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Trusts Archives

The cy pres doctrine explained

The cy pres doctrine was formed with the intention to prevent a charitable trust from failing. It has often been applied to different contexts including class action settlements. The concept of the doctrine is to change the terms of a charitable trust so they are restored to their original intentions of the testator, and in changing the terms in this way, the charitable trust would be prevented from failing.

Why even those with modest means may want to set up trust funds

When most people hear the words "trust fund," they probably think that the idea of putting money away for those down the line doesn't apply to them because they're not particularly wealthy. That assumption can only rise out of a misunderstanding of what, precisely, a trust fund is.

What are the basics of a trust fund?

Trust funds are a great way to have a high amount of control over your wealth, and have the power to determine how it will be distributed over time. It can be preferable to a will in this sense, because you can control the time period in which the trust fund will be distributed.

Using trusts to protect your family from your debt

If you have significant debt, it is important to consider how this might affect your estate plan. In broad strokes, there is good news and bad news. The good news is that creditors are generally not allowed to pursue payment for debts from family members of deceased debtors, except for a spouse in some cases. The bad news is that without a proper plan to prevent it, your debts may eat up your estate before you can pass it on to your heirs.

Should I use an irrevocable life insurance trust?

When preparing your estate plan, it is always important to deal with your life insurance policy before it can become an unintended frustration for the ones you love. If you do not take proper precautions, your policy can add to your estate so that you cannot avoid probate, which can keep your beneficiaries from receiving your estate for quite some time after you pass away. Fortunately, the law provides just such a solution.

What is an AB trust?

There are many kinds of trusts, each with their own advantages and best uses. When creating an estate plan, trusts often arise as a tool for transferring assets without incurring unnecessary taxation. While many trusts offer some form of tax shelter, an AB trust features unique methods for keeping property in the family without creating an undue estate tax.

Blind trusts: Why are they used?

Over the last year, the term "blind trust" has become a common phrase used by many new outlets and talking heads. Often, it is discussed in the context of President Trump and his numerous business interests. So, what exactly is a blind trust, and how are they used?

What is a Charitable Remainder Annuity Trust?

Trusts are excellent financial tools and can be amazingly effective when they are used correctly. The variety of available trust options can be overwhelming, each with its own specific advantages and limitations. Charitable Remainder Trusts are an excellent way to make charitable giving a part of your overall financial plan and legacy.

Distributing money as age limits are hit

A trust can be a useful tool if you want to leave money to someone, but you don't want to do it all right away. Many times, this comes back to a perception of maturity. For example, you may choose to leave $600,000 to an heir, but your heir is currently just 15 years old, and you don't think he or she can handle that type of money.

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