Category Archives: Irrevocable Trusts
Who Owns the Property Inside A Living Trust?
There are many different complex terms and rules associated with estate planning, but it is critical to understand when you may or may not own property once it has been placed in a living trust. Property placed inside a revocable living trust still belongs to you unless you retitle it properly. This is, unfortunately,… Read More »
What Kinds of Property Should Be Placed Inside a Living Trust?
Want to use a living trust in Virginia? Or need more information about how a living trust differs from an irrevocable trust? In these cases, educating yourself is a great first step and one that you can follow with a Virginia Beach estate planning lawyer meeting. Your most valuable property should be included inside… Read More »
When Is an Irrevocable Trust the Right Choice?
Lost wills and testaments in Virginia require a probate process in order to distribute assets to heirs, but the use of a trust can avoid probate. Your personal and lifestyle preferences will help you determine whether or not an irrevocable trust or a revocable trust is most appropriate for your needs. A Virginia irrevocable… Read More »
Caring for a Child with Addiction or Mental Illness After You Pass Away
Every parent has concerns about how they will pass on their assets to their loved ones in the future but there are many more complications when you have a child who is struggling with mental illness or with addiction issues. Many parents who find themselves in this situation may feel overwhelmed by the process… Read More »
In Some States, Irrevocable Trusts Aren’t Necessarily Irrevocable
Estate tax returnIrrevocable sounds so very final, but in some states, appearances can be deceiving. According to a National Law Review article, people who created lifetime irrevocable trusts to avoid estate taxes don’t have to live with them irrevocably, in some instances. “The assets in the irrevocable trust pass upon death free of estate… Read More »
When irrevocable trusts no longer make sense, they can be revoked
There’s irrevocable in the dictionary, and then there’s irrevocable in the law. The two are not the same thing at all, and for that, some people are quite grateful, according to a recent article in Forbes magazine. “Americans were once trust-happy,” the story began. “Now many are having second thoughts, and rightly so. Given… Read More »