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2 Myths Connected To Irrevocable Trusts

An irrevocable trust is a powerful tool for you to use. Its nature tends to give people the wrong impression about what it achieves and how it impacts you (and your assets) specifically. Whether you choose to create it as part of your estate plan is ultimately up to you and your attorney.  However, don’t dismiss this option and its benefits because of misinformation or a general misunderstanding about Read More

How To Create An Educational Trust

Some selfless people are willing to support the educational needs of others financially. Although there are several ways to accomplish that, this article will discuss an educational trust. An educational trust is not the same as a 529 Plan. A 529 Plan is a means to set money aside for future educational costs, but it has its own benefits and restrictions.  What Is An Educational Trust? It is a trust fund Read More

Estate Planning After Getting Remarried

As your life changes, so will your estate plan. Adapt it accordingly. One such significant event is when you remarry—especially after already having children. The core focus of estate planning is to ensure your assets get dispersed according to your wishes. As joyous as a second marriage can be, it can alter your plan for the future. By creating an estate plan, you are planning out your future and protecting your Read More

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Establish Your Business Succession Plan Early

Estate planning extends beyond wills, trusts, and the distribution of your personal property. If you own a business, you need to develop a succession plan. The statistics show that second-generation businesses are more likely to fail than succeed. These odds only increase when applied to third or fourth-generation businesses.  Pick A Successor Do this early. There is nothing wrong with thinking about who Read More

Estate Planning Fundamentals

Clients often ask us about the estate planning tools we use and what each of them can accomplish. Here is a list of the most commonly used tools and brief descriptions of their purpose. Last Will and Testament This allows you to specify “who gets what” when you pass away. Without your own Last Will and Testament, your assets will be distributed according to state guidelines. A Will also allows you to name Read More

Estate Planning & 529 Plans

Estate planning applies to everyone—especially people who are starting new families. So much of your estate planning directly pertains to how your children will be taken care of in your absence.  One particular way in which you can provide for your children is by putting aside money to pay for their college education. This is commonly referred to as a 529 plan because it is authorized in Section 529 of the Read More

The Proper Planning Mix for Blended Families

Planning for blended families can present unique challenges, in part because the interests of a current spouse and any mutual children often conflict with the desire to provide for one’s children from a previous marriage. For example, if all of an estate’s assets are left to the new spouse, the children from a previous marriage may not be provided for in the manner the deceased spouse would have wanted. After all, Read More

Why You Should Consider Irrevocable Grantor Trusts

This is a term that is commonly used within estate planning, and it is something you should be familiar with before you approach your attorney. Even if it is not something you will utilize, it will still highlight some of the more important aspects of estate planning. The more you understand now, the less time your attorney will spend explaining it. This translates into a more efficient estate planning process—in Read More

A Will Is a Key Component of Any Estate Plan, but It’s Not Enough

A will can help you accomplish a number of important planning goals. For instance, it allows you to control how your assets are distributed after you pass away. Without a will, your assets will be distributed according to what is known as intestate succession, in accordance with strict guidelines set by the state. What you “would have wanted” is irrelevant to the state. Your assets must be distributed, and the state Read More