Posts Tagged ‘estate planning’

Joint Trust for a Couple

joint trustWhen you marry or enter into a longterm relationship, it may make sense to begin to combine assets. Many couples consider creating a joint estate plan such as a joint trust to manage their financial affairs after death. Consider a few factors before making your decision.

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Giving Your Children Unequal Shares: The Pot Trust

pot trustIf something were to happen to you and your partner while your children were still minors, how would you divide your assets among them?

If you answered “equally,” you are like many parents who presume that giving each child an equal share of your estate is the fairest solution. But in some cases, uneven distributions may be a better — and surprisingly fairer — alternative.

The way you currently provide for your children is based on need rather than on equity. If Susie needs to see a doctor, it does not matter that she has gone to the doctor twice more than Bobbie this year; you take her to the doctor’s office anyway. Your financial decisions are based on needs as they arise, not a meticulous accounting to ensure that you spend exactly the same amount on each child. Your estate plan should match this.

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What is a Revocable Living Trust?

Revocable Living TrustThough you may be familiar with the concept of a will, you may not be aware that there are actually multiple different ways to give away your property when you die. One such mechanism is called a revocable living trust. Though the term may sound complex, the function of a revocable living trust is simple if you break down the name.

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Three Estate Planning Strategies for Same-Sex Couples

gay estate planningThough no one likes to think about ones own mortality, it is important for same-sex couples to do some advance planning in the event of their death or incapacitation. Those couples living in states that no not permit marriage — or do not offer civil unions or domestic partnerships that include inheritance rights — especially need a will. Keep in mind that when there is no legal recognition of same-sex unions, gays and lesbians are often left with nothing upon the death of their partner. To avoid losing your home, your personal belongs, and, in some cases, your children, ensure that both you and your partner begin the estate planning process as soon as possible.

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