Trusts have been around for a very long time. Although once used almost exclusively by wealthy families, trust agreements are now commonly found in the average person’s estate plan. While there are several different types of trusts and a wide variety of specialty trusts within those broader categories, one thing that all trusts have in common is a Trustee. If you find yourself appointed to the position of Trustee for the first time you likely have questions and concerns about fulfilling your … [Read more...] about Trust Administration Checklist for the First-Time Trustee
Commonly Overlooked Estate Planning Topics
Whether you are new to estate planning or are updating an existing estate plan, it is important to have a comprehensive estate plan that addresses all your needs and objectives. To help ensure that your plan accomplishes every you need it to, the Beverly estate planning attorneys at DeBruyckere Law Offices point out commonly overlooked estate planning topics. Overlooked Estate Planning Topics Because your estate plan should be uniquely tailored to meet your needs it may not be necessary to … [Read more...] about Commonly Overlooked Estate Planning Topics
Why You Should Review Your Estate Plan When You Retire
Every American should have a comprehensive estate plan in place. For seniors, the need for planning is heightened. If you are a senior and have yet to create a plan, there is no time like the present to do so. The North Andover estate planning attorneys at DeBruyckere Law Offices explain why you need to update your estate plan when you enter your retirement years. Why You Need an Estate Plan If You Are a Senior When you reach your “Golden Years,” a wide range of things will change that … [Read more...] about Why You Should Review Your Estate Plan When You Retire
7 Important Differences between a Will and a Trust
Both a Last Will and Testament and a trust agreement can be used to distribute your estate assets after you are gone. While most people initially execute a Will as their distribution method of choice, many later decide to establish a trust in addition to, or in lieu of, a Will. To help you decide what works for you, the Beverly estate planning attorneys at DeBruyckere Law Offices discuss seven important differences between a Will and a trust. What Is a Last Will and Testament? A Last Will … [Read more...] about 7 Important Differences between a Will and a Trust
Estate Planning For Women: How Is It Different?
All adults should have at least a basic estate plan in place given the numerous benefits an estate plan offers. For women, however, estate planning can take on heightened importance. The North Andover estate planning attorneys at DeBruyckere Law Offices discuss what you need to know about estate planning for women. Why Is Estate Planning More Important for Women? Statistically, women are more likely to outlive their spouses, ultimately leaving them to be the ones to pass down the marital … [Read more...] about Estate Planning For Women: How Is It Different?
Which Type of Trust Do I Need?
Most people are familiar with the concept of a trust; however, the thought of creating a trust can be a bit intimidating. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. The Woburn trust attorneys at DeBruyckere Law Offices explain some commonly used trusts and the estate planning goals they can help you accomplish. Testamentary Trusts A … [Read more...] about Which Type of Trust Do I Need?
Why Do I Need a Will If I Have a Revocable Living Trust?
Like most people, when you created your initial estate plan, you probably chose to execute a Last Will and Testament as the foundation for that plan. As your estate and your family grew, you may have later decided to establish a revocable living trust to serve as your primary estate planning document. The estate planning attorneys at DeBruyckere Law Offices explain why you still need a Will if you have a revocable living trust. Last Will and Testament Basics Most people are familiar with … [Read more...] about Why Do I Need a Will If I Have a Revocable Living Trust?
Can I Be Personally Liable If I Administer a Trust?
Though once used almost exclusively by the very wealthy to protect and pass down that wealth, trusts have evolved to the point where they are now found in the average estate plan. One thing that all trusts have in common is the need to appoint a Trustee to oversee the administration of the trust. If you were recently notified that you were chosen to be the Trustee of a trust for the first time, you may understandably be a bit nervous. You may also be worried about the ramifications of making a … [Read more...] about Can I Be Personally Liable If I Administer a Trust?
The Not-So Transparent Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about The Not-So Transparent Corporate Transparency Act
5 Areas People Frequently Overlook in Their Estate Plans
Whether you are creating your first estate plan or reviewing an existing plan it is important to make sure your plan is a comprehensive one. To get the most out of your estate plan, it should focus on more than just the distribution of assets after you are gone. To help ensure that your estate plan accomplishes everything that it can, an estate planning attorney at DeBruyckere Law Offices explains five areas people frequently overlook in their estate plans. Contact an Estate Planning … [Read more...] about 5 Areas People Frequently Overlook in Their Estate Plans