By Julia L. Frey. One of the most important decisions one can make when setting up a trust for a child or other loved one is determining who to name as the trustee. It is a job (not a cake-walk) that requires dilegence, an understanding of the fiduciary responsibilities and an understanding of what the grantor’s intent is for distributions under the Trust. Over the years I have seen family members or friends named as trustees who have not understood the depth of their role or were not capable. In one case, a family came to me after a family member stole all of the trust money to feed his drug habit, leaving the beneficiaries without any recourse as he had no means to repay the stolen funds. Corporate trustees or co-trustees are often the answer to avoid such problems. A just read a recent article in Worth Magazine by Patrick Kenefick with Neuberger Berman that was right on point so I commend it to you for your reading. http://worth.com/index.php?option=com_advisors&id=2005&view=single
Same-sex couples now have options!
By: Julia Frey
Before yesterday, when I prepared estate planning documents for same-sex couples there was a quagmire of issues that had to be addressed, since the State of Florida did not recognize same-sex marriages. As of yesterday, all over the State of Florida, gay and lesbian couples have been able to be legally married in Florida. What does this mean for a same-sex couple? With marriage comes various legal rights and obligations, so you should meet with your estate planning attorney to discuss those issues. If you already have an estate plan in place, and you get married, then you need to contact your estate plannning attorney to update your documents to reflect the new marital status. If you don’t have a Will, Trust, or financial or health care power of attorney documents in place, you should now do so. You should also have your attorney review with you how your assets are titled, and determine whether there is a better way to title assets to provide increased asset protection. In short, this is great news, but after you get married take the next step and get your legal documents in order as well!
WILL SOMEONE TRY TO VOID YOUR WILL OR TRUST AFTER YOU DIE? CAN THEY DO THAT?
By: Linda Hankins
It is not uncommon for family members of the decedent to file a lawsuit to void the decedent’s testamentary documents, particularly if they are not satisfied with the distribution. Recently, you may have read that Casey Kasem’s estate plan was voided in part because of his dementia.
Unfortunate consequences of not making a will
By Julie Frey
There are some important considerations before thinking that you do not need a will. In this video, I discuss some concerns of not having a will and provide some typical examples I have run across in my practice. For example, without a will, you are unable to exclude or include beneficiaries. Instead, you must depend on the law and the government to decide the economic fate of your family and loved ones. I talk about some of these circumstances and provide some solutions in the video below. Click on the play button below to learn more:
Do you have a child or loved one with special needs?
By: Julia Frey. If you have a child or other loved one who has special needs, such as serious physical or mental disabilities, the last thing you want to do in your estate plan is to provide for outright gifts or even a discretionary trust for that individual, if he or she may be entitled to governmental benefits. You need to establish a “Special Needs Trust” so that the assets in the trust do not render that person ineligible to obtain governmental benefits. By establishing a Special Needs Trust your loved one will be able to receive governmental benefits, and still have the Special Need Trust assets available to pay for the extras (such as travel, non-covered medical services) that are not covered by the governmental benefits plans. If you fail to set up a Special Needs Trust for your loved one, all of the hard-earned assets that you have set aside for your loved one will have to be spent, before any governmental benefits are available. This is not a result that is beneficial to you or your loved one.