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When it comes to estate planning, you’ve probably heard of wills and living trusts—but what about testamentary trusts? If you’re looking for a way to provide for your loved ones while maintaining some control over how your assets are distributed, a testamentary trust might be a great option. So, what exactly is a testamentary trust, […]
Estate Planning For College Freshmen: 3 Documents Every Young Adult Should Have
When my son turned 18 and left for college a few hours away, it felt like the start of a new chapter — one filled with excitement, independence, and the quiet ache that comes with watching your child grow up. He didn’t come home on weekends, rarely called, and though he had a cell phone, […]
Do I Really Need An Estate Plan?
Some people hear the term “estate plan” and assume it is reserved for the ultra wealthy. I assure you, that is not the case! Anyone over the age of 18 should consider making an estate plan. Your “estate” simply refers to your possessions – the money in your bank account, your car, your personal possessions […]
Should I Transfer My House To My Child While I Am Still Alive?
When creating an estate plan, many clients ask whether transferring their property to their children while they’re still alive is a smart decision. The answer is “it depends.” Making this transfer can have lasting impacts—both positive and negative—on family dynamics, finances, and estate planning. So, without further ado, let’s dive into the pros and cons […]
How Can I Split Assets Among My Children In My Estate Plan So They Don’t Fight?
Nobody likes to think about what will happen after they’re gone, but planning ahead can save your family a lot of heartache. One of the biggest concerns for parents is making sure their children don’t end up fighting over inheritance. Money and possessions can bring out strong emotions, and even the closest siblings can find […]
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 […]
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 […]
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 […]
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 […]