Tag: Asset Protection
Maybe it’s the son-in-law you’ve never really liked, let alone trusted, who wields undue influence over your daughter. Or the ex-spouse who continues to make trouble seven years after your divorce. Or the son whose irresponsibility and self-destructive behavior forced you to disinherit him. What is a Letter of Competency? If you have reason to […]
An Irrevocable Living Trust generally cannot be modified or terminated except under certain limited circumstances. It requires the grantor to transfer assets into the trust and give up his or her rights of ownership to these assets. So why would you want to create an Irrevocable Living Trust, as opposed to a Revocable Living Trust? Irrevocable Living […]
“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 […]
Need an executor for your estate? Don’t rush, think it through carefully and make the right choice. It would be wise to have a conversation with your heirs that you most likely do not want to have, and it would be best to have that conversation sooner rather than later. That conversation is about your […]
Planning for long-term care can give you peace of mind and protect loved ones from financial challenges. A recent study reveals that not even half of Americans 65 years of age or older have given much thought, if any, to the possibility of needing and planning for long-term care, according to Plan Advisor in the […]
Only 54% of pastors nearing retirement age have a will. A survey conducted by the Southern Baptist Foundation has found an estate planning contradiction among its pastors, who believe people should create an estate plan but don’t have one themselves, according to the Baptist Press in “Young or old, many pastors lack a will, survey […]
Making the decision to create an estate plan, may well ease your family’s pain in the future. If you don’t have an estate plan, you risk putting your family through some unnecessary difficulties, according to the Las Vegas Review-Journal in “Estate planning can save your family plenty of money and heartache later.” Not having an […]
Let’s cut right to the chase: one of the most common estate planning mistakes is simple to avoid and usually the result of sheer forgetfulness. It has nothing to do with the will or estate taxes. It’s the beneficiary designation. People forget to make changes as their life circumstances change. It’s quite common for ex-spouses […]
Just because you have large sums of money to pass to your heirs does not mean that you don’t have problems to address besides how much tax you don’t want to pay. Whether they are adult children or grandchildren, having heirs with behavioral problems, mental illnesses, a problem with drugs or chronic unemployment creates a […]
Should you suddenly become uber-wealthy, you’ll want to purchase a pricey art collection, which is 2.6 percent of the biggest estates. For those with only $10 million to $20 million in assets, a small collection, valued at about 0.6 percent of your estate, is almost de rigueur. There are extreme differences in the super rich […]
