Saturday, January 18, 2014
You should review your living trusts every few years to ensure they’re up-to-date. Here are nine questions you should consider when reviewing:
- Did you choose the right successor trustees?
- Who should be able to remove trustees?
- After your death, can your spouse change the distribution of trust assets?
- Does your trust protect children and grandchildren from divorce and lawsuits?
- Is your trust funded?
- Who is the beneficiary of your retirement plans?
- When will children and grandchildren be able to receive their inheritance?
- If your trust is named the beneficiary of a retirement plan, does it provide for maximum tax deferral?
- Does your trust cover the estate tax?
See 9 (Potential) Problems with Your Trust, ElderLawAnswers, Dec. 17, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.