Strategies for Identifying, Settling, and Reporting Trust and Nontrust Liabilities

By WealthCounsel Staff on Nov 18, 2022 10:00:00 AM

Strategies For Identifying Settling and Reporting - Blog (1)

In the course of a trust administration, beneficiaries primarily want to know what will be distributed to them and when it will be distributed. Attorneys who represent trustees, however, must prevent trust distributions until the proper time—that is, until all liabilities have been paid or reasonably accounted for with a reserve. Otherwise, a trustee may face personal liability and need to seek indemnity from beneficiaries who may have already spent the funds distributed to them. In a postdeath administration, there may be trust and nontrust liabilities (or the decedent’s liabilities), including the decedent’s debts and various taxes. In addition, a trustee must pay the expenses of the administration or reserve funds for payment of those expenses. 

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Planning for Blended Families: from Intake to Administration

By WealthCounsel Staff on Nov 4, 2022 10:00:00 AM

Blended Families-Blog (1)

The number of blended families is increasing, as more than 1,300 form every day. In these types of families, one or both spouses have children from previous relationships and they may have children together. Working with blended families will be a common scenario for you as an estate planning attorney (if it is not already), and each family’s plan will be different. The goals of individual family members may be at odds, as not all blended will look like an episode of The Brady Bunch or Modern Family

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Essentials for Funding a Revocable Living Trust

By WealthCounsel Staff on Oct 21, 2022 10:00:00 AM

Essentials For Funding - Blog

A revocable living trust (RLT) is often the best vehicle to preserve an estate planning client’s assets and avoid probate court. However, the process of getting all of the client’s assets safely into the trust (a process called funding) can be laborious. Leaving the process to the client or doing it yourself both have their pros and cons. Keep reading to find out whether you should handle the funding process and learn the best ways to fund your client’s RLT.  

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