Timothy Sumer

To request a free zoom video meeting to design your estate plan, click the following link and complete the short questionnaire: -- One of the most talked about areas of estate planning is the concept of individuals, couples and families using a revocable living trust program to avoid the court and attorney involved probate process that is necessary when someone dies with certain assets titled in their name. While it can be a beautiful thing when the living trust program eases the estate settlement after the Settlor of the trust dies, mistakes can be made that make matters more difficult. And when mistakes are made, things may not work out as planned. Mistakes made when taking advantage of a revocable living trust program include failing to fund the trust, having the trust instrument poorly written, thinking revocable living trust assets are protected from nursing homes and creditors, failing to understand the relationship between last wills, trusts, and beneficiary desig...

Build your estate plan online! MyAdvocate is the online solution for creating and maintaining your Will and all other legally-valid estate planning documents. Click the link below to get started! -- For many, their Traditional Individual retirement account (IRA) represents their largest financial asset. Most retirees name adult individuals as their beneficiaries. Yet some IRA owners want to name a trust as a beneficiary of their IRA. Naming a trust as an IRA beneficiary can have adverse income tax consequences. However, if the trust qualifies as a "see-through trust", then after the iRA owner's death, you can through the trust to the underlying trust beneficiaries, and the required minimum distribution rules will apply as if those trust beneficiaries were designated as beneficiaries. One of the four requirements to get the favorable see-through trust tax treatment is that the trust be irrevocable. But just because you name an irrevocable trust as a benefic...