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 [...]
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 [...]
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 [...]
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 [...]
8 Steps for a Complete Estate Plan A complete estate plan is vital to protect your assets for your loved ones. In this article, we will go over 8 steps for a complete estate plan. 1. Inventory Your Estate It is important to take an inventory of your estate, which is a list of all [...]
Celebrity Estate Planning Mistakes Celebrity estate planning mistakes can be useful in helping us to avoid the same issues. In this article, we will go over five celebrity estate planning mistakes. James Gandolfini Estate Value: $70 million Date of Death: June 19, 2013 James Gandolfini had estate planning documents in place. The issue was he [...]
Generation Skipping Trust A generation skipping trust is a type of irrevocable trust. It can be a useful estate planning tool for those with large estate. In this article, we will go over the basics of how a generation skipping trust works. How It Works A generation skipping trust allows you to bypass your children [...]
Estate Planning for Large Estates Estate planning for large estates is complex and may require multiple strategies. In this article, we will briefly review several avenues that are available for estate planning for large estates. Charitable Donations and Wealth Preservation There are several types of trusts that allow you to use charitable donations for [...]
Funding Your Trust Signing your trust is just the first step in creating a successful estate plan. The second step is funding your trust. This is the process of transferring assets into it. In this article, we will go over the basic steps of funding your trust. Personal Property Personal property includes clothing, furniture, [...]
When Is a Trust Involved in Probate? In general, a trust will help your estate to avoid probate. However, there are certain scenarios when probate may be required. In this article, we will consider one circumstance when a trust may be involved in probate. How a Trust Works When you create a trust, you [...]
