The Benefits of a Living Trust
Is One Right for Your Estate Plan?
Every person must make a lot of decisions when creating an estate plan. One of the largest is whether to utilize a will or a living trust, a tool for passing assets and property directly to beneficiaries upon your death without probate. There are many advantages to creating a trust over a will, but you must decide which trust best accommodates your situation. A will states your wishes for how you would like your assets distributed in your passing and designates guardians for your children. However, wills must go through probate court before your heirs receive their inheritance. With a trust, you can state how you would like the assets to be distributed in more detail. For example, property can be held until the beneficiary turns a certain age, and assets can be managed a certain way in the event of your incapacitation and inability to make decisions. Anyone interested in a trust must decide whether to use a revocable or irrevocable trust. With a revocable trust, you can retain control of your assets and revoke the trust at any time. Under a properly drafted irrevocable trust, the grantor can also maintain control of their assets but with additional protections. This type of trust is often used to plan for long-term care and can help ensure qualifications for needs-based services like Medicaid.
Utilizing a trust has numerous advantages
over a will. The first is its ability to avoid probate. Probate is a public process that takes months to complete, so many people, understandably, wish to
avoid it. Trusts also help avoid estate taxes for grantors with considerably valuable estates. Finally, trusts allow you to plan for incapacity. If you cannot make decisions for yourself, the trustee of your living trust can make decisions on your behalf based on your stated wishes. Every estate is unique, so each person should consider circumstances in detail with their estate planner. The Sheppard Law Firm has nearly a century of experience in dealing with all the nuances of trusts and estate planning. We understand that an estate plan is not a one-size-fits-all solution, and we would be happy to assist you in deciding the best options that suit your unique situation.
Chocolate Pots de Creme
TAKE A BREAK!
INGREDIENTS
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9 oz high-quality semisweet chocolate, chopped
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5 tbsp granulated sugar (add an extra tbsp if using bitter chocolate)
• • •
1 1/2 cups whole milk
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1/4 tsp salt
1 1/2 cups heavy cream, divided
1 tbsp powdered sugar
6 large egg yolks
DIRECTIONS 1. Place chopped chocolate into a blender. 2. In a heavy-bottomed medium saucepan, whisk the milk, 1 cup of cream, egg yolks, granulated sugar, and salt over medium heat. Cook, constantly stirring with a spatula until the mixture is almost boiling, 5–6 minutes. Immediately pour the milk mixture over the chocolate in the blender. 3. Cover and blend until smooth. 4. Divide the mixture among ramekins or small cups and refrigerate until set (about 2 hours). 5. Whip the remaining 1/2 cup cream and the powdered sugar with a mixer until soft peaks form. 6. Top chilled pots de creme with whipped cream and serve.
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