A trust is a legal document created for the benefit of your designated beneficiaries. Two types of trusts, revocable and irrevocable, serve different purposes including avoiding probate, reducing taxes, keeping information private, but probably the greatest benefit of a trust, is that it gives you peace of mind knowing that you have provided for your family members and others exactly the way you want to.
One of the greatest advantages of adding one or more trusts to your estate plan is you can amend any […]
Thinking about incapacitation is rarely pleasant, but preparing for the unexpected is a necessity. If you fail to plan properly for potential incapacitation, it is possible that the courts or well-meaning family members may interfere with your wishes. Thus, you run the risk of everybody not acting in accordance with your desires.
Managing large sums of money and property ownership can be difficult. In the case of sisters Rosalyn and Sarah, a divorce settlement turned into a difficult legal situation before an irrevocable trust arrangement saved the day.
Many Americans believe that an estate plan consists of nothing but a will. While it is possible for some persons to benefit from simple wills, most people would benefit from a more complex estate plan to better suit their financial wants and needs.
Rest assured that you are not expected to get to work as the executor or trustee of a living trust the day after your loved one dies. Keep in mind that most tasks related to a person's estate are not actual emergencies and you can take the time you need to grieve. You will have space to make plans for memorial services and other related events.
Living trusts are a solid cornerstone to any estate plan, along with the traditional last will and testament. However, there are two main types of living trust: revocable and irrevocable. Both of these have different uses and different places in your estate plan.
Savvy estate planners know that revocable living trusts are a cornerstone of any comprehensive estate plan. However, knowing exactly what to put in the estate plan can be a challenge.
For the majority of Americans, the most expensive item they will ever buy is a home. Thus, it comes as no surprise that properties tend to be a linchpin concerning estate plans. It is important that you weave your estate throughout your home buying process to ensure that you are well-placed in terms of taxation and inheritance.
There are multiple approaches that you can take when it comes to managing money. Some Americans are simply looking for ways to organize their assets so as not to confuse their heirs. Others wish to help their heirs avoid conflict, and others are seeking to devise clever tax-avoidance strategies.