Trustee Fees: Guideline for Trustee Compensation Trustees are the main person responsible for following the wishes of the creator of the trust (trustor) as articulated in the trust agreement, and are responsible for overseeing the management and distribution of the trust assets. A trustee is often a close friend or family member of the trustor, however, whether trustees have a personal connection to the trustor or not, they are almost always given a trustee fee for performance of their duties. → Read More
Out-of-State Real Estate In Your Will A Will is especially important for those owning property in more than one state. As state laws vary, unless you have a Will, your principal residence in your home state may be divided one way, while that vacation home may wind up divided differently. → Read More
What is an estate? An estate consists of all the property a person owns or controls. The estate property may be in his or her sole name, held in a partnership, in a joint ownership arrangement, or through a trust. Estate property also includes all other monies that would be generated upon the person’s death, such as through life insurance. → Read More
California Power of Attorney for Health Care In California, the form you need to fill out to enable someone else to make healthcare decisions for you if you become incapacitated is called the California Power of Attorney for Health Care form. → Read More
What is an annuity trust? A trust allows a person to set aside his or her property to be managed by another individual for the benefit of others. An annuity trust is one of several different types of trusts. When establishing an annuity trust, the settlor places property in the trust and the trustee not only manages the property but also pays the settlor or the beneficiaries a fixed income for a set period of time. → Read More
What if Your Ex-Spouse Survives You – What Happens in My Will This article discusses the disposition of property in the event that you are legally separated or divorced but haven’t changed your Will and your ex-spouse survives you. → Read More
Whether, When and How the Trust Creator Can Revoke an Irrevocable Trust A living trust is an excellent way to manage your money and help protect your family and your wealth, both now and in the future. Unlike a will, which goes into effect only upon your death, a you can manage a living trust during your lifetime. If you create an irrevocable trust you may benefit from tax advantages, but will have a hard time making changes to the living trust should you rethink your estate plan. → Read More
Illinois Power of Attorney for Health Care In Illinois, power of attorney for health care is called an Illinois Power of Attorney for Health Care and it enables the person of your choice to make healthcare decisions for you should you become incapacitated. → Read More
What is a qualified personal residence trust (QPRT)? A QPRT, qualified personal residence trust, is a form of grantor retained income trust. The purpose of this type of trust is to place assets into an irrevocable trust and only grant the income from the trust to the trustor. The actual asset in the trust will eventually pass to a listed beneficiary such as a child or grandchild. The advantage to a QPRT is that it freezes the value of the asset in the trust allowing it to pass with fewer tax consequences for the beneficiary. → Read More
Pour Over Will A pour-over will is created to’catch’ any assets or property that had been left out of a living Trust, either intentionally or inadvertently. → Read More
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