Entries by Davis, Davis & Associates

Irrevocable Life Insurance Trusts

An Irrevocable Life Insurance Trust (ILIT) is an irrevocable trust used to protect your assets from probate.  Like the name suggests, ILIT’s are a way to remove life insurance policies from your estate, enabling you to bypass those pesky estate taxes.  Here is the breakdown: You are the grantor of the trust, meaning you fund […]

Credit Shelter Trusts: Estate Planning Options for Larger Estates

Credit Shelter Trusts (CSTs), commonly referred to as a bypass trust, B trust, exemption trust, or family trust, is an irrevocable trust used to help married couples transfer assets upon their death to their surviving spouse and, ultimately, their children.   Because the trust is irrevocable, the trust provisions must be detailed in order to accommodate […]

Special Needs Trust: Is it right for me?

Estate planning ensures that all of your assets are wrapped up according to your wishes before you die.  One of the noteworthy aspects about estate planning is that it caters to all walks of life; rather than exclude certain groups, estate planning takes into account everyone, even those with special needs.  Our goal at Davis, […]

What Happens to My Home When I Die?

Estate planning raises complex questions like what happens to my car when I die; what happens to my money; what do I do to ensure my remains are taken care of according to my wishes?  All of these are excellent questions; however, one of the most notable is what happens to my home?  A potential […]

Alabama Advanced Directive: What You Need to Know

If you’ve had any medical procedure done lately or if you’ve been admitted to the hospital, you’ve likely been asked if you have a Living Will or an Advance Directive that you want to be placed on file.  While these documents vary from state-to-state, in Alabama, an Advance Directive is a set of written instructions […]

Legacy Succession: Estate Planning for Family Businesses

Part of running a successful family business is planning for its future. Whether you’re the third generation to take over operations or you started the business from the ground up, with nothing but $100 in the bank, it’s important to make sure the future is bright for your business and won’t be squandered due to […]

Estate Planning for Young Adults

Much of our discussions surrounding estate planning focus on the elderly community, but good estate planning is vital throughout one’s adult life. The idea is to get some foundational documents in place early on, and update those documents throughout your life, as circumstances change.  For young adults, it’s not always the case that they are […]

Trust Administration: Common Mistakes and How to Avoid Them

While using a living trust can help your loved ones avoid the nasty business of probate proceedings, trust administration is not without its obstacles and it’s usually up to the named Trustee to make sure to sidestep those obstacles. Just like when naming an Executor for a Will, it’s critical to name someone as your […]