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Trusts Archives

How a spendthrift trust protects your beneficiaries

If you look up the term "spendthrift" in a dictionary, you'll find that it refers to someone who isn't good at saving their money or spending it wisely. These people are not "thrifty," but very much the opposite. If there's money in their pocket, they'll spend it without a care in the world.

What’s a Medicaid trust?

Imagine you have spent your entire life working hard to save and earn your money. Nevertheless, you are now too old and infirm to care for yourself and you need to move into a long-term care facility to benefit from round-the-clock medical care. Unfortunately, if you have considerable assets at your disposal, you will need to spend these assets on your long-term care costs, which could exhaust the legacy you hope to leave for your children. That is, as long as you still continue to own the assets in your name.

Guard against this threat to your children's inheritance: Spouses

You marry them, you love them, they are the source of your inspiration and happiness, yet spouses can also be a serious threat to your children's inheritance. Whether it's your husband or wife, or your child's husband or wife, this person could, in certain contexts, have the legal right to take some of the inheritance you want your child to have. This is why you need to prepare your estate plan in a way that protects your children's inheritance.

Could a trust save my estate plan?

Do you have a considerable amount of money saved up as an inheritance for your family members? If you become incapacitated or require long-term care in a nursing home, you run the risk of spending all of your financial legacy on medical bills before you can qualify for Medicare benefits. Fortunately, you might be able to protect yourself from this kind of a situation with a strategically-planned trust.

How does trust administration work?

When a person executes a will as the sole indication of their last wishes, their entire estate will go through the probate process at the end of their life. As many people know, there are certain disadvantages associated with the process of probating a will. It can take a lot of time and is also costly.

Creating a charitable trust in Arizona

A large part of planning an estate is about deciding what kind of legacy you would like to leave after your lifetime. While it is likely that you will want to leave a large portion of your assets to your loved ones, you may also want to consider helping a charity that is close to your heart.

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