Ledbetter.law
What is HEMS and Why is it Included in So Many Trusts
WebThe acronym HEMS is commonly used in estate planning. HEMS, which stands for “health, education, maintenance, or support”, is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to distributions for HEMS, often called an …
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Aligning Your Assets With Your Trust
WebFor many, a comprehensive estate plan begins with a living trust agreement. Working with an attorney to create a trust is an important step. But just getting the document drafted and signed is not enough. For any trust to be effective, you must complete the process of aligning your assets with your trust, often called trust funding, as soon as
When to Consider a Testamentary Trust
WebAvoiding probate is one of the main reasons that many people create a revocable living trust during lifetime instead of relying on a will to transfer their money and assets to their beneficiaries after their death. Probate is the court process that proves the validity of the will and oversees the payment of creditors and distribution of assets to the
Five Mistakes Successor Trustees Make (and How to Avoid Them)
WebTo prevent this mistake: Detail the fiduciary role of the successor trustee in the trust document and be certain that the successor trustee understands the role. 2. Faulty Record-Keeping. To ensure that a trust fulfills its purpose without being contested, the trustee must keep accurate, detailed records of income and distributions.
Choosing the Right Trustee for Your Living Trust: Why a …
WebCreating a living trust is an excellent way to protect and manage your assets, prepare for your possible incapacity, and provide for your loved ones. One crucial decision you'll need to make as you establish your trust is selecting a trustee. While you may consider a family member or friend for this role, there are compelling reasons why hiring a
Investment and Distribution Trustees: Why Would I Need Both
WebWhen creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will act next, when you can no longer act because of illness or death, it is sometimes helpful to divide the responsibilities between two or more successor trustees. For example, you may
The Helpers You Name in Your Estate Plan
WebA comprehensive estate plan may include a Trust, Will, Durable Power of Attorney, HIPAA Authorization, Healthcare Power of Attorney, and Funeral Representative Designation, among other legal planning tools. The person or entity you authorize to act in each of these various parts of your plan are those upon whom you will rely on to take …
How to Talk to Mom and Dad About Creating an Estate Plan
WebConversations about incapacity, death, and dying are rarely fun. Most people avoid them because it can be unsettling to discuss failing health and the inevitability of death. Engaging in these conversations can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the topic because they do not want to think …
National Safety Month: A Revocable Living Trust as Your Tool for …
WebFor over a quarter of a century, the National Safety Council has recognized June as National Safety Month. An objective of National Safety Month is to raise public awareness of the top safety and health risks in the United States. One of the lesser known but considerable risks Americans and their loved ones face are the financial and emotional repercussions
Statements of Intent or Purpose in Your Trust
WebThere are two main ways a trustmaker can document their intents and purposes for their trust. Each approach has a slightly different purpose. Both are generally called a “statement of intent.”. Statement of Intent or Purpose within the Trust Document. The first approach is to include a statement of intent in the trust document.
Three Legal Strategies When Facing a Major Health Event
WebWhat You and Your Family Need to Know Receiving a health diagnosis or learning that you need to undergo major surgery can cause substantial disruption in your day-to-day life. During this time, the last thing you may want to think about is estate planning. Although you may have many things going through your head at the moment, now is a crucial
We All Need a Yearly Checkup: Your Estate Plan Does Too
WebIt is common for many folks to get an an annual physical. We see the value in detecting and treating problems before an illness or health condition becomes serious. It is also important for your estate plan to get a regular check up. Changes in your life circumstances and changes in the law require regular review of your estate plan
Helping Clients Protect Themselves and Their Loved Ones This …
WebFor over a quarter of a century, the National Safety Council has recognized June as National Safety Month. An objective of National Safety Month is to raise public awareness of the top safety and health risks in the United States. One of the lesser-known but considerable risks Americans and their loved ones face are the financial and emotional repercussions that
Estate Planning for Independent College-Bound Children
WebAs our children grow into young adults and prepare for college, their journey towards independence becomes a priority. However, it's crucial to consider their legal and financial well-being, especially since parents no longer have legal authority over their children once they reach the age of majority. Estate planning may not be the first thing …
Does a Domestic Partner Have the Same Rights as a Spouse When …
WebDomestic partnership is an alternative to marriage, the most common way for a couple to legally commit to each other. For some time, domestic partnerships and civil unions were the only option for same-sex couples wishing to commit to each other while marriage was not legally available. In general, couples in a domestic partnership do not …
Handling the Legal Affairs of a Missing Person
WebThe Department of Justice reports that approximately 600,000 people go missing in the United States each year. The loved ones who are left behind must carry not only heavy emotional burdens but significant practical burdens too. People who go missing often leave behind real estate and personal property, debts and ongoing bills, insurance …
Your Planning Team for Your Next Adventure
WebDo you have any travel plans coming up? You may have decided what you and your travel companions want to see and do, how much you are willing to pay, and the time you plan to travel. While your travel arrangements may be set, you need to consider calling in a special planning team to make sure that you and
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