Trusts

A Will or Trust? It’s Not About the Size of Your Estate

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When I use the word “trust” in a consultation, people often quickly tell me that they don’t have enough money or assets to require a trust. This is a common misconception, that a trust requires a vast estate. Perhaps we owe that to the word “trust” conjuring up visions of large philanthropic organizations that operate exclusively out of a trust, or “trust fund babies.”

In fact, a trust can often cost much less in administrative fees, on the back end, to ...

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Effect of Divorce on Your Will, Trust, and Beneficiary Forms

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Are you going through a divorce, or have gone through one recently?

If you’ve ever had the passing thought that your ex-spouse is still named in your will or trust, and cringed, thinking that you have to get that changed before you accidentally hand over your accounts to someone whom you don’t even want to be in the same room with…I have some good news for you. First, you’re not alone. There is a lot going on in any divorce, and ...

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If You Own Out of State Property, Establish a Trust

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If you own out of state property, it’s almost a certainty that you and your family will be better served by a trust instead of a will.

Why is that?

First, consider that probate is unavoidable with a will. Many of my clients arrive at my office assuming that probate is only for those that are intestate, or without a will. The decedent’s loved ones are often confused and frustrated with the hassles and paperwork involved in probate when they are already ...

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Your Client Has Been Named Trustee; Does He Really Need An Estate Attorney?

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Perhaps it was a total coincidence that our services were terminated a day after our client met with his financial advisor; it is difficult for me to believe that a client would have been given advice from another professional that is likely to save him a few hundred dollars now, but cost him thousands later. A financial advisor’s practice is built upon their ability to guide their clients in making the most of their wealth. My practice is built upon ...

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If an Estate Plan Were a Car: Understanding Will-Based vs. Trust-Based Planning

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If you are confused about the differences between a will-based estate plan and a trust-based estate plan, you’re not alone.

According to a recent informal survey we conducted of a group of Central Florida seniors over the age of fifty, 65 percent of those completing the survey indicated they were confused about the topic and would like to learn more about how a will differs from a living trust.

Our clients (and future clients!) enjoy the use of analogies to help them ...

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Navigating Life’s Journey: The Role of the Revocable Living Trust

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The function of a revocable living trust is far more powerful than a “simple will” because it covers the three phases of the Trustmaker’s life, and a will does not.

Navigating Life’s Journey: The Role of the Revocable Living Trust
Posted on: October 2nd, 2015
By Mary Merrell Bailey, Esq.

A Revocable Living Trust covers the three phases of the Trustmaker’s life. Created during your lifetime, your revocable living trust (RLT) is your alter ego. Designed to be the minivan of trusts, ...

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Thanksgiving Holiday Provides Opportunity for Family Members to Spot Signs of Incapacity in Aging Parents

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Spotting signs of incapacity and early detection of cognitive decline enables professional advisors to more effectively address financial, legal and care-giving concerns.

More than 40 million Americans are expected to take to the roadways, railways and airways as they head home for the Thanksgiving holiday. Thanksgiving – one of the few occasions when multiple generations gather under one roof – is an opportune time for adult children to observe signs of incapacity or cognitive decline in aging loved ones.

My advice to ...

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Advance Directives and Your Legal Authority For Missing Family Members – What Do You Do?

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Acting as a Successor Trustee – Advance Directives and How They Affect You  

The news is full of speculation as to the whereabouts of Malaysia Airlines Flight 370.  The March 8, 2014 flight from Kuala Lumpur to Beijing disappeared.  No trace of the plane – or its 239 passengers and crew – has been found yet.

If your Aunt Miniver were on MH370, what documents would give you the legal authority to transact her affairs while she is missing?  Additionally, if she was ...

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Choosing the Right Trustee

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Revocable living trusts are wonderful because of the flexibility they allow in managing your assets and providing for continued management in the event of disability. Most people choose to be trustees of their own revocable living trust during their lifetimes, but a critical choice facing those making trusts is who to select to manage things after they have passed away.

Many people choose family members, usually a child. In many instances this makes sense, especially if the trust is to be ...

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