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A living trust is a common estate planning tool. When creating your trust, one of the most important choices you’ll make is who will serve as your trustee. In most cases, at the time you create your living trust, you will be your own trustee for as long as you are living and competent. But […]
Creating a Comprehensive Estate Plan as a Rhode Island-Florida Snowbird
Let’s face it. New England winters are harsh! As the chill of winter sets in, many Rhode Islanders migrate to warmer climates, spending the warm months up north, and the cold ones down south. We refer to them as “Snowbirds.” A Snowbird is somebody who leaves their colder, full-time residence to stay out the winter […]
MA vs. RI: Is My Estate Plan Valid In All States?
People move around a lot these days. I am often asked about whether an estate plan created in a different state will still work after a move, or if an estate plan applies to property owned in another state. The answer is–it depends! First and foremost, a will or trust that is validly drafted in […]
How NOT To Plan For Your Death (Shortcuts + Pitfalls in Estate Planning)
When creating an estate plan, it is not uncommon for people to overlook important details or resort to shortcuts that lead to complications down the road. Over the years I have become familiar with the many shortcuts people take in their estate planning and the many pitfalls of inadequate planning. If you’re making an effort […]
How Often Should You Update Your Estate Plan in Rhode Island?
After creating an estate plan – whether a will or a trust – clients often ask, “When should I update my estate plan?” The simple answer is–whenever necessary! Three things in life are certain: death, taxes and change. In this post, I will focus on change. There are numerous occasions that would necessitate updating your […]
Online Estate Plan vs. Working With An Experienced Attorney: Which is Best?
In today’s digital age, convenience is king. With just a few clicks, you can order groceries, book travel, and yes, even create an estate plan online. While the allure of do-it-yourself solutions may seem tempting, there’s one crucial aspect that online services lack – personalized expertise. In this blog post, we’ll delve into the benefits […]
Special Needs 101: What You Need To Know About Estate Planning For Special Needs in Rhode Island
Special needs planning is designed to provide a secure and supportive future for individuals with disabilities, ensuring their needs are met long after their caregivers have passed. In this post, we will explore who benefits from special needs estate planning, when and why it is crucial and the compassionate foundation upon which it is built. […]
Do I Really Need A Living Trust? Rhode Island Residents
“Do I have enough wealth to justify setting up a trust?” This is a common question. Many people (attorneys included) are under the impression there is some magical dollar amount of wealth one must attain before a Living Trust makes sense. Simple answer, is that no such magical amount exists. Estate planning is about your […]
Revocable Trusts vs. Irrevocable Trusts: What’s the difference in Rhode Island?
Trusts are essential tools for managing your assets and ensuring your wishes are carried out efficiently. However, not all trusts are the same, and whether you need a trust (if you are reading this you probably do) and what type of trust you need depends on your circumstances and your goals. So, without further ado, […]
Understanding Special Needs Trusts in Rhode Island
Caring for a loved one with special needs involves unique challenges, including financial planning for their future well-being. Special Needs Trusts, sometimes referred to as Supplemental Needs Trusts, are powerful tools designed to provide for individuals with special needs while preserving their eligibility for government assistance programs. What is a Special Needs Trust? A Special […]