The areas of trust planning and trust creation are vast and limited only by the imagination of the trust-makers, their attorney and the law. Trusts can be written and created to include a wide variety of features and accomplish many goals. So, while there may be a general form to certain commonly used trusts, no two trusts are ever the same. Somewhat like fingerprints, trusts are unique to each individual.
Divorce is never easy. There is always a laundry list full of things that you need to be dealing with or thinking about during this time. One very important item that typically isn’t at the top of the list is reviewing your estate plan. Chances are, when you originally set up your estate plan, it gave your spouse full control and named them as the primary beneficiary of your assets.
Talking with your children about disability and/or death can be a difficult task for most people. Parents spend the better part of their financial lives working, saving and planning only to end up avoiding proper communication and planning with their children on the topic of death. Parents often do not discuss their estate plans with adult children out of fear that this will only cause tension and improper incentives. But in my experience as an attorney and financial advisor, the most successful planning results come from good communication.
Read our Q4 2021 newsletter on leaving a legacy via strategic estate planning. We provide 10 articles with guidance on if you need an estate plan; types, features and taxation of trusts; how to set up trust funds for (grand)children; how to talk to your children about your estate; small-business transfer strategies; estate planning for the nontraditional family; how property titling can affect your estate plan. We also discuss what to do with your estate plan after getting a divorce or losing a loved one. We also introduce a new strategic alliance we formed with First Covenant Trust to offer our clients a full range of trust solutions.