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Reena Gulati Blog

If avoiding probate is your primary goal, then you can achieve that simply by having a living trust, the most effective way to avoid probate.  With a living trust, you control how your estate will be distributed, how it will be managed if you do not have the capacity, and finally what happens to your estate when you pass on. 

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There is the fear of the unknown.  However, if you a have plan in place it helps settle your mind and take care of your loved ones. This is an opportunity to review your estate plan or if there is no plan, to put one in place.

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I can’t tell you how often I ask my clients and they don’t remember when the last time was, they checked their beneficiary designations on their assets or their “Transfer On Death” and “Paid On Death” designations on the bank accounts and their brokerage accounts.

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Planning for your kids, your health and your finances are important. It's one of the most important things you can do while you have the capacity to do it. However often, an elderly parent or an aunt is taken advantage of, because they are losing their mental capacity.

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There certainly are advantages to a living trust. However whether it is a right decision to incorporate a living trust in your estate plan is a case by case analysis. Just like everything else it’s not one size fits all. Clients often come in wanting some level of planning but what is going to work with their objectives of transferring their assets, planning for estate taxes or incapacity or surrendering total or partial control over their assets is going to depend upon their end goals. It all begins with an inquiry and exploring various legal avenues in achieving your intended goals.

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