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You may already be familiar with the many benefits of having a revocable living trust. It’s often one of the key documents in an estate plan. You can place titled assets like your home, car, boat and bank accounts in a revocable living trust that you control while...
People who start or take over successful businesses have many responsibilities. One of their obligations is the preservation of the company for future generations of owners and for the long-term well-being of employees. The structure of the business and ownership...
Ten years ago, your first child was born, and you realized it was time to think about the future. You decided to buy a life insurance policy and name your child as the beneficiary. This way, if anything unexpected happens to you, your child would have a substantial...
Trusts are great financial vehicles for preserving generational wealth. But there are potential pitfalls of which those funding the trusts should be aware. One thorny issue that can create problems is the choice of trustee over the funds of your beneficiary. Read on...
An irrevocable trust can be an excellent estate planning tool for protecting and managing your assets for the long term. However, navigating the intricate world of trusts requires careful planning and action. Mistakes can be costly, with the potential of derailing...
When you leave your assets to loved ones using a will, they can lose them to creditors for defaulting on debt. In other words, creditors can repossess the assets to recover money owed. However, the same cannot happen with a trust. Trust assets are safe from creditors...
One of the reasons people work hard is so they can leave behind a little something for the people they care about when they die. As such, it becomes an item of great concern when you have doubts about a beneficiary’s ability to manage their inheritance. Let’s face...
You certainly understand the value of the money that you’re passing down to your heirs. You spent your life creating that wealth. You want it to last for generations. This is a gift that you are passing down, and it’s important to you that it stays in the family and...
A dynasty trust is an estate planning tool that allows you to protect your wealth for generations to come. However, until recently, this was not really an option if you lived in Texas. A 2021 law change now makes it possible. You can now pass on your wealth from...
Estate planning is largely about distributing your assets upon your death. While a will is one useful instrument that can put this in motion, there are several others to choose from and include in your estate plan. A trust may be more suitable for some of your...