FAQ: Revocable Trust vs Irrevocable Trust
One of the more frequently asked questions we get is about the difference between revocable and irrevocable trusts. In this post, I answer that question as simply as I know how and suggest why someone might choose one over the other. As always, let us know if you have any questions.
Your Mix: Why Your Blended Family Needs a Plan
Blended families have many of the same estate planning problems to solve as other types of families, but they also have a few problems unique to their situation. Typically, two partners come to a new marriage with separate assets and liabilities - real estate, inheritance (or anticipated inheritance), retirement savings, life insurance, credit card debt, student loans, ongoing financial obligations from divorce decrees, and on and on.
Corporate Trustee: When and Why You Need a Professional
In most of our consultations about trusts, we eventually explore whether the client may benefit from integrating a corporate trustee into their plans. We look at family dynamics, financial advisers, and types of assets, among other things. We also consider needs that may arise during a client's disability - during which time a Will does absolutely no good at all - and whether there are new and unique needs that arise after a client's death.
Creating Your Family Bank
Everyone needs estate planning. Everyone. Every. One. But not everyone needs the same estate planning. There are some tools that everyone should have - like a power of attorney and advance directive. There are some tools that many people should have - like a last will and testament and revocable living trust. And then there are those more specialized tools that fewer people need; yet, for those families that need them, they can make a critical and positive difference for many future generations.
Hello. We're Tallgrass. Nice to meet you.
Please allow us to introduce ourselves. We are a team of attorneys who imagine a different way to work and help clients. We are a work in progress, just like you and your family. And here are a few things that drive how we work and where we're headed.
More Than One Way to Cover Your Assets
Like everything else in estate planning, asset protection isn't a one-size-fits-all proposition. What type of protection you need depends entirely on the type of asset you want to protect and the source of the potential threat - creditors, lawsuits, divorcing spouses, financial predators, remarriages, long-term care costs, income taxes, estate taxes, etc.
Procrastination: It's Not a Matter of Time
If you are not someone who struggles with procrastination, congratulations. If you are like me, however, there always seems to be a list of things you just can't bring yourself to get around to. You tell yourself you'll do it tomorrow, because tomorrow, magically, you will "feel like it" or you will have time or the stars will otherwise align.
Resolution: 4 Reasons Why This is the Year We Do Our Estate Plan
A good estate plan clarifies your wishes and values. If you are temporarily or permanently disabled, who should be in charge of medical decisions about you? What types of decisions should they make? And who should be in charge of your finances? How should they use your money? Should they give to your church? Should they take care of another family member?
Do your retirement and estate plans play well together?
If you're saving for retirement, you've likely got an IRA, 401k, or some other type of "qualified retirement plan." In these types of plans, your money grows without incurring capital gains taxes, and, depending on the specific account, your contributions may not be taxed until you withdraw them (after a specific age).
The Basics: What's a "trust" and what does it do for me?
A thorough estate plan includes several important documents, but at the heart of the plan is either a trust or a will. Helping people understand the distinction between a trust and a will is one of the most important parts of my conversations with clients. Most people don't know the difference, or, more importantly, why the difference matters. But if you will invest 30 seconds skimming this post, you will know more about trusts than just about everyone else you meet.