example, you may now need to protect both your new spouse and your children from your previous marriage. One popular way to do that is to make use of a specialized type of trust known as a Qualified Terminable Interest Property, or … [Read more...]
Planning is Critical
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...]
Making Trusts More Flexible
Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust. Making Trusts More Flexible … [Read more...]
Trust Protectors Add Flexibility
Trusts can be drafted to be quite flexible. This article examines how Trust Protectors can add flexibility to your trust. This added flexibility can increase the usefulness of your trust. Trust Protectors Add Flexibility … [Read more...]
Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. Read on to learn more about how a modification of a trust can help. Modifying an Irrevocable Trust … [Read more...]
Trust Administration Checklist
In recent years, trusts have become a commonplace addition to even the most simple estate plan. Unfortunately, the creator of a trust doesn’t always discuss the appointment of a Trustee with the intended Trustee. If you recently learned that you were appointed as a Trustee, and you have never before served as a Trustee, you probably don’t know where to begin in your trust administration duties. The following trust administration checklist will help you get started in your new role as … [Read more...]
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...]
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