Parents and other close family members typically want the best for the next generation. They may work hard jobs with the intention of offering their children a better future. Oftentimes, older generations pave the way for the success of younger family members by...
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Wills And Trusts
Top 3 reasons why you should consider creating an irrevocable trust
Planning your estate is an important part of one’s financial well-being, and it can help to ensure the fair and desired distribution of your assets after your passing. One of the ways that you can help to ensure that your assets are protected and managed according to...
What happens to a loved one’s assets after they pass away?
Losing a loved one can be devastating. It can even be more stressful when family members are left to deal with the deceased family member’s estate and property while dealing with their grief and pain. However, knowing some basics of how the process works can help...
Pros and cons of an incentive trust
An incentive trust can be very beneficial. You can fund the trust as part of your estate plan. The trustee then distributes payments to the beneficiary in accordance with your wishes. For instance, maybe you want to ensure that your beneficiary goes to college. To...
What happens to your minor child’s care if you do not have a will?
When considering the future and well-being of your child, one of the most profound acts of care you can do as a parent is to prepare for all eventualities, including passing away. With this, you may want to consider including a will in your estate plan to express your...
What is a qualified personal residence trust?
When it comes to estate planning, a qualified personal residence trust (QPRT) stands as a powerful tool, offering individuals a strategic way to transfer their primary residence or vacation home to their heirs with significant tax advantages. A QPRT is a legal...
2 types of trusts
Trusts are versatile instruments used in estate planning to manage and distribute assets according to specific terms. Each type of trust serves a unique purpose and is suitable for different situations. Consider these two common types of trusts: 1: Totten trust A...
A trust can fortify your estate plan
All the assets you worked hard to accumulate throughout your lifetime make up your estate. Your estate is the legacy you leave behind. Of course, you would like to protect your legacy from creditors and mismanagement. Estate planning can help you do that, but you may...
What are the responsibilities of a trustee?
There are multiple steps involved in establishing a trust. If you plan to include this option in your estate plan, consider assessing your situation first. You may face significant decisions concerning the trust, such as who can be your trustee. Some might already...
Can creditors take action against the assets in a trust?
One of the more common reasons that people create a trust when estate planning is to protect their assets. They don't want creditors to bring a lawsuit against them when they age and must live on a fixed income. They may also worry about claims during the probate...