I often craft estate plans without the use of a trust and achieve the exact same outcomes as if one was in place. Trusts in some circumstances are an added expense, unnecessary and over the top. My firm believes putting folks in a trust only if, it’s perfectly appropriate or absolutely needed. Whether a trust is appropriate or necessary depends on you and your families circumstances. Below is a list, à la Jeff Foxworthy, to see if a trust is…
Moving to Colorado? If you, a friend, or a family member have recently moved to the Centennial State, and you’re wondering what to do with your LLC, look no further. I have your answer! You can do one of three things: you can register it as a foreign LLC; dissolve it and start anew; or create a new LLC and merge it with the old one. Keep It As A Foreign LLC A foreign LLC is one that’s registered in…
About fifty percent of the trusts that come across my desk are unfunded. Funding a trust simply means placing assets in a trust. Either by creating accounts to hold assets or by making the trust the owner of assets through titling Funding Trusts is essential to having a trust. Actually, I believe it’s the most important part of having since a trust. Since, an unfunded trust is not a trust at all, but rather a stack of papers. Here’s a…
Under the appropriate circumstances, a revocable living trust is the perfect estate planning document. Sometimes, however they can be overkill or underused. Whether a trust is the right document for you depends much upon your assets and family circumstances. Also much depends on whether you as the maker and trustee are willing and able to do so. Here’s some things to consider before using one in your estate plan. A Living Trust Is Not A Will Replacement If you have…
Being on the board of directors (BOD) for a non-profit, comes with duties and obligations. This liability extends to you personally if you breach these responsibilities. Sometimes, people agree to be a director of a non-profit as a resume filler; or to support to a friend, family member, or colleague. Being a director of a non-profit however comes with risks and should be taken seriously. Directors need to be mindful of their fiduciary duties to avoid tax and personal liability….