Trusts

The Harmonious Family that Won’t Fight

Do You Remember the Last Time You Had a Fight with Family Members? As we begin the start of the 4th of July Holiday weekend and the vacations families share around this time, I think about the messy and dysfunctional family, the back-stabbing Roys as I conclude the show Succession. Most families are happy families. […]

Which Distribution Method Is Best? Showing Your Children, the Love

Recently, I had an appointment with three siblings over their parents’ distribution wishes in the will. I thought this blog would explain parents’ choices when preparing for their estate planning. As parents, we generally want to do good things for our children while we are alive, and when we are gone and leaving them an […]

This past March, Tax Court Wins

The value of the QTIP trust in the estate of Pearl Kalikow was not reduced for undistributed income. Let’s look at the estate Sidney Kalikow, a real estate developer, died in 1990 with a last will and a QTIP trust for his wife, Pearl. The QTIP trust (Qualified Terminable Interest Property) included a requirement to […]

What Is HEMS and Why Is It Included in So Many Trusts?

In estate planning, you may come across the acronym HEMS occasionally. HEMS stands for “health, education, maintenance, or support” and is often included in trust agreements to guide a trustee on the distributions they may make to a trust beneficiary. When a trustee is limited to this distribution standard, often called an ascertainable standard, they […]

Federal Deposit Insurance Corporation (FDIC) Insurance

Last year I wrote regarding the new rule passed on Friday, January 21, 2022, about trust insurance. The Federal Deposit Insurance Corporation (“FDIC”) had approved a new rule to simplify the agency’s deposit insurance coverage regulations. Considering recent disconcerting happenings in the banking sector, I thought resending this post made sense. Life got more manageable […]

Funding a Trust Do I Have Everything Titled Correctly?

So, you have completed, signed, and notarized your estate plan written by your estate attorney, and you think you are done. But getting the document drafted and signed is the first step. For any trust to be effective, you must complete funding your trust as soon as you can. But what is funding? A common […]

How to Amend Your Trust - The Dangers of DIY

When you create a revocable trust, you reserve the right to amend your trust during your lifetime, giving you the flexibility to change your estate plan as your circumstances evolve. But special care must be taken when changing your revocable trust. If you make handwritten changes to your revocable trust or attempt to amend your […]

Can a Beneficiary Also Be a Trustee of a Trust

Who should be a Trustee? I am often asked who the Trustee of our trust should be. One of the most important decisions a client will make during the estate planning process is whom to name to serve as trustee of the trust. This person (or entity) will control how trust assets are used […]

Legislative Alert - Transferring Certain Firearms into Your Gun Trust

If you own firearms, precisely one with an attached stabilizing brace or pistol brace, consider transferring the firearm to a Gun Trust as soon as possible. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) recently published a new rule that regulates the possession of firearms with such a brace. The rule will reclassify such […]

Hiring a Professional to Be Your Trustee

I am often asked during the estate planning process by clients, whom do we name as trustee? Choosing a trustee to manage your estate is one of the most important estate planning choices you must make. An executor’s responsibilities deal with the execution of your will. A trustee has responsibilities for the execution of the […]

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