Tag Archives: Provisions

Medicare: Closing the “Donut Hole”

The government has made a commitment to close the “donut hole” gap in Medicare coverage by 2020, but many current beneficiaries still find themselves falling into this pricey crevasse. Continue reading

Trusts for Creative Spenders

Trusts can be quite useful for protecting children. However, for some children, the trust serves an additional function: It protects the principal from being rapidly spent by a child. These trusts have a specific name—they are called “spendthrift” trusts. Marla was visiting with her attorney Elizabeth shortly after her husband Harry passed away. She shared her concern for her youngest child, Joe.  Marla: “Harry and I were very fortunate to have four great children. I love each one of them very much. However, when it comes time to making decisions about inheritance, I have a big problem. Our older children Sam and Linda are quite good with financial matters. The third child Lynn is average, but our youngest son Joe is very carefree. If Joe has money, it is gone in a flash. What can I do?” Elizabeth: “This is a fairly common situation. Many parents would like to treat their children equally, but some children are very good managers and one or two are not. In your case, we hope that Joe eventually learns to become more responsible. But for the present plan, it makes good sense to provide Joe with spendthrift trust provisions.” Continue reading

Living Trust Choices

Published December 6, 2013 by The Foundation of the Tennessee and Memphis Conferences of the United Methodist Church

The living trust is becoming quite a popular estate planning strategy. It costs more than a will, but includes many features that are helpful during life and in your estate. Let’s review some of the basic principles of the living trust. Continue reading