If you have been fortunate enough to be able to accumulate assets that are sufficient enough to provide life-changing amounts of money to your loved ones after you pass away you invariably feel a certain sense of peace of mind when you are planning your estate. Being unable to provide any type of safety net for your loved ones after you pass away would certainly be an unsettling feeling, so you can only feel grateful if this is not something that you need to be concerned about. But at the same … [Read more...] about Estate Planning & Spendthrifts
Asset protection is an important consideration when you're engaged in the process of inheritance planning. In this context we are talking about asset protection as it pertains to the people who will be receiving inheritances from you. Asset protection involves taking steps to make it impossible for claimants to pursue funds that you want to make available to your loved ones after you pass away. Of course if you give direct bequests and your heirs assume ownership of the assets creditors, former … [Read more...] about Inheritance Planning & Asset Protection
One of the reasons why it is important to retain the services of an experienced estate planning attorney when you get serious about planning for the future is because of the fact that the typical layperson would have no reason to have an understanding of all the different vehicles of asset transfer that are available. Many people automatically think about the last will when they consider estate planning, but there are a lot of reasons why it may be better to utilize trusts such as a revocable … [Read more...] about Trusts, Pour-Over Wills, & Your Estate
Most Americans will tell you that they are not opposed to paying their fair share of taxes. However, the word "fair" is the key to the debate, and when it comes to the estate tax many people have a hard time wrapping their heads around it. We have passed along the news about the reduction in the maximum estate tax rate to 35%, and because it is less than the 55% that had been scheduled this seems like a big win for tax relief advocates. But the reality is that this new rate is kind of like 35 … [Read more...] about Legacy Trusts Can Prevent Asset Erosion
When you are considering the manner in which you would like your assets to be distributed after your death you may decide that charitable giving is part of the plan. Doing what you can to help those less fortunate than you is always meaningful, but it takes on an added significance as your twilight years begin to appear over the horizon. There are a number of ways that one can fulfill this admirable philanthropic urge, and one of them is through the creation of a charitable remainder … [Read more...] about A Look At Charitable Remainder Trusts
Estate planning is the process of getting your affairs in order before the unthinkable happens. Most people assume the “unthinkable” is death, but this includes incapacity as well. Think about it: if you became mentally disabled, would you and your assets be protected? Most estate plans consist of about four to five documents; the documents that you will need depend on your financial and personal situation. Will or Trust? Those that do not require a Living Trust can often use a Will as the … [Read more...] about What Makes A Good Estate Plan?