AB Trusts AB trusts were originally created with the main purpose of helping to reduce estate taxes. In this article, we will go over how AB trusts work, additional benefits they offer, as well as drawbacks you should be aware of. Original Purpose AB trusts got their start under old estate tax laws. In [...]
You May Need to Update Your Estate Plan One of the top estate planning mistakes you can make is failing to update your estate plan. Not making the proper updates can wreak havoc on the best thought out plans. In this article, we will go over six reasons you would need to update your [...]
Why Estate Planning Is Important Estate planning is important as a component of your financial life. But many people put it off because the topic upsets them or they think they are not rich enough or old enough to worry about it. But it is something vital for everyone to take care of. In [...]
Irrevocable Trust FAQs An irrevocable trust is often a confusing estate planning document to many people. In this article, we will go over commonly ask irrevocable trust questions to help you better understand them and how they work. What is an Irrevocable Trust? An irrevocable trust is a type of estate planning document. It [...]
Choosing Your Trustee A trustee is an entity or a person who you appoint to manage your trust after you can no longer manage the trust yourself. For a Revocable Living Trust, this person is your successor trustee. In this article, we will go over what you need to know for successfully choosing your [...]
Things Living Trusts Do Not Accomplish Living trusts are very helpful and essential estate planning documents. With a living trust, you are able to avoid probate and keep your affairs in order while you are ill and when you pass. Unfortunately, they do not accomplish everything, and it is important to be aware of [...]
What Happens When You Do Not Have a Trust Many people wonder what the exact benefits of having a trust are. One of the best ways of illustrating the benefits is to go over exactly what happens when you do not have a trust. In this article, we will go over two different scenarios: [...]
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. 1. A Will Avoids Probate The most widespread of the [...]
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 [...]
