Some trusts are irrevocable as soon as they are created, which means that, in general, the trustmaker (the person who created and funded the trust) cannot terminate or modify it and take back the money or property that it holds. You may wonder why anyone would want an irrevocable trust, but irrevocable trusts can provide some very important benefits, particularly …
The Billable Mom with Cari Rincker, Episode 6 In this episode of The Billable Mom, Cari speaks with Ruth Woolery, an accomplished attorney who successfully pursued her legal career while raising four children. Ruth, who transitioned from being a stay-at-home mom and part-time paralegal, emphasizes the importance of knowing what you want and standing firm in your decisions. She shares …
Would you like to provide your children or loved ones with an inheritance but protect them from the risks that may accompany a large windfall? If so, you can create a beneficiary-controlled trust in which the person you name as the trust’s primary beneficiary has rights, benefits, and control over the property held by the trust, but with important protections. …
The Billable Mom with Cari Rincker, Episode 5 In this episode of The Billable Mom, Cari speaks with Ruth Wyman, Owner of Ruth E. Wyman Law Office LLC. Learn more about Ruth Wyman: Connect with Ruth Wyman on LinkedIn: https://www.linkedin.com/in/ruth-wyman-5ab9948/ Visit Ruth Wyman’s website: https://www.ruthwymanlaw.com/ Call: 217-833-4232 *********************************** The Billable Mom: Welcome to the Billable Mom podcast, led by attorney …
Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that a trustee plays not only in handling trust matters but also in providing for and protecting your loved ones. What is a trust? A trust is an agreement between an owner of accounts and property (trustmaker) and another person (trustee) who …
The Billable Mom with Cari Rincker, Episode 4 In this episode of The Billable Mom, Cari speaks with Laura Freeman, a travel advisor and CEO of the Trip Trotter at Tzell Travel Group LLC. Laura’s expertise in the travel industry, coupled with her role as a working mother, provides unique perspectives on managing career and family responsibilities. Tune in to …
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the trust’s investments and act in the …
Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate is often overlooked, but it can have legal, …
The Billable Mom with Cari Rincker, Episode 3 In this episode of The Billable Mom, Cari speaks with Angel Wawrzynek, a partner at Constant Wawrzynek & Grove, a law firm in Central Illinois specializing in estate planning and trust administration. Angel’s transition to estate planning, aided by intentional career choices, improved her work-life balance. Tune in to the episode to …
Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a survivor’s trust and a decedent’s …
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that they will be valid and …
Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust decanting provisions to address changes in circumstances, beneficiaries, and governing laws. What is trust decanting? When …