{"id":13219,"date":"2022-07-10T19:04:27","date_gmt":"2022-07-11T00:04:27","guid":{"rendered":"https:\/\/eextra.news\/paris\/?p=13219"},"modified":"2024-11-25T17:08:59","modified_gmt":"2024-11-25T23:08:59","slug":"understanding-wills-and-trusts-thomas-callaway","status":"publish","type":"post","link":"https:\/\/eextra.news\/paris\/2022\/07\/10\/understanding-wills-and-trusts-thomas-callaway\/","title":{"rendered":"Understanding wills and trusts || Thomas Callaway"},"content":{"rendered":"<div id=\"attachment_217464\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-217464\" class=\"size-full wp-image-217464\" src=\"https:\/\/eextra.news\/paris\/wp-content\/uploads\/sites\/2\/2024\/11\/Thomas_Callaway2-1.jpeg\" alt=\"thomas callaway\" width=\"950\" height=\"635\" \/><p id=\"caption-attachment-217464\" class=\"wp-caption-text\">File \/ eExtra News<\/p><\/div>\n<hr \/>\n<p><strong>Everyone has heard the terms &#8220;will&#8221; and &#8220;trust,&#8221; but not everyone knows the differences between the two. Wills and trusts are important tools of estate planning. Each has strengths and limitations. Here\u2019s what to know as you determine what\u2019s best for you and your estate plan.\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><b>A will is a legal document that helps ensure your assets are distributed according to your wishes. <\/b><span style=\"font-weight: 400;\">\u00a0A will can accomplish four things, to occur upon death:<\/span><\/p>\n<p><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Assign someone to oversee your estate.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Name the personal guardian who will care for your minor children and the person who will manage the children\u2019s assets.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">State how your assets and property will be distributed.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Help manage estate taxes and related costs.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Without a will, your state\u2019s inheritance laws will dictate who gets what, generally deferring to your spouse, then your children or next of kin. The court will determine who becomes your children\u2019s guardians until the age of emancipation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The following limitations of a will may prompt you to look for a more comprehensive estate planning tool, such as a trust.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Having a will does not eliminate the probate process. Governed by your state\u2019s laws of inheritance, probate is a legal proceeding that oversees the division of your property. There are costs involved. The details of your probate will be made public, which can put your beneficiaries at risk of unwelcome solicitations.<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A simple will cannot void your spouse\u2019s rights to inheritance, so it may not be adequate if you wish to make special gifts or \u201cbequests\u201d to a friend or charity.\u00a0<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><b>A trust is a legal entity designed to provide additional protections to your estate.<\/b><span style=\"font-weight: 400;\"> A revocable living trust is the most common trust option. It can accomplish four things:<\/span><\/p>\n<p><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Assign a trustee to oversee your estate.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid the probate process and its associated costs.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">State how your assets and property will be distributed.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Keep the details of the distribution of your estate assets private.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Help manage estate taxes.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">To take effect, the title to your assets must be transferred to the trust during your lifetime. These assets can include cash, stocks, bonds, real estate, artwork, and insurance policies. You can still retain control of the assets placed in your trust during your lifetime.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A trust can provide greater assurance that your property will be managed according to your wishes, including the distribution of charitable gifts. It can also fulfill your wishes for the care of special needs children into adulthood without jeopardizing government assistance. It\u2019s a preferred way to avoid the delays of the probate process and some trusts can help protect your assets from potential creditors.\u00a0 While a trust can be expensive to establish and maintain, the benefits can ultimately outweigh the drawbacks for large and complicated estates.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Put your estate in order.<\/b><span style=\"font-weight: 400;\"> Most individuals enlist an estate planning attorney to help create a will or trust. The size and complexity of your estate and your family\u2019s goals will help you determine which arrangement works best for you. Your financial advisor can help you explore these options and decide how to optimally pass your assets to your heirs.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Thomas A. Callaway CRPC\u00ae, is a Financial Advisor with Ameriprise Financial Services, Inc. in Paris TX.\u00a0 He specializes in fee-based financial planning and asset management strategies and has been in practice for 29 years. To contact him you can go to <\/span><a href=\"http:\/\/www.ameripriseadvisors.com\/thomas.callaway\"><span style=\"font-weight: 400;\">www.ameripriseadvisors.com\/thomas.callaway<\/span><\/a><span style=\"font-weight: 400;\"> or call (903)785-7000, office located at 2219 Lamar Ave Paris TX 75460.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This information is being provided only as a general source of information and is not a solicitation to buy or sell any securities, accounts or strategies mentioned.\u00a0 The information is not intended to be used as the sole basis for investment decisions, nor should it be construed as a recommendation or advice designed to meet the particular needs of an individual investor.\u00a0 Please seek the advice of a financial advisor regarding your particular financial situation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Ameriprise Financial Services, LLC. Member FINRA and SIPC.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a9 2022 Ameriprise Financial, Inc. All rights reserved.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone has heard the terms &#8220;will&#8221; and &#8220;trust,&#8221; but not everyone knows the differences between the two. Wills and trusts are important tools of estate planning. Each has strengths and limitations. Here\u2019s what to know as you determine what\u2019s best for you and your estate plan.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":3272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[97],"tags":[99,11,150],"class_list":["post-13219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-finance","tag-paris-news","tag-thomas-callaway"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding wills and trusts || Thomas Callaway - Paris<\/title>\n<meta name=\"description\" content=\"Everyone has heard the terms &quot;will&quot; and &quot;trust,&quot; but not everyone knows the differences between the two. 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