Do you know what will happen to your Facebook, Instagram, YouTube, LinkedIn, and other online social media accounts if something happens to you? Who will have access to these accounts? And what should that person be able to do if/when they do get into your social media?

In 2007, Leona Helmsley, a real estate billionaire, famously left her dog, “Trouble,” $12 million dollars in trust. Trouble was placed in the care of the general manager of Helmsley's Sandcastle hotel in Sarasota and had full-time security to ensure the Maltese’s well-being after the death of Helmsley (apparently the dog was getting death threats). Interestingly enough, Trouble is far from the wealthiest animal on the planet - to date, that award goes to Gunther III, a German Shepherd, who was left $106 million by Countess Karlotta Liebenstein.

What is a spendthrift clause and why should I make sure to include one in my trust?

A spendthrift clause provides protection against voluntary and involuntary transfers of trust assets. For example, in the event that a beneficiary (e.g., your child) gets divorced, sued, or files for bankruptcy, the spendthrift clause (in conjunction with a properly structured trust) would protect those assets. Not surprisingly, many parents look for this type of protection when creating a trust for the benefit of their children until they feel their children have reached full financial maturity - generally somewhere between age 25 and 35.

What are QTIP trusts?

Qualified terminable interest property trusts, also known as QTIP trusts, are trusts that allow the Grantor (the creator of the trust) to provide income for his or her surviving spouse after the Grantor’s death, while enabling the use (or partial use) of the unlimited marital estate tax deduction. While most QTIP trusts are created for estate tax purposes, they can also be used for remarriage risk concerns because the Grantor can structure the trust to preserve the principal of the trust for the benefit of his or her children, grandchildren, or other beneficiaries regardless of whether the surviving spouse remarries. There is one major catch - only the surviving spouse can benefit from the trust assets of the QTIP during his or her life. In other words, the children cannot directly benefit from a QTIP trust until the death of the surviving spouse. Otherwise, the unlimited marital deduction provision wouldn’t apply.

What do prenuptial agreements have to do with my estate planning?

Prenuptial agreements, also known as prenups, premarital, or ante-nuptial agreements, are generally created to protect your assets in the event of a divorce. However, a prenuptial agreement also allows you to ensure your wishes are followed after your death. The premarital agreement does this by allowing you to designate “separate” property (rather than marital or joint property) and specifies the waiver of certain marital rights such as the spousal election - the right of the spouse to a share of the deceased spouse’s estate - that would otherwise be applicable if the prenuptial agreement was not in place.

What are blended families?

In the United States, it is estimated that nearly half of Americans have been or will be included in a blended family at some point throughout their lifetime. Blended families are families that consist of a married couple with children from prior relationships - the most popular example being the Brady Bunch.

What is joint ownership?

Joint ownership, sometimes referred to as joint tenancy, is another method used to avoid probate and can be done by titling accounts as held in “joint owners with rights of survivorship.” You can title almost any type of investment or bank account account or asset as “joint owners” to make sure the surviving joint owner immediately succeeds to the ownership of the account on the death of the first owner. However, there may be assets or situations that require a different approach, as discussed below.