Creating a Trust: Why It's Crucial to Seek Help from a Pro - Werner Law

Creating a Trust: Why It’s Crucial to Seek Help from a Pro

Trusts are not exclusive to the ultrarich but setting one up wisely may still require help from an estate planning professional. Even simple mistakes can end up costing your estate a fortune, and leave your family with much more stress and trouble than the whole thing might have been worth. Unlike simpler documents, trusts require …

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Trustor vs Trustee: What's the Difference? - Werner Law

Trustor vs Trustee: What’s the Difference?

Trustor vs trustee? Trust who? We all know what trust means, between trust funds and legal trusts and trust entities and trust documents, the world of estate planning and trust creation can become a little opaque. Thankfully, trusts themselves are not very complicated, and the difference between trustees and trustors is even less so. Understanding …

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What Does a Family Trust Do? - Werner Law Firm

What Does a Family Trust Do?

But transferring what we owned in life to our surviving kin in death is easier said than done. We cannot hold onto much of what we own after we die. Condos and homes aren’t the property of the dead, and beyond what we literally take into the grave, every material possession under our name must …

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When Does Trust Litigation Become Necessary? - Werner Law Firm

When Does Trust Litigation Become Necessary?

The trust litigation process is reserved for cases where the integrity of trust is in question. Like other examples of litigation, trust litigation requires thorough research and a lengthy, at times expensive discovery process to prove ill intent or wrongdoing and justify damages or some other compensation for the petitioner. There are times when trust …

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What Happens to Assets Left Out of a Living Trust? - Werner Law Firm

What Happens to Assets Left Out of a Living Trust?

A living trust is a unique estate planning tool because it effectively transfers ownership over specified assets and property to someone else through a third party, while giving the original owner a varying degree of control while the assets remain in the third party’s care. This is important in the context of estate planning at …

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Revocable vs Irrevocable Trust: What's the Difference? - Werner Law Firm

Revocable vs Irrevocable Trust: What’s the Difference?

A trust can be an excellent estate planning tool, passing assets to loved ones while avoiding the probate process, and potentially eliminating the need to pay an estate tax (when implemented correctly). But there is far more nuance to a trust than most might guess, and there is far more to implementing a revocable vs …

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Estate Planning: Different Types of Trusts - Werner Law Firm

Different Types of Trusts

In estate planning terms, a trust is both an agreement and an entity, created for the purpose of holding assets and accounts ‘in trust’ until they are ready to be distributed to designated beneficiaries. Trusts must be ‘funded’, which involves amending the assets mentioned within the trust document to reflect that they are now part …

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How Do Taxes Figure Into a Living Trust? - Werner Law Firm

How Do Taxes Figure Into a Living Trust?

For some reason, there is some misconception about the role that living trusts play in the taxation of estates, and taxes in general. While some living trusts can provide certain tax benefits, it is important to distinctly note that they do not outright avoid taxes. Taxes are still an important consideration for any living trust, …

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