In estate planning, the durable power of attorney is extremely important for a number of reasons. It allows you to decide who will step up to the plate and carry out your financial decisions and affairs should you become incapacitated. Needless to say, when deciding who to appoint as a Power of Attorney, it’s a powerful role you’re filling and your … [Read more...] about Understanding the Durable Power of Attorney
You may not want to focus on the possibility of your own incapacity, but you should take the time to do so. In the event that you do become incapacitated, either as a result of the natural process of aging or because of a sudden illness or accident, someone will need to manage your money. Will it be someone who you want managing your money? That … [Read more...] about If You Become Incapacitated, Who Will Manage Your Money?
When you are planning your estate you need to identify an attorney who is focused on this particular area of specialization because of the fact that there are so many financial instruments involved. It takes time and dedication to this aspect of the law to fully understand all that is available to you and when you should implement one strategy … [Read more...] about Charitable Remainder Trusts Provide Income, Enable Philanthropy
A Revocable Living Trust is a popular alternative to a basic Last Will and Testament. A Living Trust offers a few more benefits than a Will, including circumvention of probate and privacy for you and your heirs. There is one benefit, however, that Wills and Living Trusts do not provide: asset protection. Assets in your Living Trust have absolutely … [Read more...] about Can You Use a Revocable Living Trust for Asset Protection?
Did you know that you can name a beneficiary for your retirement accounts? Doing so will allow your accounts to pass to your chosen heirs outside of probate. This could provide your family with a fast cash supply for your final expenses if other estate holdings are tied up in probate. Retirement accounts can also provide a steady source of income … [Read more...] about Leaving Your Retirement Accounts to Your Family
Leaving a Legacy Basic estate planning is a must for those who wish to leave an inheritance to their loved ones and provide information about their final wishes. If, however, you are among those who prefer to leave more than just a basic inheritance, an advanced estate plan with a focus on legacy planning might be a better … [Read more...] about Leaving a Legacy
When you leave an inheritance for minor children, an Irrevocable Trust may be your best friend. These trusts offer benefits such as estate tax reduction and asset protection. Within the world of Irrevocable trusts there are many different types. Common pot trusts and individual trusts, two kinds of irrevocable trusts, are often used to leave an … [Read more...] about Choosing between a Pot Trust and an Individual Trust
You’ve probably heard the term ‘trust fund’ but do you know what a trust does? More importantly, do you know how trusts can benefit you and your loved ones? A trust is a separate legal entity set up by an individual or business to hold assets, such as cash or real estate, on behalf of that individual or a beneficiary. The person setting up the … [Read more...] about What is a Trust?