- Differences Between a Living Trust and a Will in Arizona
A living trust can help you to manage your assets during your lifetime and beyond. A will, on the other hand, is specifically designed to allow you to direct the distribution of your assets after your death. Where you live and the amount of assets that you have can influence whether you need to include… read more…
- Differences Between a Living Trust and a Will in Florida
Weighing whether you need a trust vs. will in Florida? A last will and testament is a basic building block for establishing an estate plan. You may, however, need to consider adding a trust to your plan if you have significant assets or a more complicated estate. There are some important differences between the two… read more…
- Differences Between a Living Trust and a Will in Texas
Estate planning is the process of arranging for your assets and property to be distributed after your death. It is vital for protecting your assets and ensuring they are handled according to your wishes. The two main estate planning tools are wills and living trusts. While they have some overlaps, these instruments also have key… read more…
- Estate Planning Tips to Protect Intellectual Property
Estate planning is a crucial process to ensure that your assets are distributed according to your wishes after passing. While many people focus on tangible assets like homes and investments, it’s equally important to consider the protection of intellectual property (IP). Intellectual property can include patents and trademarks and may hold substantial value. Just as… read more…
- Living Trust vs. Will in California: Differences and How to Choose
Today’s choices shape the future for children, great-grandchildren and future descendants. For Californians, navigating the landscape of living trusts and wills is paramount in ensuring a seamless asset transition and safeguarding family members’ well-being. Each of these legal instruments carries advantages and considerations, offering distinct avenues toward realizing your legacy. Read on to equip yourself… read more…
- Pros and Cons of Starting a Private Family Foundation
Private family foundations have gained popularity as a means for wealthy families to make a positive impact on society while maintaining control over their charitable endeavors. However, like any philanthropic venture, they come with their own set of advantages and disadvantages. A financial advisor can help you determine whether a private family foundation is right… read more…
- How to Make a Succession Plan for a Family Business
Who takes over the reins of your family business when you step down is a critical question for the long-term success of the business. The issue becomes even more complex and sensitive when dealing with a family business where personal relationships and business dynamics intersect. As shown in studies conducted over several years, the majority… read more…
- How to Create a Trust Fund for Your Grandchildren
Creating a trust fund for your grandchildren can be an effective strategy, not just for the wealthy, but for anyone interested in financial planning. It can provide a level of financial security and a safety net for the future. But doing so requires careful consideration, understanding of different trust types, clear instructions, and in many… read more…
- Trust Fund vs. Will for Estate Planning
Estate planning involves both trust funds and wills to help ensure the smooth transition of assets to your beneficiaries. A trust fund is a legal entity that holds and manages assets on behalf of another individual or organization. A will, on the other hand, is a legal document that directs the distribution of assets after… read more…
- How to Build Wealth With an Inheritance
Money passed down to the next generation comes with feelings of gratefulness, loss and responsibility. In addition, receiving an inheritance worth hundreds of thousands of dollars can be jarring. It offers an extraordinary opportunity to secure your financial future, but doing so requires knowledge and discipline. From assessing your current financial standing to deploying savvy… read more…
- What Is a Family Limited Partnership?
A family limited partnership (FLP) is a complex structure that serves a strategic purpose for individuals desiring to manage and protect family assets, limit liability and potentially secure tax benefits. This article targets families interested in estate planning, providing a comprehensive understanding of how FLPs function, their advantages and disadvantages, as well as tips on… read more…
- Does Putting Your Home in a Trust Protect It From Medicaid?
An individual can protect their assets from Medicaid, including their home, by placing them into a trust. Essentially, the assets become owned by the trust and not by the individual. This mechanism can decrease the individual’s asset count for Medicaid eligibility, presenting a way to potentially conserve wealth and secure necessary medical care. However, like all… read more…
- How to Keep Money in the Family With an Inheritance Trust
Inheritance trusts take on critical importance in wealth management, particularly for multi-generational families. The term might come across as complex but in essence, inheritance trusts involve safeguarding assets while managing their distribution efficiently. Moreover, they provide potential tax benefits that can contribute significantly towards your family’s financial security. A financial advisor well-versed in this field… read more…
- What Does a Revocable Beneficiary Mean for Estate Planning?
When creating an estate plan, one of the most important decisions is choosing beneficiaries for your assets and accounts. As you make these selections, you’ll need to determine whether each beneficiary should be revocable or irrevocable. This choice can have significant implications for your estate plan and financial legacy. Consult a financial advisor when you… read more…
- Estate Planning for Ultra-High-Net-Worth Individuals (UHNWI)
With a fortune higher than the lifetime earnings of the average person, an ultra-high-net-worth-individual (UHNWI) may seem immune to financial disaster. However, financial pitfalls and misfortunes can claim anyone’s wealth, whether they own a beat-up van or multiple yachts. For UHNWIs, losing money is a proposition that often figures into the millions. This fact highlights… read more…
- Successor Beneficiary Rules
Life insurance is built around beneficiaries who will receive the benefits of your life insurance payout when you pass away. However, from time to time, your named beneficiary cannot collect the payment. In that case, the policy passes on to your successor beneficiary. This is a substitute who can receive your insurance benefits instead, like… read more…
- Report Shows the Importance of Estate Planning for the Wealthy: Are You on Track?
Baby Boomers are expected to hand over more than $70 trillion in assets to their heirs. Many are concerned about making sure that their leftover assets go to the right people and purposes. And they may well be right to worry, according to a new study from Raymond James. Even though 84% of the 1,000… read more…
- Estate Planning Tips for the Ultra-High-Net-Worth
In the realm of personal finance, estate planning stands as a paramount consideration for those who have amassed substantial wealth. For ultra-high-net-worth individuals – people with over $30 million in investable assets – the complexities and implications of legacy planning become even more pronounced. While it’s often tempting to delay such discussions, proactively managing your… read more…
- Inheriting an Inherited IRA: What You Need to Know
Navigating the often complex world of inherited individual retirement accounts (IRAs) can be daunting, especially in the wake of losing a loved one. It can be even more complicated if you’re inheriting an already inherited IRA. Understanding the rules and regulations surrounding inheriting an inherited IRA is crucial to ensure the smooth transition of assets… read more…
- How Can You Avoid Probate in Florida?
Probate can be a timely and costly legal process that verifies the will of a deceased person and manages the transfer of their estate assets. According to the Florida Bar Association, this process can take between six months and two years. Here’s what you need to know to avoid the probate process in Florida. If… read more…
- What Are the Disadvantages of a Trust?
Trusts represent what can be an invaluable tool for managing personal and familial wealth. There are specific uses, drawbacks and benefits of trusts, but it’s important to understand what your specific purpose is before using one. The ability to have a degree of control over your assets, even after death or a potential reduction in… read more…
- How to Avoid Probate on Your Bank Accounts
Probate is a legal process that verifies the validity of a deceased person’s will. This includes addressing debts and distributing remaining assets. If you die without a will or a living trust, probate can substantially influence the transfer of your assets. Here’s what you need to know to avoid the probate process. If you want… read more…
- Tax Consequences of Terminating an Irrevocable Trust
An irrevocable trust is a legal entity that cannot be altered, amended or revoked after its creation. Irrevocable trusts are typically established to protect assets from creditors, benefit the beneficiaries and minimize estate taxes. But there are circumstances that warrant the termination of an irrevocable trust like when its purpose is fulfilled or its assets… read more…
- How to Change the Trustee on a Revocable Trust
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change trustees, other circumstances may require a petition to be filed in court before a trustee can be removed from power. Here’s what you should… read more…
- 7 Vital Estate Planning Tips
Estate planning is an essential financial process that determines how your assets will be protected, managed and distributed in the event that you become incapacitated or die. In 2023, only one in three Americans have an estate plan, but 25% told Caring.com that inflation has made them see a greater necessity for estate planning. Here… read more…