3 Examples of When an Irrevocable Trust Can – and Should – Be Modified

If you didn’t know that irrevocable trusts can be modified, you’re not alone. However, the truth is that changes in the law, family, trustees, and finances sometimes frustrate the trust maker’s original intent. Or, sometimes, an error in the trust document itself is identified. When this happens, it’s wise to consider trust modification, even if that trust is irrevocable. Read More

3 Tips for Overwhelmed Executors

While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets to which they are entitled. If you’ve found yourself in the position of “overwhelmed executor,” here are some tips to lighten the load. Read More

Joint Property Perils

People often set up bank accounts and real estate so that they own it jointly with a spouse or other family member. The appeal of joint tenancy is that when one owner dies, the other automatically inherits the property by right of survivorship, without the property having to go through probate. Joint ownership of property is perceived to be easy because bank accounts can be opened as joint accounts and when buying real estate, title can simply be taken as joint tenants. Read More

3 Reasons an Irrevocable Trust Should be Modified

Many people believe that an irrevocable trust cannot be modified. However, changes in the law, family, trustees, and finances sometimes frustrate the trust maker’s original intent. Sometimes an error in the trust document itself is identified. When this happens, it makes sense to consider trust modifications, even when the trust is irrevocable. Here are three examples of when an irrevocable trust can, and should, be modified or terminated. Read More

Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (“the Act”) was signed into law on December 22, 2017. Most of the changes introduced by the bill will go into effect on January 1, 2018 and will not affect 2017 taxes. The Act created significant changes to individual and business taxation, as well as opportunities for dynasty planning, discounted gifting and other asset protection strategies to shield assets for your beneficiaries. Read More