Frequently Asked Questions
FAQs
Each type of trust is unique to each and every family. Which one you decide to go with will solely depend on you and your families situation. We made to sure to provide you with an example and description of each trust type we offer. To read more about the trusts we offer see below.
Most definitely. We understand that things change as time goes on, so we are always willing to make the appropriate changes to your estate plan when needed.
Yes. In the event that you have questions, comments, or concerns you will be provided more time to speak with an attorney or their assistant.
We understand money does not grow off of trees. Make sure to speak with a representative to find the most suitable option for you and your situation.
We will schedule a time for you to sit down with our estate planning attorney and assistant electronically. The notary and signing can all be done digitally as long as you have a camera and a computer.
We work side by side Handelin Law, LTD attorney Steven P. Handelin. Steven has 10+ years of experience and will be drafting your estate plan hands on.
When you fill out an intake form, it may seem alarming and a little odd. Don’t fret, all of your personal information is kept confidential between you and the attorney no one else will have access to your information.
Yes, once all of the estate planning documents have been executed we will keep a copy for our records and mail out your original copies to you.
Types of Trusts
A written document completed in accordance with state requirements that contain instructions for disposing of assets after death. A Will can only be enforced through a probate court. A Will can also contain the nomination of a guardian for minor children.
In a Living Trust you (Trustee) will give authority to another party to handle your assets. This type of trust will become operational after the death of the Trustee. Unlike a will, a Living Trust will not go through probate court. This means that your property can be immediately passed to your named beneficiaries.
An Irrevocable Trust will be the same concept as a Living Trust; however, it cannot be revoked. This means you cannot changed, modify, or cancel anything within the trust unless under certain circumstances.
People who are considering a Special Needs Trust may have a special needs member in their family The Special Needs Trust will hold current assets and receive funds a disabled beneficiary of a trust may receive. The reason for this sort of trust is to protect the financial assets of a disabled beneficiary.
This type of trust restricts a beneficiaries access to an inheritance. This is perfect for Trustees who want to ensure their inheritance is being used wisely. With a Spendthrift Trust a Trustee has the power to determine how the beneficiary can use the funds.
A Life Insurance Trust is set up with a life insurance policy as an asset, this allows the grantor of the policy to exempt assets away from the taxable estate. It is important to note that this type of trust is irrevocable.
A fiduciary relationship in which one party, known as the grantor or settlor, gives another party, known as the trustee, the right to hold property or assets for the benefit of another party, the beneficiary. The trust should be memorialized by a written trust agreement, outlining how the trust assets will be distributed to the beneficiary. Often times with an estate planning trust, the grantor, trustee, and the beneficiary are initially all the same person, so there are no asset protection qualities.
A Self-Settled Spendthrift Trust is built the same way as a Spendthrift Trust, however the trust creator and beneficiary are the same person. Also it is important to include that there may not be any other beneficiaries of this type of trust.
A Business Management Trust is made to accomplish tax reduction. This type of trust also protects assets from probate or creditors. All in all, this type of trust is create to protect your business.
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We understand how confusing estate planning can get, schedule your free consultation today. We can answer any questions or concerns you have.
More Frequently Asked Questions
The court-supervised process of managing the assets and debts of a person who has passed away. Probate can be in conjunction with a Will (A trust is not subject to Probate) or can administer an estate without a Will by way of intestate succession.
The assets received from someone who has died.
A deduction on the federal estate tax return, it lets the first spouse to die leave an unlimited amount of assets to the surviving spouse free of estate taxes provided that those assets are under the then current federal exemption amount. However, if no other tax planning is used and the surviving spouse’s estate is more than the amount of the federal estate tax exemption in effect at the time of the surviving spouse’s death, estate taxes will be due at that time.
The process of winding down the final affairs (valuation of assets, payment of debts and taxes, distribution of assets to beneficiaries) after someone dies.
All assets and debts left by an individual at death.
A person with a legal obligation (duty) to act primarily for another person’s benefit, e.g., a trustee or agent under a power of attorney. “Fiduciary” implies great confidence and trust, and a high degree of good faith.
Generally, anything a person owns, including a home and other real estate, bank accounts, life insurance, investments, furniture, jewelry, art, clothing, and collectibles.
A person or entity (such as a charity) that receives a beneficial interest in an asset, estate, trust, or insurance policy. There are various types of beneficiaries such as vested, contingent, and remote contingent.
The process of transferring (re-titling) assets to a living trust. A living trust will only avoid probate at the grantor’s (the person funding the trust) death if it is fully funded, meaning it contains all of the decedent’s assets. Funding may be different depending on the type of trust.
Unable to manage one’s own affairs, either temporarily or permanently; often involves a lack of mental capacity. This medical determination has ramifications with respect to the estate planning documents that are in place.