Trust Planning

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Modifying or Terminating a Trust
You can modify or end some types of trusts anytime, but other types may never be changed. ... READ MORE

A Special Needs Trust Can Help You Qualify for Other Benefits
Government programs such as Medicaid and Social Security help low-income disabled persons access essential medical and caregiver services. Ownership of even modest amounts of property or income can disqualify you from such programs. To address this problem, you can set up a special trust to preserve ... READ MORE

Charitable Trusts Are Generally Irrevocable
If you want your estate plan to include some of your favorite charities, there are generally two types of charitable trusts to consider. Each type of charitable trust has unique characteristics and, depending on which one you choose, you may even see some immediate tax savings. Most Charitable Trusts ... READ MORE

Managing Trust Taxes
Depending on how trust documents are drafted, trust income can be taxable to beneficiaries, to you, to the trust, or to a combination of all three. Maybe you want to pay the tax so your beneficiaries don't have to. Maybe you prefer that the trust pay them separately. When creating your trust, you have ... READ MORE

When Is a Revocable Trust a Good Idea?
One type of trust that is commonly used by estate planning lawyers is the revocable living trust, which allows you to retain control over your personal assets. However, revocable living trusts aren't for everyone. In some cases, the disadvantages can outweigh the benefits. A Revocable Living Trust Gives ... READ MORE

Do I Even Need a Will or a Trust?
As the years fly by faster and faster, most of us start thinking about what will become of our financial and physical assets when we die. Surprisingly few of us actually do anything about it, however. We may think that we don’t have enough “money and stuff” to make an estate plan worthwhile. We ... READ MORE

Why Make a Trust
A trust can be a powerful estate device. ... READ MORE

Who Needs a Financial Power of Attorney?
Usually, we like to feel that we are on top of making our own financial decisions. We pay our bills, transfer money between our accounts and make our investments (good and bad). But sometimes, this is not possible. Maybe you are traveling to a remote area for an extended period of time. Maybe you have ... READ MORE

The Role of the Trustee or Trustees
When you create a trust, put serious thought into who you name as trustee. A qualified trustee will be good with numbers, and with people too. ... READ MORE

Common Questions: Trusts
Trusts aren't right for everyone. ... READ MORE

 

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Trusts And Estates Questions

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You can file a petition with the probate court to modify or terminate an irrevocable trust with the consent of the settlor and all of the beneficiaries, or with the consent of all of the beneficiaries ...Read more

Dear Sir,   Assuming this is an irrevocable trust (Settlor has died), Trustees are required to advise qualified beneficiaries of the trust and, upon request, to provide them copies w/i 60 ...Read more

If the trust is revocable, it can be revoked by the settlor.  If an attorney-in-fact has the authority under a power of attorney, then that agent can act for him. If the trust is irrevocable, it ...Read more

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Can I Make Mom Pay for College from Dad’s Life Insurance?

Dear Ms. Allison: How can I make my mom pay for my college with my dad’s life insurance money? They’ve been divorced for 17 years and he died 2 years ago. Now that I’m 21, she won&#8 ... Read more

Whate do I do with the 1099-S from the sale of deceased mom’s home.

Q: The county valued the house at $131,100 and it sold for $129,900. Doesn’t this count as a loss and therefore not income? A: Form 1099-S is used to report gross proceeds from the sale and exch ... Read more

Why is a law firm requesting to become administrator of my deceased son’s

Q: My son had an accident he was at fault for and died. He only had liability insurance. A lawyer for the occupants of vehicle he hit want to be administrator of his estate. He has no estate. The peti ... Read more

What happens when one heir is bequeathed the title of a house and another h

Q: My grandmother recently passed away. My grandfather passed away a few years ago and my mother, also the executor of her will, is her only child and has always lived with my grandmother in her house ... Read more

Can a child opt out of their parents will?

Q: Once said parents are deceased, can a child decide not to be included in the will? (Baden, PA) A: Parents are free to include whoever they wish in their will. Once a will is probated, an heir named ... Read more

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