Many people that own businesses and individuals that are in high risk professions are vulnerable to legal actions. You never know what the future will hold, and with this in mind, it is important to consider an asset protection strategy. There are different ways to proceed, and the optimal course of action will depend upon the circumstances. This being stated, the utilization of a self-settled asset protection trust is one possibility that you should be aware of if you are in this … [Read more...] about Can a Trust Protect Assets From Future Creditors?
If you are married, you and your spouse can choose to create separate estate plans, or you could alternately create a joint will or living trust. The right choice will depend on the circumstances and your ultimate intentions. A separate arrangement can make more sense if both parties have children from previous marriages and they are entering the union with their own resources. When partners have accumulated most of their assets jointly and they want to leave the property to one another, a … [Read more...] about A Shared Living Trust May Be the Right Choice
In this post, we will provide four questions for you to think about. When you come up with the answers, you will have a better idea of what your estate plan will look like when you take action. Are estate taxes going to be a concern? Most of the tax laws are favorable when it comes to asset transfers after someone passes away. If you receive insurance policy proceeds or an inheritance through the terms of a will, you would not be required to report the income when you file your … [Read more...] about Answer These Questions to Develop Your Estate Plan
A well-constructed estate plan will be holistic in nature. You make sure that each and every one of your loved ones will receive their inheritances in the best possible manner, and you attend to other details. One of these details is the matter of your final arrangements, and you can ease the burden on your loved ones if you assert your choices in advance. If you do not, mourning family members will be forced to handle everything during a very difficult time. It can be hard to manage these … [Read more...] about Have You Considered Your Final Arrangements?
A living trust is the ideal alternative to a simple will for people that value efficient administration and heightened control capabilities. In this post, we will share some basic information about living trust administration so you understand the benefits. Probate Avoidance One major living trust advantage is the avoidance of probate. If you use a will, you name an executor to act as the administrator. After your passing, the document would be admitted to probate, and the court would provide … [Read more...] about A Beginner’s Guide to Living Trust Administration
As estate planning attorneys, we encourage people to take the correct actions to protect their loved ones. With this in mind, we are very interested in surveys that are conducted to gauge the estate planning preparedness of American adults. Caring.com has been compiling statistics on an annual basis. They have released their findings for 2021, and the results are very interesting. Pandemic-Fueled Surge The researchers had a new angle to explore this year because of the COVID-19 situation. … [Read more...] about 2021 Estate Planning Survey Yields Mixed Results
Estate planning can seem like a mysterious and complicated matter, but it can be broken down to its component parts. In this post, we will look at five essential documents that should be part of every estate plan. Will or Trust The facilitation of asset transfers is at the core of the estate planning process. You could use a will to state your final wishes, but it is not the best choice unless your situation is extremely simple and straightforward. A living trust is the ideal alternative … [Read more...] about You Need These Five Estate Planning Documents
Estate planning should be viewed from a holistic perspective. Yes, you have to state your wishes with regard to asset transfers in a will or trust, but that’s just half of the equation. You should also give the estate administration process careful consideration, and we will provide some food for thought in this post. Will Administration and the Executor’s Role If you use a simple will to serve as an asset transfer vehicle, you would name an executor to act as the administrator after you … [Read more...] about Be Discerning When You Choose an Executor or Trustee
When you are making inheritance planning decisions, you may come to the realization that someone in the family may not be happy with your choices. Under these circumstances, the individual in question may decide that they want to contest the terms of the will or trust. There is a legal step you can take to dissuade a disgruntled person from taking this action. No-Contest Clause You can include a no-contest clause in a trust or a will, and you may see the terms “forfeiture” or “in terrorem” … [Read more...] about Can a No-Contest Clause Really Prevent an Estate Contest?
There is an exercise that is often used during group training sessions. The facilitator hands someone a story written on a slip of paper, and it is passed along via confidential whispers person to person. When everyone has been informed, the last person to hear the news is asked to tell everyone what they were told. In the end, the facilitator reads the original statement word for word, and it is clear that the details were distorted as the story was passed down. This kind of thing enter … [Read more...] about Don’t Buy Into These Estate Planning Myths