A trust allows you to be specific about how, when, and to whom your assets are distributed. Trusts can be arranged for a variety of different goals: to reduce estate taxes, to transfer property, and to preserve assets for minors or a charity. Trusts offer more flexibility than a will to control your assets. You […]
Trusts
Do You Need a Will and a Trust?
Everyone wants to protect their families, even after they pass from this world. That’s the purpose of estate plans. But how do you know whether all of the elements of a good plan are in place? The first step is understanding the difference between a will and a trust: Because wills must pass through […]
Settling a Deceased Person’s Debts
An estate is everything someone owns at the time of death. The process of paying bills and distributing what’s left is called probate. The executor of an estate uses assets to pay off debts. This might include writing checks from a bank account or selling property to get the money. Indeed, the settlement of […]
What Are Key Trust Problems?
A trust is an estate planning document that disposes of your assets after your death. Trusts are an effective planning tool for those with detailed plans for their worldly goods. Will your trust achieve the purpose it was created for? Not if you make one of the following errors: Failure to fund. You have […]
What Are the Different Kinds of Trusts?
What Are the Different Kinds of Trusts? Trusts are legal arrangements that ensure the administration of a deceased person’s assets aligns with what they would have wanted. Additionally, trusts work on behalf of your beneficiaries in your absence. Not all trusts are the same, however. The four main types of trusts are living trusts, testamentary […]
Younger Generations Can Help Older Ones With Estate Planning
Younger Generations Can Help Older Ones With Estate Planning How do you approach a conversation with your parents about estate planning? For sure, you don’t want to nag or become a nuisance, creating suspicions about your motives. By being open and honest about your concerns, you can allay their fears that this is only about […]
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