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Trusts Archives

Don't forget your pets in your estate planning

Too many animals end up in shelters because their owners didn't plan for what would happen to their four-legged companions after they died. Often, people assume that family members will care for their critters and perhaps they intend to. However, sometimes all it takes is one nip from a frightened, confused animal who has just lost his beloved person for those promises to evaporate.

How to properly transfer assets into a trust

Many people make the strategic decision to transfer some of their assets into a living trust. They may have several reasons for doing this. The most common reasons typically relate to the desire to bypass taxes and to be able to transfer inheritance to their heirs without the need to go through probate.

Managing wealth through trusts

A great way to manage wealth is by setting up a trust. If you also want to set up a trust in order to manage your estate, it can be beneficial because it will help you avoid the cost of probate in the future. Trusts can also protect your assets and give you peace of mind that your future affairs will be taken care of.

Using a spendthrift trust to protect your heirs

When you are creating a trust, you will likely be concerned about how your heirs will benefit from it in the future. If your heirs are particularly young, or you worry about how they will spend your hard-earned cash, you might start to wonder about ways that you can control how your trust is used, even after your death.

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.

  • Lead Counsel Rated LC
  • Paul Faith David Ledyard Distinguished AV | Peer Review Rated | LexisNexis Martindale-Hubbell | For Ethical Standards & Legal Ability
contextual

919 North Dysart Road
Suite F
Avondale, AZ 85323

Toll Free: 888-350-8767
Phone: 623-806-8994
Avondale Law Office Map

Trusts Archives | Phoenix Real Estate Law Blog
Faith, Ledyard & Faith PLC
888-350-8767 623-806-8994
view our practice areas In the section

Trusts Archives

Don't forget your pets in your estate planning

Too many animals end up in shelters because their owners didn't plan for what would happen to their four-legged companions after they died. Often, people assume that family members will care for their critters and perhaps they intend to. However, sometimes all it takes is one nip from a frightened, confused animal who has just lost his beloved person for those promises to evaporate.

How to properly transfer assets into a trust

Many people make the strategic decision to transfer some of their assets into a living trust. They may have several reasons for doing this. The most common reasons typically relate to the desire to bypass taxes and to be able to transfer inheritance to their heirs without the need to go through probate.

Managing wealth through trusts

A great way to manage wealth is by setting up a trust. If you also want to set up a trust in order to manage your estate, it can be beneficial because it will help you avoid the cost of probate in the future. Trusts can also protect your assets and give you peace of mind that your future affairs will be taken care of.

Using a spendthrift trust to protect your heirs

When you are creating a trust, you will likely be concerned about how your heirs will benefit from it in the future. If your heirs are particularly young, or you worry about how they will spend your hard-earned cash, you might start to wonder about ways that you can control how your trust is used, even after your death.

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.

  • Lead Counsel Rated LC
  • Paul Faith David Ledyard Distinguished AV | Peer Review Rated | LexisNexis Martindale-Hubbell | For Ethical Standards & Legal Ability
contextual

919 North Dysart Road
Suite F
Avondale, AZ 85323

Toll Free: 888-350-8767
Phone: 623-806-8994
Avondale Law Office Map