When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs - collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and in good order. Who Can Be Your Trustee If you have a revocable living trust, you can be your own trustee. If you are married, your spouse can be a trustee with you. Th

“ I know for a fact that this is not what Karen would want!” said Karen mother. Karen was a single mother of a 5 year old daughter. Her daughter’s father died in the Iraq War. One evening, a drunk driver t-boned Karen and her daughter, killing Karen. Karen only had two living relatives at the time of her death, her divorced parents. Her father lived locally and her mother lived in Florida. Because Karen did not have a Will or nominate a guardian for her daughter, Karen’s fath

If you have only overheard discussions about estate planning, you have likely heard the words “guardian”, or “trustee” tossed around in the conversation. When it comes to estate planning, who will be ultimately in charge of your minor child is an important decision that requires consideration of many factors. Although there is no substitute for you as a parent, a guardian is essentially someone who steps in as a parent, assuming the parental role and raising the child through

What will happen if you cannot make decisions for yourself? Every day we make hundreds of decisions from what to eat for breakfast to where we go on vacation. With each passing day, there are more choices to be made. But the day may come when you are unable make competent decisions for yourself. When it comes to estate planning, both the term “guardian” and “conservator” tend to come up often. At times there may be confusion about what a guardian does as opposed to what a con

While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you are picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of wha

Use This Time to Revisit The Parts of Your Estate Plan That Impact Your Children Most With all the considerations about your children’s well-being weighing on your mind from day to day, it can be easy to forget about some of the most important factors in keeping them well cared for and secure: naming a guardian in your estate plan. When was the last time you reflected on your selection of a guardian? If the answer is hard to pinpoint, it is probably time to revisit this is

Regardless of your family situation, a lack of adequate estate planning can have major consequences in your life and those you love.

Death and taxes. No one ever really want to discuss either, especially not discuss death and dying. And yet, it is a critical time in everyone’s life and one for which we know we need to prepare. While many people have the desire to share their wishes, something is preventing people from openly communicating with their families. I counsel many clients about this topic, but recently I had to once again practice what I preach. As some of you know, recently both my wife and my L

How to Leave Assets to Adult Children When considering how to leave assets to adult children, the first step is to decide how much each one should receive. Most parents want to treat their children fairly, but this does not necessarily mean they should receive equal shares of your estate. For example, it may be desirable to give more to a child who is a teacher than to one who has a successful business, or to “compensate” a child who has been a primary caregiver. Some parents