Planning for Incapacity
In doing estate planning, it is essential to plan not only for death — but for life.
In doing estate planning, it is essential to plan not only for death — but for life.
Doing proper estate planning for a “yours, mine and ours” family presents many special challenges. This article sets forth problems and provides solutions for what spouses can do when addressing concerns related to blended families.
The use of a revocable trust (sometimes referred to as a “living trust” or “family trust”) to plan one’s estate has become very popular. Despite the popularity of the revocable trust, revocable trusts are not without their potential problems.
A will or living trust may also create a separate trust when one spouse dies, in order to shield up a significant portion of the estate from later estate taxes. Such trusts are designed to save money by avoiding probate fees and delays, and by deferring or reducing estate taxes.