A common misconception is that estate planning equates to death planning. But planning for what happens after you die is only one piece of the estate planning puzzle. It is just as important to make a plan for what happens if you become mentally incapacitated. What Happens Without an Incapacity Plan? Without a comprehensive […]
Read More »Want to Give the Kids an Early Inheritance? 4 Things to Consider
If you’re thinking about giving your children their inheritance early, you’re not alone. A recent Merrill Lynch study suggests that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund […]
Read More »Three Lessons Business Owners and Others Can Learn From the Estate Planning Mistakes of Farmers and Ranchers Part 2
If you already have an estate plan, you need to understand the importance of keeping your plan up to date as life events happen (births, deaths, marriages, divorces, illnesses, bankruptcies, lawsuits, jackpots) and laws are modified or repealed. As your personal and financial situations change, your team of advisors (including attorneys, accountants, bankers, and insurance […]
Read More »Three Lessons Business Owners and Others Can Learn From the Estate Planning Mistakes of Farmers and Ranchers Part 1
Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers don’t fully protect their legacy with an up to date estate plan. An out of date or inadequate estate plan could result in a farm or ranch that has been […]
Read More »The Shocking Truth About Asset Protection Planning
Some view asset protection planning with a skeptical eye. They believe there is a moral obligation to pay one’s debts. They think that asset protection planning is immoral because it prevents a creditor from collecting on a judgment entered by a court. The truth is the U.S. justice system is unpredictable. Defendants are faced with […]
Read More »6 Ways A Trust Protector Can Help You
Trust protectors are a fairly new and commonly used protection in the United States. In short, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees: maintain the integrity of the trust, make solid distribution […]
Read More »5 Mistakes Made by Successor Trustees (and How to Prevent Them)
When establishing a trust, you need to give serious thought to choosing your successor trustee—the person who will administer your trust once you’re no longer able to do so. This individual ideally should be:
Read More »What To Do After a Loved One Dies – Part 2
You may be thinking about handling all the paperwork yourself. It’s a tempting thought – why not keep things as simple as possible? – but a “DIY” approach to this process might cost you and your family dearly. Read on to understand why.
Read More »What To Do After a Loved One Dies – Part 1
If you’ve been appointed an executor of a loved one’s estate or a successor trustee, and that person dies, your grief – not to mention your to-do list, including tasks ranging from planning the funeral, coordinating relatives coming in from out of town and (eventually) meeting with a trust administration or probate lawyer – can […]
Read More »Act Now! There’s Still Time to Avoid the New IRS Regulations That Might Raise Taxes on Your Family’s Inheritance
The IRS recently released proposed regulations which effectively end valuation discounts that have been relied upon for over 20 years. If the IRS’s current timetable holds, these regulations may become final as early as January 1, 2017. Although that date isn’t set in stone, I expect that the regulations will be final around that time […]
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