The (Only) 3 Reasons You Should Have an Irrevocable Trust

The (Only) 3 Reasons You Should Have an Irrevocable Trust Should you really agree to give up control of your assets? There are some good reasons to get this type of trust, but there are some major drawbacks as well.…

Trusts Make Sense Even When You Aren’t a Billionaire

December 31, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Care, Elder Law, Estate Planning, Power of Attorney

Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.

Should a Husband and Wife have Separate Trusts?

December 16, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Care, Elder Law, Estate Planning, Power of Attorney, Probate and Estate/Trust Administration

In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.

Consider Funding a Trust with Life Insurance

Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.

How Does an Intentionally Defective Grantor Trust Work?

This type of trust can be established to benefit your spouse, children, grandchildren and other descendants. However, it may be more appropriate in some situations than others. Getting to know the details of what an IDGT is and how it works can help you decide if it makes sense for you.

Avoiding Probate with a Trust

February 24, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning, Life Insurance, Power of Attorney, Probate and Estate/Trust Administration

In other words, family members who are not named to inherit anything in the will may still see the list of all of the assets. If you don’t want that result, you can avoid it by establishing a trust.

Not a Billionaire? Trusts Can Still Be Beneficial

Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.

Why Even “Regular Folks” Can Benefit from Trust Funds

A trust fund is an account that gives a person control over who will receive their assets during their lifetime and/or at their death.

How Do Trust Attorneys Help Your Estate Plan?

August 21, 2019
Bill O’Leary, Esq.
Estate Planning, Probate and Estate/Trust Administration

Setting up a trust fund offers many advantages in terms of passing on wealth or assets. It avoids probate, or the transfer of assets in court. This increases not only the ease of transfer, but also privacy.