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Estate Planning Attorney,
Stone Arch Law Office
Philip J. Ruce is a Minnesota estate planning attorney and a veteran of a financial services career that began in 1999 and wound its way through two recessions and countless market booms and corrections. He is a widely published academic and an adjunct professor of law at Thomas Jefferson School of Law, where he teaches classes on wealth management and financial services to LL.M. candidates.
Philip's trust and fiduciary research has been published by universities around the country, including the Gonzaga University Law Review, the Quinnipiac University Law Review, the South Texas Law Review, the Drake University Law Review, as well as the American Bar Association's Real Property, Trust and Estate Law Journal. In 2013, his paper on trust protectors was cited by the U.S. District Court, District of Minnesota, in PHL Variable Insurance Company v. 2008 Christa Joseph Irrevocable Trust.
To avoid probate court and streamline the wealth-transfer process for your heirs, a revocable trust (also known as a living trust) can be a valuable tool. It can help simplify the transition, as well as provide privacy.
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Spendthrift trusts may sound like you're trying to keep your kids from frittering away your legacy, but they are not just for those with spending problems. They're useful in cases of divorce, substance abuse or where beneficiaries are young or financially inexperienced.
If you have any reservations about who you have in mind when writing your will, whether you're thinking about a young child or even an older person who could be vulnerable to scams, a trust could make a lot of sense.