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FAQ |
Frequently Asked Questions |
| Why can't I complete my own Estate Plan?
My property is owned jointly, why would I need an Estate Plan? My parents did not go through probate, why would I? Can I still control my property once it is placed in a Trust? Once I set up an Estate Plan can I change it if I change my mind on some part of it? Can I set up an Estate Plan to protect the rights of a domestic partner? |
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Why can't I complete my own Estate Plan? |
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While creating a Trust is not of itself a complex endeavor, tax law as it pertains to Estate Planning seems to be in a constant state of flux. In the last five years alone, there have been dramatic changes to both state and federal tax laws that have had significant impact on estates. Since a Trust is not activated until after the death of the Trustee, laws and circumstances can change several times between when a Trust is established and when it is activated. Because we keep up with all related changing legal issues, we can update our clients’ Trusts – at no additional charge – ensuring that at the time of death the Trust is current. |
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| Q. | My property is owned jointly, why would I need an Estate Plan? |
| It is true that jointly owned property passes automatically to the surviving spouse, but the situation becomes more complicated when that spouse subsequently passes away – or, in more tragic circumstances, when both parties die at the same time. A Trust simply ensures that the wishes of both trustees will be carried out accurately when the surviving spouse dies without the need for Probate Court intervention. | |
| Q. | My parents did not go through Probate, why would I? |
| Times have changed. At one time, simply putting the children’s names on the deed of the parents’ house, for example, could avoid Probate of that property. If the children sold the home, often the IRS wasn’t even aware of the transaction. But today, when the house is sold, a 1099 is issued and that will create capital gains taxes that must be dealt with between the children and the IRS. In addition, placing children’s names on deeds can lead to a myriad of problems such as in the case of divorce, incapacitation, creditors, disinheritance, in-laws, etc. All these real and potential problems can be simply avoided with a Trust because with a Trust your children have no legal right to any of your property until you are deceased. | |
| Q. | Can I still control my property once it is placed in a Trust? |
| Absolutely. As the Primary Trustee you have complete and total control of the assets in the Trust until the day you die. | |
| Q. | Once I set up an Estate Plan can I change it if I change my mind on some part of it? |
| Yes. It is a revocable trust – meaning you can change any or all of the provisions at any time. And because our contract calls for a one-time fee, there are no additional charges ever for changes to the Trust. | |
| Q. | How can I ensure that my children from a previous marriage will receive their inheritance, if I die before my current spouse? |
| In our 25 years of doing estate-planning law, we have seen many complications and problems result from misunderstandings and poor communication between family members. This is especially true in “blended families.” That is why we’ve committed our practice to specializing in these difficult aspects to protect children and their rightful inheritance. There are special provisions, such as a “QTIP Trust,” which would specifically address these types of situations. | |
| Q. | Can I set up an Estate Plan to protect the rights of a domestic partner? |
| Yes. A Joint Trust can be set up with anybody. The Trustees need not be married. Same-sex domestic partners and other unmarried couples can be protected by a Trust as well. The Trust is basically incontestable, which means its provisions cannot be challenged by family members or other parties. This affords the surviving partner full rights of ownership. | |
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Can I make provisions in my Estate Plan for my pets? |
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Absolutely. We have created Trusts for many clients that make financial and other provisions for the continuing care of their pets after their death and the distribution of the remaining assets on the death of the pet. |
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