I came across a recent article regarding the late great Farrah Fawcett about a current lawsuit going on that stemmed from her living trust. It should be interesting reading to see how this all plays out in a court of law and how her Living Trust will play into it. Here is the article I am referencing:
Farrah Fawcett's Living Trust is Suing Documentary Producer
Jeffrey Sullivan
1/23/2010
According to Access Hollywood, court papers filed in Los Angeles County Superior Court on Friday, Richard B. Francis, trustee of the Living Trust Fund for the late Fawcett, is suing executive producer Craig J. Nevius for embezzlement.
According to Francis, Nevius was rejected his cut of Fawcett's documentary, “Farrah's Story”, and the producer position was given to her longtime love, Ryan O'Neal. After that happened, Nevius allegedly embezzled hundreds of thousands of dollars.
Nevius responded today, denying any wrongdoing, saying that while he could prove his innocence in the court of public opinion, he will instead do it in a court of law, beating this "press release disguised as a lawsuit."
The documentary was a chronicle of Fawcett's battle with cancer and aired on NBC in 2009. Nevius says that footage, not yet released to the public, will allow Fawcett to defend him in her own words and actions.
Visit Free Living Trust Information for all your information needs on Living Trust.
Wednesday, January 27, 2010
Friday, January 22, 2010
What is a Joint Revocable Living Trust
A joint revocable living trust is one trust for a married couple that each has their own trust shares. It is a contract between your Grantors and the Trustees –you and your spouse. The trust specifies how you want your assets managed during your lifetime and death. The trust acts as a will substitute as well as a disability planning tool. If you or your spouse becomes incompetent, your co-Trustee or Successor Trustee takes over the management of your Trust and trust assets. A joint revocable living trust is also designed to remove/reduce estate taxes at the deaths of the husband and wife.
Provisions may also be included to permit assets to remain in trust upon the death of both spouses to preserve the assets for minor children, grandchildren, or other beneficiaries in their lifetime or beyond. For example, they a husband and wife may want to secure their assets after death for unborn grandchildren. This is known as a “dynasty trust”.
Visit Free Living Trust Information for all your information needs on Living Trust.
Provisions may also be included to permit assets to remain in trust upon the death of both spouses to preserve the assets for minor children, grandchildren, or other beneficiaries in their lifetime or beyond. For example, they a husband and wife may want to secure their assets after death for unborn grandchildren. This is known as a “dynasty trust”.
Visit Free Living Trust Information for all your information needs on Living Trust.
Thursday, January 21, 2010
What is a Living Trust?
So, just exactly what is a living trust?
Good question.
A trust is the legal entity that someone (called a settlor, grantor or trustor) transfers assets to, so that it can be administered by a trustee for someone’s (beneficiary’s) benefit. The settlor, trustee, and beneficiary can all be the same person.
The term "Living Trust" (or "Inter Vivos" Trust) means that the trust was created and took effect during the settlor’s life. This is in contrast to a testamentary trust, that is created by a will, and does not become effective until after the death of the person who created it (the testator).
Most commonly, a "living trust" is really another term for a Revocable Living Trust. That means it is a trust established during the life of the settlor that he or she can revoke or amend at any time.
It is common for the settlor, trustee and beneficiary of a living trust to be the same person at first. In other words, you could put your assets in a living trust, serve as the trustee, and use the trust assets to pay your personal bills. Often, husband and wife are co-trustee’s.
Many people are understandably reluctant to re-title assets in the name of their living trust. They are afraid they will no longer "own" them. It is true that the assets will no longer be in their name. However, they will still control the trust and therefore continue to control the assets. In fact, the settlor is free to revoke the revocable living trust at any time.
Normally, the living trust document will provide for successor trustees in case of incapacity or death and also provide for an ultimate plan of distribution. One of the advantages of a living trust is the control and continuity it offers in being able to use the same trust to manage your assets while living and continue to manage them or distribute them after your death. Here's a great article about how to pick a trustee.
If funded during your life, the assets can be transferred, after your death, to your heirs -- outside of probate. Probate can be lengthy and expensive, so avoiding it is one of the most common reasons people get living trusts and one of their biggest advantages.
However, there are other ways to avoid probate (see Joint Ownership) and also disadvantages of funding a living trust during your lifetime. And, there are other important advantages and disadvantages of living trusts.
It is also possible to establish a "living trust" that is irrevocable. This is almost always done for tax reasons. [See Irrevocable Living Trust.] It is important that your trust explicitly state whether it is revocable or irrevocable as there will be very different consequences resulting from that choice.
To summarize, the living trust is a flexible and powerful tool. In fact, it is probably the most significant tool an estate planner has. However, it's not for everyone.
(Repost from Free Living Trust Information)
Tuesday, January 19, 2010
What www.Free-Living-Trust-Information.com has to offer..
Over the years I have been amazed by the misinformation that is spread about living trusts. On one end of the spectrum are promoters who loudly proclaim that everyone desperately needs a living trust so their estate can avoid the perils of probate.
On the other end of the spectrum you will find others who say living trusts are worthless and their alleged benefits are "myth's." If you have spent some time searching the web for information, you likely have become increasingly confused the more you read.
•One "expert" says living trusts will ensure your estate avoids probate. The next "expert" says "hogwash, a living trust will do no such thing."
•Next, you read a living trust can save you taxes. Someone else says "no it won't."
•The so-called experts disagree about whether a living trust will enable you keep creditor's away from your assets; avoid the expense of guardianship; prevent a will contest...and it goes on and on.
How can the "experts" disagree so profoundly about the most important aspects of living trusts?
The truth is they are all right and all wrong. There is some truth in what each of them has to say. But, the whole truth is more complicated.
This site occupies a unique place on the web. As our name says, we provide free living trust information to the general public. We are dedicated to presenting the whole truth about living trusts.
The truth is that living trusts do offer substantial advantages to some people and no advantages (even disadvantages) to others. It just depends on your circumstances.
If you have a simple estate, with relatively few assets (such that your estate will qualify for a simplified probate procedure in your state) -- then you are unlikely to need a living trust.
However, if you are reading this, you are probably not in that category. You probably have a substantial estate, or other special need, that likely would benefit from a living trust.
The best way for you to find out whether a living trust will benefit you is for you to spend some time learning a bit about living trusts and what they can and can't do for you.
Investing time on this site will save you (or your loved ones) lots of time, trouble, and money in the long run. This site will either:
•help you avoid paying for an unnecessary living trust; or,
•if you decide you want a living trust -- save you and your attorney time (and therefore money) when you meet to discuss your estate plan.
Of course this site cannot cover every individual circumstance or provide legal advice. But this site will give you a good understanding of the basic issues you should consider if you are thinking about getting a living trust. For more about use of this site, please see our Terms of Use.
With that caveat, let's begin.
You probably want to start by visiting What is a Living Trust?
From there, you will want to read the pages that summarize advantages and disadvantages of living trusts.
Then, you can read about several hypothetical people who decided to get a living trust and several who did not at Living Trust Examples. You may find someone with a situation similar to your own.
Finally, we try to summarize the issue and give a bit of perspective at Wills vs. Living Trusts.
After reading all of that, if you still have questions or would like to see a particular issue addressed on the site, you can fill out the form at Contact Us and we'll try to help you as best we can.
We hope you enjoy the site. If so, don't forget to bookmark us and tell a friend to check us out. Thank you for visiting Free Living Trust Information.com.
On the other end of the spectrum you will find others who say living trusts are worthless and their alleged benefits are "myth's." If you have spent some time searching the web for information, you likely have become increasingly confused the more you read.
•One "expert" says living trusts will ensure your estate avoids probate. The next "expert" says "hogwash, a living trust will do no such thing."
•Next, you read a living trust can save you taxes. Someone else says "no it won't."
•The so-called experts disagree about whether a living trust will enable you keep creditor's away from your assets; avoid the expense of guardianship; prevent a will contest...and it goes on and on.
How can the "experts" disagree so profoundly about the most important aspects of living trusts?
The truth is they are all right and all wrong. There is some truth in what each of them has to say. But, the whole truth is more complicated.
This site occupies a unique place on the web. As our name says, we provide free living trust information to the general public. We are dedicated to presenting the whole truth about living trusts.
The truth is that living trusts do offer substantial advantages to some people and no advantages (even disadvantages) to others. It just depends on your circumstances.
If you have a simple estate, with relatively few assets (such that your estate will qualify for a simplified probate procedure in your state) -- then you are unlikely to need a living trust.
However, if you are reading this, you are probably not in that category. You probably have a substantial estate, or other special need, that likely would benefit from a living trust.
The best way for you to find out whether a living trust will benefit you is for you to spend some time learning a bit about living trusts and what they can and can't do for you.
Investing time on this site will save you (or your loved ones) lots of time, trouble, and money in the long run. This site will either:
•help you avoid paying for an unnecessary living trust; or,
•if you decide you want a living trust -- save you and your attorney time (and therefore money) when you meet to discuss your estate plan.
Of course this site cannot cover every individual circumstance or provide legal advice. But this site will give you a good understanding of the basic issues you should consider if you are thinking about getting a living trust. For more about use of this site, please see our Terms of Use.
With that caveat, let's begin.
You probably want to start by visiting What is a Living Trust?
From there, you will want to read the pages that summarize advantages and disadvantages of living trusts.
Then, you can read about several hypothetical people who decided to get a living trust and several who did not at Living Trust Examples. You may find someone with a situation similar to your own.
Finally, we try to summarize the issue and give a bit of perspective at Wills vs. Living Trusts.
After reading all of that, if you still have questions or would like to see a particular issue addressed on the site, you can fill out the form at Contact Us and we'll try to help you as best we can.
We hope you enjoy the site. If so, don't forget to bookmark us and tell a friend to check us out. Thank you for visiting Free Living Trust Information.com.
About Us at Free-Living-Trust-Information.com
Free-Living-Trust-Information.com is dedicated to demystifying living trusts. We don't promote or discourage the use of living trusts. Living trusts truly can be a valuable estate planning tool. The bottom line is that living trusts are great for some people and unnecessary for others. You need to find out which group you are in. Hopefully this site can help.
Our aim is to give you honest and straightforward information to help you make an informed decision. Ultimately, our goal really is to help you save money and help your heirs avoid a probate nightmare.
How do we do that?
If you spend some time on this site, one of two things will happen.
•You will conclude you do not need a living trust; or,
•You will conclude you may want a living trust.
Either way you will save money and your heirs will be grateful you learned a bit about living trusts.
After reading through the FREE materials provided here, you will save money because either you will avoid paying for an unnecessary living trust; or, if you decide you want a living trust, when you meet with an attorney, you will already have a good idea what a living trust is, why you need it, and what you want it to do.
You'll know what your attorney is talking about and won't have to pay for his or her time to educate you.
Even though living trust and estate planning issues are complex, we try to keep the information on this site as concise and simple as possible. This site seeks to educate the public at large, not lawyers.
Obviously, in order to keep the content understandable and relatively simple, some issues cannot be addressed. This website cannot, and does not, provide its visitors with legal advice on their specific legal issues.
It is simply our hope that the information on free-living-trust-information.com will guide people in the right direction and help them avoid pitfalls. For more about the limits of this website and our privacy policy see Terms of Use.
In order to ensure this site's objectivity, we do not prepare or market living trusts or other estate planning documents. In fact we do not accept individual estate planning clients at all.
In the future we hope this site will become a vehicle to introduce qualified and honest estate planning attorney's to people who need professional estate planning help
But, that is for the future. For now, we simply aim to make honest, straightforward information about living trusts accessible – for free – to the general public.
We are always anxious to get feedback on the site and particularly to receive ideas about topics you would find useful to see covered. Please let us know if you have such comments by using the Contact Us form.
Thanks for visiting and we hope you'll return often.
Maurice "Mo" Johnson
Publisher
www.free-living-trust-information.com
p.s.
Several visitors have contacted this site suggesting that I should give out some of my "credentials." I never thought it was important, so haven't till now. But, in case you are interested; here you go.
EDUCATION
B.A., American University, International Relations
J.D., University of Tennessee GO VOLS!!
LL.M., Boston University, Taxation
BAR MEMBERSHIP
Tennessee
EXPERIENCE
I've been engaged in the full-time practice of law since 1993. For the first few years I primarily tried criminal cases, both as a prosecutor and defense attorney. However, over the years, my practice has increasingly focused on tax and estate planning law. I now work almost exclusively in those areas.
COURT MEMBERSHIPS
Supreme Court of the United States
Supreme Court of Tennessee
Various "inferior" courts
Our aim is to give you honest and straightforward information to help you make an informed decision. Ultimately, our goal really is to help you save money and help your heirs avoid a probate nightmare.
How do we do that?
If you spend some time on this site, one of two things will happen.
•You will conclude you do not need a living trust; or,
•You will conclude you may want a living trust.
Either way you will save money and your heirs will be grateful you learned a bit about living trusts.
After reading through the FREE materials provided here, you will save money because either you will avoid paying for an unnecessary living trust; or, if you decide you want a living trust, when you meet with an attorney, you will already have a good idea what a living trust is, why you need it, and what you want it to do.
You'll know what your attorney is talking about and won't have to pay for his or her time to educate you.
Even though living trust and estate planning issues are complex, we try to keep the information on this site as concise and simple as possible. This site seeks to educate the public at large, not lawyers.
Obviously, in order to keep the content understandable and relatively simple, some issues cannot be addressed. This website cannot, and does not, provide its visitors with legal advice on their specific legal issues.
It is simply our hope that the information on free-living-trust-information.com will guide people in the right direction and help them avoid pitfalls. For more about the limits of this website and our privacy policy see Terms of Use.
In order to ensure this site's objectivity, we do not prepare or market living trusts or other estate planning documents. In fact we do not accept individual estate planning clients at all.
In the future we hope this site will become a vehicle to introduce qualified and honest estate planning attorney's to people who need professional estate planning help
But, that is for the future. For now, we simply aim to make honest, straightforward information about living trusts accessible – for free – to the general public.
We are always anxious to get feedback on the site and particularly to receive ideas about topics you would find useful to see covered. Please let us know if you have such comments by using the Contact Us form.
Thanks for visiting and we hope you'll return often.
Maurice "Mo" Johnson
Publisher
www.free-living-trust-information.com
p.s.
Several visitors have contacted this site suggesting that I should give out some of my "credentials." I never thought it was important, so haven't till now. But, in case you are interested; here you go.
EDUCATION
B.A., American University, International Relations
J.D., University of Tennessee GO VOLS!!
LL.M., Boston University, Taxation
BAR MEMBERSHIP
Tennessee
EXPERIENCE
I've been engaged in the full-time practice of law since 1993. For the first few years I primarily tried criminal cases, both as a prosecutor and defense attorney. However, over the years, my practice has increasingly focused on tax and estate planning law. I now work almost exclusively in those areas.
COURT MEMBERSHIPS
Supreme Court of the United States
Supreme Court of Tennessee
Various "inferior" courts
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