Jeffrey P. Scott & Associates
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April 2014 Archives

Decisions concerning the creation of a living trust

Deciding whether one should set up a will or a trust for particular estate planning purposes is dependent upon the circumstances. Preparing a will can be necessary to name beneficiaries, set up guardianships for minor children or even create a trust for incapacitated individuals.

Rules for trusts can vary from state-to-state

Mistakes made during the estate planning process can prove to be costly.  Even when individuals have consulted with an attorney in the drafting of a trust or will, they may want to give these documents another look when they are moving to another state.  There may be additional state laws in the new location that will need to be met for the document to still serve its intended purpose.

Why do I need an estate plan?

The purpose of estate planning is to maintain autonomy.  To make your own decisions, and avoid others getting involved in your personal matters.  Done properly, an estate plan can save hundreds of thousands of dollars in taxes and professional fees.  When a person becomes disabled or dies without an estate plan, the options are limited, usually expensive, and nearly always involve the courts.  That involves lawyers, fees, and administrations that last months or years.  Is that what you want?  Is that what you want for your family?  Having a good estate plan is about control, in the best sense.  It's about self-control. 

Estate planning strategies concerning real estate assets

As older individuals are becoming increasingly more active, there are also differing strategies to shelter a certain amount of assets from being placed into probate.  Many individuals may also face a number of challenges that may force them to move from the home and be forced to live on more limited means.  What often results are couples owning property in more than one state that will have to be dealt with in some manner should an individual pass away.

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Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
2356 University Avenue West, Suite 400 | St. Paul, MN 55114
Phone: 651-968-1457 Toll free: 866-442-3092
Fax: 651-647-9544
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