If the concept of a “trust protector” is new to you, you’re not alone. Up until the 1990s, the role was familiar almost exclusively in the context of offshore trusts established in tax havens, such as Panama or the Cook Islands. Individuals establishing such trusts popularized the role in response to concerns about entrusting [...]
For many folks, trust funding is an alienating concept. Often, when we think of trust funds, we think of privileged socialites flexing their fancy lifestyles, and while this is a reality, it represents only a sliver of the ways trusts are used. Misconceptions like these obscure the benefits that trusts and trust funding can [...]
Estate planning is a hard topic to talk about, but no matter your age or wealth, it is smart to have a plan in place should the unexpected happen. Basic estate planning starts with a will, which deals not only with your property but with other important decisions, as well. You may know, however, [...]
Estate planning exists to protect the people and things you care about the most, but when you consider wills and trusts, have you accounted for your pets? The reality is that part of being a responsible pet owner is including them in your estate plan through a pet trust. For many people, pets are members [...]
Most people don't know much about probate, except that they want to avoid it. In our recent workshop for probate administrators and trustees, we noticed that a lot of the attendees submitted the same questions. Below are the 5 most asked questions about probate and trust administration, with answers from probate lawyer Tasha Lyn Cosimo. [...]
At their core, wills and trusts are both estate planning tools people use to protect their assets and their families. These documents are generally thought of as the two primary means of protecting and distributing one’s assets upon death. Many estate plans contain both a will and a trust, despite the fact that the goal [...]
To understand the key differences between an irrevocable trust and a revocable trust, we must first understand what a living trust is in the first place. In its simplest terms, a trust is a fiduciary relationship between three parties: the trustor (also known as the grantor), the trustee, and the beneficiary. The process is facilitated [...]
When people think of estate planning, they generally associate it with mortality. Although it’s true that you can’t take what you have with you when you go, it’s also crucial to plan and protect yourself while you’re still alive. Put simply, a revocable living trust is a legal document that allows you to remain in [...]
Probate can be a nightmare, and it is something many people wish to avoid. Probate isn’t all bad if you’re able to afford it, but is nonetheless a lengthy process that is oftentimes confusing, even with the help of a probate attorney. If you aren’t able to afford it, or simply don’t want to pay [...]
