When to use a trust for Estate Planning? I’m going to tell you when you want to use a trust for planning and when you can get away with a Will plus some additional planning. Hi. I’m Gary, the owner and principal attorney of DeWitt Law in Northwest Arkansas. I’ve helped 1000’s of people here […]
Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash out the inherited IRA and pay the associated income tax. WARNING: the cashed-out […]
Anybody that wants to avoid probate (but there are other ways too…) Anybody that is receiving certain government benefits and is expecting an inheritance or settlement Anybody with young children (say under 30) and want to continue to control the money. What is a Trust? A trust is a “fictional” legal person that holds title […]
Definition of a Living Trust A living trust is a revocable trust that you create during your lifetime. In estate planning, a living trust can be one of the most important things you can do. Is a living trust irrevocable? Only if it is setup to be an irrevocable trust. Sometimes they are called a […]
Trusts in estate planning are one of the best options available. A properly executed and funded trust will keep your assets out of the long and emotionally draining process of probate. Probate will take many months to years, and assets will not be available to your family immediately. A trust means that your family gets […]
Introduction This is the process I go through when helping people answer the question “How do I choose between a will and a Trust?”. There are other more personal factors that go into the decision than this, but here are the more tangible things to consider. Background With a Will, all property not otherwise handled […]
An Understanding of special needs trusts is important for those people in your life that need protection. Special needs trusts help protect special people. Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas. Understanding Special Needs Trusts: Major Types Special needs trusts come in many different types that fulfill different purposes. For your understanding, […]
The difference between trustee and guardian is immense. It is like comparing apples and zebras. Guardian A guardian, in this context, is a person appointed by a court and Judge in a guardianship proceeding to make another person’s (the ward) legal, financial, and healthcare decisions. The guardian is then responsible for managing the ward’s financial, […]
Should you have a Will or Trust in your plan? Hi, I’m Gary DeWitt. I own DeWitt Law Firm where I do estate planning and probate. Deciding between a will and trust comes down to your circumstances. I can provide some guidance. Talk to me, get questions answered, or get estate planning help at your […]
Give it to them directly as an inheritance If they are under 18, the courts may force the money into a trust or uniform account for minors. The court may name a financial manager, maybe at $100’s per hour, to manage the money. Then when your children turn 18, they get a lump sum payment. […]
