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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 […]
Estate Planning Frequently Asked Questions
Confused about Estate Planning and don’t know where to start? Here are a few Frequently Asked Questions that may help: Do I need an estate plan? Yes, if you have any assets and care about who receives them after your passing, as well as who will oversee their distribution, you need an estate […]
Wills vs. Trusts: Understanding the Differences and Choosing Wisely
When it comes to estate planning, two common tools often come to mind: wills and trusts. But how do you know which you need? Both provide for distribution of your property after your death. However, wills and trusts operate differently and come with distinct advantages and disadvantages. Here, we’ll compare and contrast wills and trusts […]
So You’ve Been Named The Trustee Of A Trust, Now What?
So, you have been named as a trustee of a trust, and this comes with “powers.” What exactly does that entail? In this blog post, I will review the basics of the role of a trustee. What are Trustee Powers? The powers of a trustee of a trust can vary depending on the specific terms […]
Should I Update My Estate Plan When I Start My Own Business?
Starting a business can have significant implications for your estate plan, as it will likely affect your assets and liabilities, and potentially impact your family’s financial security in the future. Here are a few ways that starting a business could affect your estate plan: 1. Reassess your assets: Starting a business may change your financial […]