Understanding Financial and Legal Planning Techniques: Management of a Family Business or Real Estate With a Trust Description: When you own their own business, and only some of the family work in that business, or when they own a parcel of real estate, (like a family home or vacation condo) which you hope will remain in the family for future generations, a trust is a useful vehicle for planning for future succession for the management of the business or real estate parcel, and how the future uses and benefits should be shared. You can dictate, through your trust, who will succeed to management, what the manager's responsibilities will be, the degree to which other members of the family will participate in management decisions, and how subsequent successors will be named. Such provisions are not unlike those which would be contained in a partnership agreement if some members of the second generation are already owners or if members of other families are present.
What is the difference between a will and a trust? Description: People always ask, what is the difference between these two documents? Will or trust, I'm still leaving my assets to the people I care most about, right? Sure, that is true, but there are several key differences between the two.
Lessons On Probate and the Benefit of a Trust From Michael Jackson's Estate Distribution Description: A trust, unlike a will, can avoid the probate court process when used properly. By not transferring assets into your trust, however, you undermine some of the key benefits of a trust privacy, avoiding probate court and decreasing the chances of a family fight.
Is your living trust complete? Description: If you have a living trust or are thinking of creating a living trust, there are certain components that your trust should contain. There are also documents and information that you should include in or with your trust to ensure that your trust is properly executed. Don’t leave your loved ones in a state of confusion – take the time to review your living trust with your estate planning lawyer to ensure that it is complete.
Living Trust Overview Description: A living trust can be a very important document to help manage your estate, protect your assets and your privacy, and give you peace of mind. An experienced elder law attorney like those at Shields and Boris can help you better understand living trusts and how they can work for you. Contact us at 800-879-0984.
The Differences between a Revocable and Irrevocable Living Trust Description: Living trusts are a powerful estate planning tool, but can be confusing to some people. This article provides a simple overview of the difference between revocable and irrevocable living trusts. To learn more about living trusts and how one could enhance your estate planning efforts, please contact the elder and estate law attorneys of Shields and Boris toll-free at 1-800-879-0984.
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