Estate Planning for Unmarried Couples
Estate Planning for Unmarried Couples When you are in an unmarried relationship there are extra steps you need to take to protect each other. You are not automatically set up as each other’s beneficiaries. Additionally, you would have no rights if a probate was involved. In this article, we will go over the basics of estate planning for unmarried couples. Joint Tenants with Rights of Survivorship Owning real property and accounts as joint tenants [...]
Spendthrift Trust
Spendthrift Trust A spendthrift trust protects your assets from being wasted by a beneficiary who is a reckless spender. This type of trust lets you distribute assets to your beneficiaries under specific conditions. In this article, we will go over the basics of how a spendthrift trust works. People Involved There are three sets of people involved in a spendthrift trust. The first is the Grantor. This is the person who creates the trust [...]
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts Domestic Asset Protection Trusts, or DAPTs, are a type of irrevocable trust. They can be helpful estate planning tools and potentially provide protection from creditors. In this article, we will go over the basics of DAPTs. Set Up Only 17 states currently allow Domestic Asset Protection Trusts. These include Alaska, Delaware, Hawaii, Michigan, Mississippi, Missouri, Nevada, New Hampshire, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia, West Virginia, and [...]
5 Common Mistakes When Forming an LLC
5 Common Mistakes When Forming an LLC An LLC is a limited liability company. This is an entity that can protect your personal assets from business liabilities. There are legal and tax implications when setting up an LLC. However, there are common mistakes when forming an LLC that people make. In this article, we will go over 5 of those mistakes and how to avoid them. You Fail to Create an Operating Agreement An [...]
Qualified Domestic Trust (QDOT)
Qualified Domestic Trust (QDOT) A Qualified Domestic Trust, or QDOT, is a special type of trust that you can use for estate tax planning. In this article, we will go over what a Qualified Domestic Trust is and how it works. Marital Deduction Under IRS Section 2056A the surviving spouse is eligible to deduct 100% of assets when it comes to reporting estate taxes. However, if the surviving spouse is not a US citizen [...]
Estate Planning for Blended Families
Estate Planning for Blended Families Blended families occur when people with children from previous relationships enter a relationship and start a new family unit. Sometimes this even includes children that result from the new relationship. Estate planning can be complicated in these situations. In this article, we will go over some of the basics of estate planning for blended families. No Estate Plan The worst thing you can do is have no estate plan [...]