Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.
The most common question I get asked in our Mutual Interview is, “What’s the difference between a will and a trust?” The answer is based on the way each gets treated while you’re living and after you die. Whether you choose one or the other depends on your goals for your plan. [Read More]
A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, since they are separate documents, they sometimes run in conflict with one another–either accidentally or intentionally.
Adults with disabilities are living much longer than in the past, which means their aging parents must plan for the day when their dependent children outlive them.
I am named successor trustee in my parents’ trust. When the time comes, how do I sell the home and the other assets?
Running and owning a business is just like raising a child: Both are investments in the future, and both require a lot of time, resources and effort to raise successfully. One can argue that you would treat your business like you’d treat a child; you’d want it to succeed even after you’ve passed on or retired.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
Across the board, legal documents can be confusing. Just think about the paperwork needed to take out a mortgage – the legalese is overwhelming. And
The beneficiary is what it sounds like: the person who receives the benefit from a trust. [Read More]
The grantor is the person who creates a trust. No matter what type of trust you have, the grantor is always in charge because they set the trust’s terms. [Read More]
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