Common Mistakes When Setting Up a Trust
Before you set up a trust, learn about these five common mistakes that people make to ensure your assets are preserved and protected.
Planning Your Estate for Long-term Care Via Medicaid
You can plan your estate so that you can have access to Medicaid for long-term care while still protecting assets that would otherwise have to be liquidated.
Should You Contest a Deceased Person’s Will?
A will contest may help you obtain a portion of a parent or friend’s estate. However, pursuing one may also cause conflicts with people you care about.
Can You Contest a Will That Leaves Your Parent’s Money to a Charity?
Though rare, it is possible to contest a will leaving your parent’s money to charity instead of you. Check out some valid reasons for contesting the will.
Advantages and Disadvantages of an ILIT
Based on a permanent life insurance policy, an ILIT can reduce tax obligations, provide greater control over certain assets and enhance privacy.
Trusts Help You Avoid Federal Taxes
Avoid Federal Estate Taxes With Trusts If you want to transfer your wealth to your heirs, you need to know how to avoid federal estate taxes. The current federal estate tax exemption stands at $11.7 million, and thus very few estates are subject to the tax. Even so, there are ways to minimize the burden. What Are...
When Should the Irrevocable Trust Be in Place?
There Are Basically Three Reasons to Use an Irrevocable Trust Did you know that an irrevocable ttrust cannot be modified, amended, or terminated without the permission of the beneficiaries? Set up to minimize taxes as well as other reasons, the grantor legally removes their rights to ownership. As an estate planning...
Is It Better to Update Your Estate Plan Before or After Divorcing?
When to Start Changing Your Estate Planning Documents After a Divorce If you are involved in one of the 2.4 million divorces happening each year, your estate plan might be the last thing on your mind. It is certainly important to remember to update these documents after your divorce, but many people are left...
How to Reduce the Chances of Your Children Arguing During Probate
Tips for Preventing Sibling Disputes During the Probate Process The average probate takes around nine months, but it can be extended even longer when heirs start disagreeing. An unfortunate reality of estate planning is that some siblings end up arguing about how their parents’ property should be distributed....
Giving Your Loved Ones the Gift of Avoiding Probate
One big reason that people draw up revocable living trusts is that they want to avoid the probate process. Probate is a court-supervised process that can take several months, or even years, to complete. Then your will is a matter of public record for everyone to see. None of this happens when you set up a revocable...