Understanding the Differences Between a Living Trust and an Irrevocable Trust

Trusts can be useful tools to protect your assets, save on estate taxes, or set aside money for a family member. But before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose. While the two main types of trusts differ in how they are structured and taxed, both types of trusts are tools for setting aside assets and distributing them according to specific wishes and instructions. They can protect one’s property, safeguard a family’s financial

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Providing for Your Pet with a Trust

How can you ensure your pet will be cared for? One option is to create a pet trust. While you can give directions in your will to leave your pet to a caretaker, there is no guarantee that the caretaker will continue to care for your pet. A pet trust can provide a little more security for the pet because a third party — the trustee — is obligated to ensure the pet is cared for. A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a “trustee,” holds

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What Is a Trust Protector and When Might You Need One?

Trust protectors — long popular in offshore trusts set up by high rollers — are growing more common in trusts established here in the U.S. by less affluent folks. A trust protector is someone who is appointed to watch over a trust that will be in effect for a long time and ensure that it is not adversely affected by any changes in the law or circumstances. There are a number of reasons for appointing a trust protector. Having a protector allows a long-term trust to be more flexible and adapt to factual and legal changes. For example, beneficiaries may

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Gosselin Law’s Response to Coronavirus/COVID-19

Gosselin Law seeks to reassure our clients that we are ready, resourceful and committed to serving families during their most difficult times. We currently remain open to best support our clients. We are following the Center for Disease Control (CDC) preventative recommendations: avoiding close contact, frequent handwashing, covering your mouth and nose with a tissue when coughing or sneezing and cleaning frequently touched objects and surfaces. At Gosselin Law, this translates into the use of our large conference room which keeps larger distances between people than in our small conference room, the cleaning of shared surfaces and equipment and practice

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Do You Have the Right Fiduciary?

A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do it yourself, such as the executor of an estate, the trustee of a trust, or an attorney-in-fact under a power of attorney. Your first instinct might be to name one of your children as a fiduciary, but if you want to avoid conflict among your children, this might not be the best option. When naming a fiduciary, it is important to be able to trust the individual, which is why people often name family members

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When Inheriting Real Estate, Consider Your Options

Inheriting real estate from your parents is either a blessing or a burden — or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices. There are three main options when you inherit real estate: move in, sell, or rent. Which one you choose will depend on your current living situation, whether or not you have siblings, your finances, whether the house has a mortgage or liens, and the physical condition of the house. The following are some things to consider: Taxes.

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