Nichols and Retzner: Using a purpose trust in a business succession plan
The “purpose trust” should be in an estate planner’s “tool kit” and considered in a client’s business succession and charitable planning.
The “purpose trust” should be in an estate planner’s “tool kit” and considered in a client’s business succession and charitable planning.
To make administration go smoothly, it is still important to consider disposing of tangible personal property as part of the overall estate plan and not simply “gloss over” those provisions.
Beneficiaries need to understand that their inheritances may still be subject to claims in the estate. Creditors need to understand the process for proceeding against “nonprobate transferees” to preserve their rights.
On July 1, Indiana significantly broadened the options for an individual to make health care wishes known through an “Advance Directive for Health Care Decisions.”