How you own your property helps determine its distribution when you die or its use if you become disabled. Planning with property you don’t actually own (and this does happen) is no planning at all. This article will discuss the three primary forms of property ownership and how each form of ownership can affect estate planning.
Many parents purchase life insurance, sign a will, or prepare a trust to ensure the well-being of their children. Unfortunately, most life insurance proceeds are left outright to children and other beneficiaries without a single word of instruction. (more…)
Leaving property outright to a spouse seems like a loving act. It is easy, natural, and comfortable. It is also a mistake. When assets are left outright to a spouse, the survivors may face the uncertainties of guardianship or probate, unforeseen expenses, and delays. Such problems can be overcome through revocable living trust planning - when a marital trust is established. This is a special sub-trust created on the death of the first spouse within that deceased spouse's living trust. (more…)