Learn the basics of Estate Planning, including wills and probate, trust, beneficiary designations & taxes.
Did you DO something? Make a bad choice? A poor Decision? Surely you did SOMETHING to cause your mutual funds, stocks, or 401K to lose value! As I write this, the market has dropped over 1000 points. Why? Something out of our control happened: the Corona Virus became a pandemic. You didn’t have anything to [...]
Use Legacy Arbitrage to extend benefits to heirs Definition of 'Arbitrage' from Investopedia "The simultaneous purchase and sale of an asset to profit from a difference in the price. It is a trade that profits by exploiting price differences of identical or similar financial instruments, on different markets or in different forms. Arbitrage exists as [...]
According to California-based exit planner Bill Black, "85% of small businesses have done no planning, leaving their families and employees at risk." Survey after survey indicates that Baby Boomer and Genx business owners have done little to prepare for the day when they will no longer work in their businesses. Unfortunately, exiting a business in [...]
If you own bank accounts and want to reduce your exposure to probate with these assets the “payable on death” (POD) option may help you. This option offers an easy method to keep bank account out of probate court. All that is required is a form which most banks can supply naming whomever you want to inherit the money in your account at your death.
I am not a tax attorney, nor do I play one on TV. I am, however, a financial guide who understands the need for thorough, complete estate planning. In recommending trusts to many of my clients and prospective clients, I have run across situations in which someone wanted to use a trust differently than [...]
Stop! Drop what you're doing and check your beneficiaries! If you have a testamentary trust, it might be a smart move not to name the trust as a beneficiary of certain assets such as annuities, life insurance, bank accounts, a brokerage account or a qualified retirement account. Please check your policies and if you [...]
In a perfect world, your will would be drawn up, your assets would be distributed in a timely, no-hassle fashion after your death, and your family would be immediately able to enjoy the financial legacy that you spent your life creating for them. Unfortunately, no one lives in a perfect world, but a beneficiary-controlled trust can help ensure that your children will have access to their inheritance in a way that is faster, and is legally protected longer-than some of the more traditional methods. A Beneficiary trust is long-term many states allow this type of trust to remain in perpetuities for at least a century, if not longer. A Beneficiary trust also maintains a structure that protects assets from creditors, false-heirs, ex-spouses, and any other potential beneficiaries and parties not named by the trust.
An executor is the person responsible for managing the administration of a deceased individual’s estate. Obligations can vary from state to state and the size of the estate can determine the responsibilities that will be needed.
Women need to understand their rights in a divorce “The impact a divorce has on women’s finances cannot be overstated. The financial literacy gap, the lack of involvement in long-term financial planning during their marriage, and their higher likelihood to end up in poverty place divorced women in a vulnerable position.” -Worthy.com If you’re a [...]
Unlike wills, which are automatically submitted to probate and become public record after your death, living trusts keep your assets from becoming frozen and/or parceled out by a court appointed conservator. Estate planning is an essential strategy for the protection and preferred distribution of your assets and property, and a living trust should always be included in any effective estate planning document. Speak with your certified financial advisor and attorney for more information about the details specific to your situation.
