Every state that recognizes trusts as legal entities imposes fiduciary duties upon the Trustee of such trusts. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee failed to fulfill their duties as expressed in the trust instrument and under local law. This article examines a case ripped from the headlines that demonstrates the importance of choosing the right individuals to serve as fiduciaries.
Estate Planning
Include a Letter of Last Instruction in Your Estate Plan
Estate planning often focuses on documents like wills, trusts, and powers of attorney. However, one vital component frequently overlooked is the letter of last instruction. This document isn’t legally binding but serves as an invaluable tool for your executor and/or trustee, offering practical guidance for carrying out your final wishes. What Is a Letter of […]
Proper Estate Planning Brings Peace of Mind During a Disaster
Estate planning isn’t just about securing your legacy—it’s about protecting your assets and loved ones when disaster strikes. Updating an outdated Estate Plan or creating a new one provides a set of instructions for your family regarding what you want to happen during your life if you lose the ability to communicate that and at death. It provides comfort and a sense of control. This article will serve as a guide to getting more out of your Estate Plan during a disaster.
A Special Needs Trust Can Preserve Government Benefits
For many individuals with disabilities, government benefits provide essential support for basic needs. Medi-Cal offers crucial healthcare coverage, while Supplemental Security Income (SSI) provides vital monthly income. However, receiving an inheritance or settlement could jeopardize these benefits unless proper planning protects eligibility. Understanding Benefit Eligibility Medi-Cal and SSI have strict asset limits for eligibility. Even […]
Litigation…a Necessary Evil?
Anyone creating an Estate Plan wants to ensure that the plan will work as intended and will withstand legal challenges. Sometimes though, beneficiaries need to bring a legal contest to enforce the terms of the decedent’s plan and force fiduciaries to act in accordance with their duties. This article examines a recent court case that could have ended in a failure of the decedent’s Estate Plan.
Now is a Good Time for a Donor Advised Fund
As year-end approaches, many individuals look for ways to lower their income tax burden. Charitable contributions allow individuals to offset a portion of their income, but not all charitable contributions are created equally, and each has certain requirements to obtain the charitable deduction. Certain charitable-giving vehicles allow a donor to get more bang for their buck
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