Uses of an Irrevocable Trust
Uses of an Irrevocable Trust An irrevocable trust is a type of trust that you cannot change once it has been created. They can be expensive and complex, but they do have special estate planning provisions. In this article, we will go over 3 uses of an irrevocable trust. Qualify for Medicaid Medicaid is a government assistance program that can help pay for long term care for low-income individuals. The issue comes for those [...]
7 Estate Planning Misconceptions
7 Estate Planning Misconceptions Estate planning can be complicated. There are many estate planning misconceptions that make it seem even more complex. In this article, we will clear up 7 estate planning misconceptions. 1. If You Die Without a Will, the State Gets Your Assets One of the common estate planning misconceptions is that if you die without a will, the state will get your assets. This is not true. If you die without [...]
12 Estate Planning Steps to Take Before You Die
12 Estate Planning Steps to Take Before You Die While you may not have a large or complex estate it is still important to be prepared. Estate planning is the process of putting your affairs in order to help your loved ones deal smoothly with incapacity or death. In this article, we will go over 12 estate planning steps to take before you die. 1. Itemize Your Inventory You should make a list of any [...]
Member Managed vs. Manager Managed LLCs
Member Managed vs. Manager Managed LLCs Once you choose an LLC as your business entity structure you need to decide on the management structure of your LLC. You can choose member managed vs. manager managed. In this article, we will go over what these types of management structures mean and how they work for you. LLC Management An LLC limits the owner(s) liability when it comes to business debts and obligations. Whoever oversees management can [...]
Common LLC Terms
Common LLC Terms LLC stands for limited liability company. It is a type of business entity you can set up to protect your personal assets from business liabilities. In this article, we will go over some common LLC terms you should be familiar with before setting up an LLC. Articles of Organization Articles of Organization is a document filed with a state authority to form the LLC. In Arizona, this document is filed with [...]
8 Costly Estate Planning Mistakes
8 Costly Estate Planning Mistakes The goal of estate planning should be to transition your assets to your loved ones in as seamless of a manner as possible. There are mistakes that may cause you to veer of course. But they come with simple fixes. In this article, we will go over 8 costly estate planning mistakes and how to fix them. 1. Improper Funding of the Trust A trust only helps your assets [...]