Trusts can be the linchpin of a solid estate plan. It is important to remember that you can't just set up a trust and forget about it. It is a good idea to periodically review how your trust is working to make sure you and your family are getting the full benefit of it. Not doing so can be costly and may cause unintended consequences with respect to one's estate plan.
When people hear the words “asset protection,” they think of rich individuals with offshore accounts and tax havens. However, in reality, asset protection is for everyone. Using a series of basic techniques, individuals can increase the odds that the wealth they’ve accumulated stays with them and their heirs and not someone else.
Did you know that almost 20 percent of the U.S. population, or more than 55 million Americans, are living in households with two adult generations?
Oftentimes, the idea of "estate planning" can seem overwhelming. However, estate planning at its most basic level is simply making decisions about who should receive your assets when you die and creating a plan that efficiently transfers ownership of the assets at the time of your death to your intended beneficiaries.
A growing number of older people don't have a spouse, children or other close relatives. One of the biggest concerns for people in such a situation is how to prepare in case they become disabled or incapacitated.
Often, one of the hardest decisions people make in the estate planning process is how much (and when) to tell their children or other heirs about their plans.
Even if you have a relatively modest estate, life insurance can be an important part of your estate planning for the obvious reason that it can substantially increase the estate’s value. In the case where there’s a premature death and a young family is in need of support, life insurance may be the primary means for that family's financial survival.