Category: Estate Planning
Last time we discussed some of the terminology associated with trusts. Now let’s look at how revocable trusts differ from irrevocable trusts and the benefits of having a trust. Revocable Versus Irrevocable Trusts A revocable trust is a trust that can be altered by the grantor during his or her lifetime. An irrevocable trust, on […]
Perhaps you have heard about trusts but wonder exactly what they are and what they can help you accomplish. Simply put, a trust is an agreement outlining how assets will be managed and held for the benefit of another person. There are many types of trusts, capable of addressing a wide range of concerns and accomplishing a […]
When it comes to estate planning, you may find yourself questioning whether leaving each of your children an equal share is the right choice. While it may seem like the easiest and fairest option, there are instances where it may not be the wisest approach. Consider Your Children’s Unique Situations If you have more than […]
Emotions can run high after a loved one dies, particularly if your family’s assets include items with sentimental value, and the last thing you want is for your family to start fighting after you pass away. Defuse Conflict Over Sentimental Items Before You Pass Away How can you prevent your heirs from fighting over items […]
Once upon a time, amassing a million dollars for retirement meant that your golden years would be very golden indeed. But what about now—is a million dollars still enough money to enjoy a luxurious retirement? The good news is that more than 20 million people in the United States have over a million dollars. The bad news […]
Perhaps you have considered selling your current home, buying a smaller one, and using the difference to help fund your retirement. A recent article on Investopedia.com explores this approach and details the mistakes you must avoid. Here are some of the highlights. Overestimating Your Current Home’s Value Many people overestimate how much their current home is actually […]
A spendthrift trust is typically used to prevent a beneficiary from receiving his or her inheritance all at once. There are several reasons why a grantor (the person who creates the trust) might want to consider such an approach. The most obvious reason is that the grantor believes the beneficiary will quickly squander the inheritance. That is, […]
Approximately 3 million Americans move to another state each year, while last year alone the number was 4.7 million. Given the stress and myriad changes that come with such a move, it’s not surprising that many people forget to review their estate plans. However, differences between states regarding taxes, ownership of property, inheritance, and more […]
There are many reasons you might consider giving your adult children a portion of their inheritance now, while you’re alive and well. Maybe you’ve seen your nest egg grow thanks to a robust stock market, and you have more in savings than you thought you would at this stage of your life. Perhaps you and […]
For generations, the children in your family have learned to swim by jumping off of the dock of your family’s vacation home. It’s a rite of passage for each grandchild to learn how to bait a hook from grandpa while fireflies flicker in the summer heat. The legacy of a vacation home is the pinnacle […]
