Irrevocable Life Insurance Trust An irrevocable life insurance trust, or ILIT, is a special type of irrevocable trust. It can be used to help avoid paying estate tax due to large life insurance policy proceeds. In this article, we will go over the basics of how an irrevocable life insurance trust works. The Basics [...]
Estate planning is a complex area. This confusion can lead to misconceptions being widely spread as the truth. In this article, we will go over 10 common estate planning misconceptions. This will give you some of the knowledge necessary to properly navigate estate planning, whether it be with navigating california estate tax or any [...]
How to Revoke an Irrevocable Trust An irrevocable trust is a complex estate planning document. If you are the grantor, or the person creating and funding the trust, you lose control of any assets placed in the trust. Additionally, you lose the ability to change or revoke the trust. However, there may be some [...]
Irrevocable Trusts Irrevocable trusts are estate planning documents. They are powerful tools that can be very beneficial in certain situations. In this article, we will go over how irrevocable trusts work, some of their benefits, and some of their pitfalls. How Irrevocable Trusts Work An irrevocable trust is a type of trust. After you [...]
Naming a Guardian for Your Children If you have any children under the age of 18, naming a guardian is a vital component of your estate planning process. In this article, we will go over what happens when you do not name a guardian for your children, how to name one, and questions [...]
Last Will and Testament - The Basics A last will and testament is a document that allows you to outline our wishes for how you would like your estate to be taken care of. A will is a probate document. It is a common misconception that a will avoids probate. Rather, it is a [...]
Revocable Living Trust A cornerstone of a complete estate plan is a revocable living trust. It allows you to avoid probate and have control over what happens to your money when you pass. In this article, we will discuss revocable living trust basics. This includes how they work, their advantages, and how to [...]
Estate Planning Basics: A Beginner's Guide Many people think that estate planning is too expensive for them or they do not have enough money to need one. Many more put it off because they do not like contemplating their own mortality. No matter your situation in life, estate planning is a vital component. [...]
What to Do After Creating a Living Trust Leaving your estate planner’s office with your executed documents is not the last step of a successful estate plan. There are still several steps that you will need to take after creating a living trust. In this article, we will go over five of [...]
Powers of Attorney: Essential Estate Planning Documents Powers of attorney from https://www.phillipslawoffices.com/car-accidents/ are an essential component of every successful estate plan. They allow you to name a trusted person to take care of specific things for you when you are incapacitated. There are several different types. The main ones you should have are a [...]
