Duties of the Trustees of Your Revocable Trust

By Libby Banks, The Law Office of Libby Banks, PLLC Clients often ask how they can prevent loved ones from being the victims of fraud and abuse. For an answer, I turned to Kent Berk, with Berk Law Group, P.C. in Scottsdale, Arizona. For most of our clients, their estate plan centers on the Revocable Living Trust. When establishing your Trust, one of the most important decisions is who will be your successor Trustee. During your lifetime and while you have mental capacity, you serve as the Trustee. If you are incapacitated, or upon your death, your Trust appoints a successor trustee...

15 May

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Protecting Ourselves and Loved Ones from Financial Abuse

Posted by Libby Banks

in Estate Planning, Protective Trusts

By Libby Banks, The Law Office of Libby Banks, PLLC Clients often ask how they can prevent loved ones from being the victims of fraud and abuse. For an answer, I turned to Kent Berk, with Berk Law Group, P.C. in Scottsdale, Arizona. Kent’s firm assists clients who have suffered financial or physical abuse by pursuing claims for financial exploitation, physical abuse and/or neglect, or establishing guardianship and conservatorship. Learn more about Berk Law Group here: https://berklawgroup.com/ Here is my Q & A with Kent: Libby: Kent, scams often target seniors. They receive a call that their grandson needs money, or engage online with...

29 August

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Asset Protection for Your Heirs

Posted by Libby Banks

in Asset Protection, Avoid Probate, Estate Planning, Protective Trusts, Revocable Living Trust, Wills & Trusts

I am often asked whether the revocable living trust we use as the cornerstone of our estate plans provides asset protection – protection from the creditors of the person creating the trust. The answer is no. While the revocable trust is a great estate planning and probate avoidance tool, it is not an asset protection trust. When you create this trust, you still have full control over the assets in the trust. Because of this, the law recognizes that they are your assets, and your creditors can get to them in the same way as if they were in your...