“Trust Resources” Articles:

November 20, 2015

Next Generation Trusts: What Does “HEMS” Really Mean?

Written by: Mainsail Family Trust Categorized in:

Ascertainable Standard Trusts The most common type of trust is the “ascertainable standard” trust. The ascertainable standard is found in the Internal Revenue Code at Treas. Regs. §§20.2041-1(c)(2) and 25.2514-1(c)(2) and is described in the Uniform Trust Code. Examples of ascertainable standards include: (i) support; (ii) support in reasonable comfort; (iii) maintenance; (iv) maintenance in health and reasonable comfort; (v)...

November 20, 2015

Compelling Behavior: Do Incentive Trusts Work?

Written by: Mainsail Family Trust Categorized in:

In 1999 John Scroggin, a Georgia attorney, and Robert S. Littell, an Atlanta life insurance agent, published a book titled, The Family Incentive Trust Program, and began promoting the idea of provisions in trusts to influence beneficiary behaviors. In choosing whether and how to implement incentive trusts, there are at least five primary issues that need to be addressed. First,...

November 20, 2015

Top Five Reasons Your Estate Plan Fails

Written by: Mainsail Family Trust Categorized in:

1. You don’t have a revocable trust and your heirs have to go through probate. The purpose of a revocable trust is to avoid the probate process. For many of your assets, probate can be avoided by the use of non- probate transfer methods such as “pay on death” or “transfer on death” or a beneficiary designation. However, these methods...

November 20, 2015

What’s Age Got To Do With It?

Written by: Mainsail Family Trust Categorized in:

What’s the “right” age to begin estate planning? Twenty-five? Fifty? Eighty? If you think about it, age isn’t really the most important consideration. Estate planning has more to do with life stages than with age. So, whether you’re 30 or 90, your individual wealth and the loved ones who depend on you are the factors that should drive your planning...

November 20, 2015

Spendthrift Trusts

Written by: Mainsail Family Trust Categorized in:

Divorce, debts and disaster can happen to anyone. For this reason, many parents choose to incorporate a spendthrift clause in a trust. By limiting beneficiaries’ access, a “Spendthrift Clause” can prevent creditors of a beneficiary from attacking trust assets for indebtedness, or prevent the divorcing spouse of a beneficiary from laying claim to trust assets. What is a spendthrift clause?...

November 20, 2015

How to Choose a Trustee

Written by: Mainsail Family Trust Categorized in:

As you plan for your own and your family’s financial future, you may be considering the creation of a trust. If you decide a trust is needed, either during your lifetime or in your will, you will have to choose a trustee to administer it. A trust is a legal arrangement that transfers property to a trustee, who manages it...

November 20, 2015

Your Estate and Your Family

Written by: Mainsail Family Trust Categorized in:

Closing up any gaps in your estate plan can help ensure that your surviving family won’t face unnecessary difficulties when settling your estate and that your assets will be distributed as you intended. Keep Documents Current A will is the foundation of an estate plan. Yet some individuals never get around to writing a will — or they create one...