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Category Archives: Living Trusts

Anatomy of a Living Trust

By Marlene S. Cooper |

A trust is simply a document that contains provisions whereby one person makes provision for someone to manage his or her property. There are several types of trusts in common usage. A trust can be characterized by whether its terms are revocable (subject to change or cancellation by the creator) or irrevocable (not subject… Read More »

The Pour Over Will

By Marlene S. Cooper |

James was a hardworking, middle-aged man with no wife, no serious love interests, and no biological children. His absolute “pride and joy” were his three God-children whom he loved as his own. So naturally, when James created his estate plan, he felt honored to leave everything to them. James’ father had divorced his mother… Read More »

The A-B Trust

By Marlene S. Cooper |

In the world of estate planning, many people have heard the term “A-B Trust”. The concept, however, can be misleading and difficult to understand. This article is an attempt to bring it down from the clouds. To start, consider the following example. Meet Bill and Carolyn, a couple in their late 60s who have… Read More »

Flexibility in Estate Planning

By Marlene S. Cooper |

“Mama, Dad’s been gone for two years now and you have lots of money in the bank; your home is paid for and your beat up car was paid for years ago; you should really go out and live it up! You deserve it! Buy a new car, go on some cruises, and visit… Read More »

Keeping It All In The Family

By Marlene S. Cooper |

In times past, when people sold property it was common to retain the rights to profits from oil and gas in the ground underneath the property. As a result of the practice, many people have been blessed to receive a substantial amount of monthly income from oil and gas royalties. This is the story… Read More »

I Take It Back

By Marlene S. Cooper |

In my line of work, I hear and read plenty of negative statements people make about their relatives. Clients give countless reasons why one child deserves less than another child, or why an uncle will not be receiving as much an aunt. But sometimes people change and a relative finds his or her way… Read More »

The Cast of the Living Trust

By Marlene S. Cooper |

In talking with clients, it is sometimes apparent that there is misunderstanding regarding the titles and roles involved in the cast of a living trust. This article is an attempt to shed some light on the matter. The person creating a trust can be called by several different names. Grantor, trustor, and settlor are… Read More »

A Second Chance

By Marlene S. Cooper |

Here’s the scenario: Homeowner reads an article in the newspaper and decides to create a revocable living trust (“trust”). In the article he learned that a trust can transfer all of his assets to his heirs upon his death without requiring his heirs to pay expensive fees in a court probate proceeding. He contacts… Read More »

Left Out, By Accident or Design?

By Marlene S. Cooper |

The law presumes under most circumstances that the natural heirs of a person are his or her spouse and children. When an estate plans fails to provide for a spouse or a child, under certain circumstances the law mandates that the omitted spouse or child is nonetheless entitled to a share of the estate…. Read More »

The No Contest Clause

By Marlene S. Cooper |

Good estate planning attorneys always try to reduce or eliminate family discord through proper estate planning. A common estate planning tool to discourage disputes and litigation over an estate plan is the “no-contest” clause. In the past, a typical no-contest clause might have simply read “if anyone contests this will (or trust, as the… Read More »

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