When planning out your estate, you may be able to save your heirs time and money by thinking carefully about the kind of trusts you create. Here are a few trusts that may benefit you: Revocable trust People typically make revocable trusts. This kind of trust can be...
Estate Planning
How do you stop a power of attorney from taking over?
When you first hear about a power of attorney it can sound pretty scary. Like you are being asked to sign over control over your life to someone. You have far more control available than you might realize. Here's what you need to know: You decide what power to give...
How to get your business succession plan started
While you might intend to run your business for the next 30 years, it only takes one unexpected illness or accident to prevent you from doing so much sooner. If there is no succession plan in place, it’s not just your family that will suffer, it's your employees and...
The importance of estate planning in business succession
Succession planning is a way to ensure the smooth transition of management and business ownership. Business owners can use estate planning to complement succession planning. Estate planning is about more than avoiding probate. It is also crucial in continuing a...
Are your adult children ready to take over the family business?
Your family business was passed on to you by the previous generation, and your intention is to follow this trend. You’re reaching retirement age now and it’s time to think about the future. You aren’t always going to be physically able to cope with the strain of...
2 reasons your will can be invalidated
It’s natural to want to leave something behind for the people and causes you care about when you die. To do so, however, you need to articulate your wishes in writing. And one of the most effective estate planning tools you can use to achieve this is a will. ...
Estate planning: A trust can help preserve your family’s wealth
You have probably thought about what will happen to your estate when you are gone. Will your heirs mismanage their inheritance? Will future generations benefit from the family wealth? You may want to consider including a trust in your estate plans if you have such...
What makes a good estate plan?
Most Americans lack an estate plan. To put it in another way, only one-third of them possess an established will or trust. Some of the reasons why many people don’t have an estate plan are because they either procrastinated or they’re unsure about how to create one...
3 things to know about an irrevocable trust
Adults should have a comprehensive estate plan in place so their loved ones can follow their wishes when they die. Most people have a will written out as part of the estate plan. For those who have considerable assets, a trust might be in order. When you’re ready to...
Factors to consider with high-net-worth estate planning
Wealth can solve many problems, but it can also create them, as most affluent individuals have learned. For example, if you leave behind a high-value estate, your loved ones may face substantial tax hardships. Estate planning empowers you to scale down the apparent...