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Incorporating a trust into your estate plan can help secure your hard-earned assets and ensure they are distributed according to your wishes. However, creating a trust involves several details that can lead to problems later if overlooked. Here are some common...
People who are creating an estate plan have to think about every asset they own so they can determine who to give each one to. Every asset you own should be included in the estate plan, but some assets have special considerations. Your bank accounts are one of the...
We’ve all heard the saying, “The only things certain in life are death and taxes.” But what’s truly unfortunate is there are taxes after death! However, there are some trusts that can reduce the tax liability for your beneficiaries. What is a generation-skipping...
Those who benefit from intergenerational wealth or achieve career success may have ownership over valuable resources. They need to plan carefully to pass those resources on to their chosen beneficiaries. Many people can achieve their legacy goals with a will, but...
If you are making an estate plan, a good place to start is by writing a will. This isn’t necessarily the only document you need—you may also use a power of attorney or set up a trust. However, a will is the foundation of the estate plan. Why is a will so important?...
When you have an adult child with special needs, it’s not unusual to worry about their future after you’re gone. That’s why a lot of parents in that situation create special needs trusts to provide for their comfort and care. When you create a trust, of course, you...
There’s no legal obligation to talk to your beneficiaries when drafting an estate plan. You can simply let them find out what they inherit after you pass away. You don’t even have to tell someone if you’re disinheriting them. However, if you want things to go...
Estate planning is essential for ensuring that your assets are distributed according to your wishes after your passing. However, one often overlooked aspect of estate planning is liquidity. Having sufficient liquidity in your estate plan is crucial for covering...
An inheritance can be positive for a beneficiary or heir. What they receive after a loved one dies can help them pay off financial obligations like student loans or make important moves that they previously struggled to complete, such as buying a home or finishing a...
A trust is a legal arrangement that allows grantors to distribute assets to beneficiaries. A trust is managed by a trustee, who holds assets on behalf of the grantor. Many trusts are used to avoid probate, estate taxes and challenges. Another benefit of a trust is to...