Monthly Archives: April 2014

Apr 2014

Mutual Mistake in Contracts

When Both Sides Are Responsible for Drafting Errors

As the old saying goes, nobody's perfect. Being human means making mistakes. In everyday life, you can often fix errors with a quick explanation or sincere apology. In contracts, however, mistakes usually have serious – and costly – consequences. (more…)
Apr 2014

The Irrevocable Trust: A Powerful Estate Planning Tool

Done right, irrevocable trusts are powerful estate and business planning tools that accomplish a variety of goals. But what are they, really? And once formed, are they well and truly irrevocable?

The Nuts and Bolts of the Irrevocable Trust

The first step in understanding irrevocable trusts is knowing what people mean when they refer to a trust – revocable or irrevocable. Some people have difficulty understanding trusts because a trust is not a tangible thing. You can't touch it or hold it. A trust is actually a legal entity that is controlled by a trust agreement, which is a written document setting forth all the terms of the trust, including how it is administrated. To understand how a trust works, it helps to think of the trust as a box. When someone creates a trust, he or she...