RLT Drafting 101: General Concepts

By WealthCounsel Staff on Jan 22, 2021 10:06:26 AM

!Blog-RLT101

Revocable living trusts (RLT) are the bread and butter of most estate planners. If drafted correctly, RLTs can avoid the costly and time-consuming probate process and provide for a client’s spouse without disinheriting children—which can be important for clients who are in second marriages. RLTs can reduce estate taxes and protect inheritances from courts, creditors, spouses, divorce proceedings, and irresponsible spending.

Continue Reading

Give Your Practice a Gift For The Holidays

By WealthCounsel Staff on Dec 25, 2020 10:00:00 AM

gift-1

A membership to WealthCounsel is the best gift you could give to your practice (and yourself!). WealthCounsel has everything you need to build and run a thriving estate planning or business law practice. 

Continue Reading

From Old to New: The Basics of Trust Decanting

By WealthCounsel Staff on Dec 18, 2020 10:00:00 AM

DecantingMWS2.12.2020

It may seem surprising to use a wine analogy to explain a legal concept, but when discussing trust decanting, pouring wine is often a part of the conversation. When you take a bottle of wine and slowly pour the wine from the bottle into a different container, you are separating the wine from any sediments that may have formed in the bottle. This process is called wine decanting. Decanting ultimately makes the wine taste better as it removes the harsh taste of built-up sediment. Similarly, trust decanting allows a trustee to modify an irrevocable trust by “pouring” the trust assets into a new trust that has different, often more favorable terms. If a trustee has the discretionary power to distribute trust assets to and for the benefit of a beneficiary, decanting enables a trustee to use this power to dictate the terms of a new trust. 

Continue Reading