Should an IRA or 401k be transferred into a trust?
- August 25th, 2021
- David Greene
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It is definitely not a good idea! If you put your IRA or other qualified retirement account into your Living Trust, the IRS will consider it as a distribution and you will be taxed on the entire amount immediately. There…
What happens to a trust after the trust maker dies?
- June 10th, 2021
- David Greene
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What happens after the trust maker dies depends on the language in the trust. Most trusts are Family Trusts with husband and wife as co-trustees. When the first spouse dies, the trust continues with the surviving spouse as trustee. When…
What are the advantages of having a trust?
- June 2nd, 2021
- David Greene
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First, one of the main advantages of having a trust is the avoidnace of probate. There are certainly other advantages as well. It can help insure passing of assets to children in the aftermath of a divorce, for instance when…
New Year Thoughts
- December 29th, 2020
- David Greene
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As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning. Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…
What happens to money in a Special Needs Trust when the trust beneficiary dies?
- October 14th, 2020
- David Greene
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There are two kinds of Special Needs Trust, the First Party trust and the Third Party Trust. The First Party Trust contains money and assets in the protected person’s name, e.g. from a car wreck. The Third Party Trust is…
Is a Trust only for the very rich – Part 2?
- August 7th, 2019
- David Greene
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I mentioned that the three primary reasons for forming a trust are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after your…
Is a Trust only for the very rich?
- July 30th, 2019
- David Greene
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Absolutely not! People create trusts for different reasons. The three primary ones are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after…
What are some of the most common Estate Planning errors that are made?
- May 29th, 2019
- David Greene
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There are many mistakes that are made in developing your Estate Plan, but here are some of the most important: (1) failing to name a contingent beneficiary on wills, insurance policies, etc., (2) not reviewing your beneficiary designations on a…
What type of documents should I be considering for my Estate Plan?
- March 22nd, 2018
- David Greene
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When people typically think of estate planning, the first thing that comes to mind is how they can control their assets after death. When considering this, most individuals come in to see us wanting to create some type of will…
Is an irrevocable trust better than a revocable trust?
- February 27th, 2018
- David Greene
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The answer is that one is better for some and the other is better for some. It depends on what you want to accomplish with the trust. Many advantages are common to both, such as: (1) both will avoid probate…