Considering the ongoing issues faced by First Republic Bank, we would like to provide further clarity, specifically with respect to coverage limits for revocable trust accounts.
In light of recent events surrounding the collapse of Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), we would like to provide you with a reminder that Federal Deposit Insurance Company (“FDIC”) deposit insurance coverage is generally higher for trust accounts than standard bank accounts.
Safety also applies to our financial and emotional health – and how it affects our loved ones.
While it is certainly important to plan for what happens after you die, it is equally important to plan for instances where you may be incapacitated.
ACTEC Fellows Stacy E. Singer and Jonathan W. Michael from Chicago, IL discuss in easy to understand terms: the purpose and role of a revocable trust in avoiding probate, what a revocable trust can and cannot do, if a revocable trust can protect assets from creditors, and steps individuals need to take when setting up…
For decades a debate raged in legal circles about which documents were better – wills or trusts. Members of the public didn’t really know the difference, but there was a perception that trusts were more complicated and expensive – and were primarily for wealthy people. Those who favored trusts told the story of Ellen. When…
“What is a Revocable Trust and Do I Need One?” is a common question among families beginning estate planning. Professor Mary F. Radford frequently gives presentations on estate planning and guardianship and shares her insights with families in this video. Radford has been a Professor of Law at Georgia State University since 1984 and is…
In 2005 a trust beneficiary filed a law suit against her trustee (her father) claiming that her father illegally transferred $2 billion of her money to a trust for another beneficiary. The case was settled for just under $1 billion. The father and daughter in this story are members of the Pritzker family (Hyatt Hotels,…
Groucho Marx is the poster child for what can go wrong with estate planning. At the end of his life Groucho was placed under legal guardianship, against his will, by a California Court. Last year, there was a disagreement over health care decisions for Casey Kasem, the beloved host of “American Top 40”. How does…
Today it is common practice to use a revocable living trust as the foundation of an estate plan. One of the reasons professionals recommend trusts is so that their clients can avoid the time delays, costs, and publicity of probate. Indeed, a trust that is fully funded (i.e. all assets are under trust control) does…