Estate planning should always be customized to each individual creating a plan. This is particularly important when planning for beneficiaries with disabilities.
Here are the top five mistakes people make that upend their planning.
Trust funds are an important estate planning tool. They can protect your assets while you’re alive and help ensure that you leave money to your children or other loved ones after you die.
When it comes to owning property in two different states, you may wonder how to manage these in your estate plans.
Leaving behind a huge tax bill for your heirs with the stretch IRA scuttled? Here are some ways around it as lawmakers consider an updated SECURE Act.
A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries that portions out trust funds over time and under certain circumstances, usually due to the client’s concern that the beneficiary (usually their child) may get divorced, go through a bankruptcy, or the beneficiary has been addicted to chemical substances. The discretionary trust prevents access to trust funds all at once.
Trusts are often associated with the rich. However, the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Children and grandchildren motivate us to think about a will and life insurance. However, it is problematic to name minor children as beneficiaries.
Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning excuses stand in their way.
In estate planning, the use of trusts to manage the distribution of assets is becoming increasingly more common. However, for many people, the idea of setting up a trust during his or her lifetime is overwhelming and perhaps even unnecessary.
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