Tag Archives: Estate Planning

Successor Trustee

SUCCESSOR TRUSTEE Many clients wonder who should be selected as their successor trustee, or if they have a will, the personal representative. The following assumes there is no person who is an appropriate choice and therefore they will be looking for a corporate trustee, typically a bank trust department. When looking for a corporate trustee, […]

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Prenuptials and Estate Planning

PRENUPTIALS AND ESTATE PLANNING Prenuptial agreements are often considered in the context of a potential divorce. However, they should also be considered as part of an estate plan. Prenuptials typically cover three areas: protection of separate property, division of property and inheritance rights. A prenuptial can protect pre-marital or inherited assets from becoming mixed with […]

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Dividing the Vacation Home

A common problem is the summer cottage loved by generations of a family. The problem (among others) is how to pass this to future generations. Not only are there more people to share decision making, there are more, or fewer, able to shoulder responsibility for maintenance and expenses. Adding to the complexity are son and/or […]

Posted in Estate Planning, Limited Liability Companies, Real Estate |

Planning for your beneficiaries

Historically, when people passed away they left their assets (in the most common scenario) to their children in equal shares.  Since most people didn’t have much this made perfect sense.  Several things have happened to make this a plan worth re-thinking. First, the current generation that is likely to pass in the next 15 years […]

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Estate Planning: Leaving Your Assets to an SSI Recipient

When discussing estate planning and beneficiaries, a number of circumstances may arise. An all too common scenario is beneficiaries (most often children) who have disabilities. These disabilities can be from birth, injuries, or just evolve from health issues. If they are unable to work, and receive Social Security Income (SSI), they are extremely limited in […]

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Downtown Abbey Playbook: Estate Planning

The popular PBS show, Downtown Abbey, provides multiple examples of estate planning opportunities.  Although the Earl of Grantham is arguably better off than most of us, his financial planning leaves much to be desired. Anyone with substantial assets should consider a dynasty trust to protect their assets from bad management, creditors, spendthrift family members and […]

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