Last week a question was asked that comes up often when I talk with someone regarding estate planning with a trust. The question usually begins with something like; “Can’t I accomplish the same thing …?” It’s a similar thought I had when I first learned about Trusts over two decades ago. Since then, with all…
Tag: revocable living trust
#16 of 25 Common Estate Planning Mistakes – Irrevocable
Failing to Consider Using an Irrevocable Trust Revocable living trusts are designed to avoid probate. They can also eliminate the need to have a guardian appointed if you become incapacitated. They do not, however, protect assets from creditors or shield them from the Medicaid spend down process. Irrevocable trusts, however, if properly drafted and funded, can do both. If either of those…
#15 of 25 Common Estate Planning Mistakes – Pets
Forgetting About Man’s Best Friend Your estate plan can include provisions for your pet. Sadly, many pets end up living out their lives in shelters after their owner’s death because no plan was in place. You can plan for your pet by designating someone who will have custody and providing them with financial support to pay for the pet’s food…