Living Trusts

Monday, June 19, 2017

When you should establish an IRA as a trust


Financial-Planning.com published an article by Ed Slott entitled, "When you should establish an IRA as a trust" (May 31, 2017). Provided below is a brief summary of the article published at Financial-Planning.
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Monday, March 6, 2017

PLANNING MATTERS: Why you need an Estate Plan


Wickedlocal.com published an article by Leanna Hamill entitled, "PLANNING MATTERS: Why you need an Estate Plan" (Feb 7, 2017). Provided below is a brief summary of the article published at Wickedlocal.
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Monday, February 20, 2017

Proper Estate Planning More Than Just Documents


Poughkeepsiejournal.com published an article by Bernard A. Krooks entitled, 


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Monday, January 23, 2017

6 Reasons to Revise Your Estate Plan as Soon as Possible


Forbes.com published an article by Mark Eghrari entitled, "6 Reasons to Revise your Estate Plan as Soon as Possible" (Jan 2, 2017). Provided below is a brief summary of the article published at TheTimesHerald.


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Monday, January 16, 2017

Don't Drop The Ball When Planning Your Estate


CNBC.com published an article by Trey Smith entitled, "Don't Drop The Ball When Planning Your Estate" (Sep 13, 2016).
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Monday, January 9, 2017

New Year’s Resolution: Plan to Plan


TheTimesHerald.com published an article by Matthew Wallace entitled, "New Year's Resolution: Plan to Plan" (Jan 2, 2017). Provided below is a brief summary of the article published at TheTimesHerald.
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Monday, December 12, 2016

The Most Important Estate Planning Issue Boomers Need to Address


Kelley Long (Forbes.com) published an article entitled, "The Most Important Estate Planning Issue Boomers Need to Address" (May 08, 2016). Provided below is a brief summary of the article from Forbes.
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Monday, November 7, 2016

The Cost of an Unprepared Estate


Prince George Citizen has recently published an article entitled, "The Cost of an Unprepared Estate" (Oct 17, 2016). Provided below is a brief summary to the article:

The Cost of an Unprepared Estate

British Columbia has more people turning 50 years old today than at any other time in history.


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Wednesday, September 21, 2016

Why You Need to Fund a Trust


How do I transfer assets into my revocable living trust?

There are a variety of estate planning tools than can ensure your loved ones are protected. While creating a will serves a variety of purposes, it must be probated which can be a time consuming and costly process. For this reason, establishing a revocable living trust is another option. This estate planning tool takes ownership to your property, but allows you (as the trustee) to continue managing your assets during your lifetime.

In addition, a well designed trust allows your property to be distributed to the beneficiaries without going through probate, and also allows you to name someone to manage the assets in the event you become incapacitated.


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Monday, September 15, 2014

Estate Planning: Leaving Assets to a ‘Troubled’ Heir

If you have a child who is addicted to drugs or alcohol, or who is financially irresponsible, you already know the heartbreak associated with trying to help that child make healthy decisions.  Perhaps your other adult children are living independent lives, but this child still turns to you to bail him out – either figuratively or literally – of trouble.


If these are your circumstances, you are probably already worrying about how to continue to help your child once you are gone.  You predict that your child will misuse any lump sum of money left to him or her via your will.  You don’t want to completely cut this child out of your estate plan, but at the same time, you don’t want to enable destructive behavior or throw good money after bad.

Trusts are an estate planning tool you can use to provide an inheritance to a worrisome heir while maintaining control over how, when, where, and why the heir accesses the funds.  This type of trust is sometimes called a spendthrift trust.  

As with all trusts, you designate a trustee who controls the funds that will be left to the heir.  This trustee can be an independent third party (there are companies that specialize in this type of work) or a member of the family.  It is often wise to opt for a third party as a trustee, to prevent accusations among family members about favoritism.

The trust can specify the exact circumstances under which money will be disbursed to the heir.  Or, more simply, the trust can specify that the trustee has complete and sole discretion to disburse funds when the heir applies for money.  Most parents in these circumstances discover that they wish to impose their own incentives and restrictions, rather than rely on the judgment of an unknown third party.

The types of conditions or incentives that can be used with a trust include:

  • Drug or alcohol testing before funds are released
  • Payments directly to landlords, colleges, etc., rather than payment to the heir
  • Disbursement of a specified lump sum if the heir graduates from university or keeps the same job for a certain time period
  • Payment only to a drug or alcohol rehab center if the child is in an active period of addiction
  • Disbursement of a lump sum if the child remains drug free
  • Payments that match the child’s earned income

If you are considering writing this type of complex trust, it is advisable to seek assistance from a qualified and experienced estate planning attorney who can help you devise a plan that best accomplishes your wishes with respect to your child.
 


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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