Happy Senior Couple

“Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.” An irrevocable trust is mainly used for tax planning, says a recent article from Think Advisor titled “10 Facts to Know About Irrevocable Trusts“. Its key purpose is […]

Money laundering

“The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.” Without proper planning, your will determines who inherits your property—everything from your home, car, bank accounts and personal possessions. Your spouse may not necessarily be your heir—and that’s just one […]

Family Pulling Party Favors During Christmas Dinner

“We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.” Trusts serve many different purposes in estate […]

question mark

“Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.” Some people still think that trusts and estate planning are just for wealthy people. However, that’s simply not true. Many people are good candidates for trusts, […]

Last will and testament

“Whether you’re planning ahead for your own heirs or have been asked to serve as executor for someone else, it pays to understand what the role requires.” The job of the executor is an important one. The executor has a fiduciary responsibility to manage the assets and debts of the decedent and carry out instructions […]

Money laundering

“Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.” A couple doing some retirement planning has an updated will and a health care proxy in place, prepared with the help of an estate planning attorney. They own some rental property, a small business […]

extended family

“An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.” Talking about who will control your assets is always a tricky thing, says AARP.org in a recent […]

Happy Senior Couple

“It took my husband Mike’s heart attack to force us to recognize the need for having an estate plan. It was not smart. You are smarter than that. Create an estate plan today.” The time to have an estate plan really begins the moment you have assets that need to be distributed, but most people […]

Family Portrait At Christmas

“Estate planning sounds like you need to be of nobility and own country estates before it applies to you. However, estate planning only means that you are making a plan for when you pass away or are no longer able to make good decisions for yourself.” If you switch the term “estate” for “stuff,” maybe […]

senior couple talking

Children may not have to make as many major decisions at a difficult time in their lives. Elder law estate planning can make the lives of adult children easier by setting major goals and tasks in the process, according to the Times Herald-Record in “Three ways for seniors to make things easier for their kids“. […]