Some people are not good with money, and others run into financial problems that they really didn't cause on their own. This can be something that crosses your mind when you are engaged in your inheritance planning efforts. Clearly, if you were to leave a direct inheritance to a loved one through the terms of a last will, the assets would be in the direct personal possession of the inheritor. They would be treated like any property, and the inherited assets would be available to creditors … [Read more...] about Can My Son's Creditors Take His Inheritance?
When you are looking ahead toward your retirement years, you probably have some vision in mind with regard to what you will have left to leave behind to your loved ones. If you take the right steps, you can have sufficient resources to support your golden years as you simultaneously preserve a suitable legacy. Potential long-term care costs are something that you should take very seriously when you are evaluating your future financial position. Most people who are fortunate enough to attain … [Read more...] about A Medicaid Trust Can Protect Your Legacy
When you think about the term "asset protection," lawsuits will probably come to mind. While it is true that people who are concerned about legal actions can take steps to protect assets, there is another type of asset protection that can enter the picture when you attain senior citizen status. Let's look at the facts. Living Assistance Seven out of every 10 senior citizens will need living assistance eventually according to the United States Department of Health and Human Services. … [Read more...] about What Is Nursing Home Asset Protection?
If you are a landlord, you may be concerned about lawsuits. People could get injured on property that you own, and you could be targeted. Clearly, this is a legitimate concern, because litigious types are always looking for vulnerabilities. One way to protect assets if you are a landlord would be to convey your property into family limited partnerships. First, we should explain the basic anatomy of a family limited partnership. If you establish and fund a family limited partnership, … [Read more...] about How Can a Landlord Protect Assets?
When you are the owner of a business or a professional practice, you may be concerned about litigation. You can limit your exposure if you implement the appropriate asset protection strategies. One asset protection structure that is frequently utilized by small business owners is the limited liability company or LLC. If you create a limited liability company, the business property would be separate from your personal property. As a result, if the business was targeted by … [Read more...] about What Is a Limited Liability Company?
What is a TOD or POD Account? from Paul Kraft When you are planning your estate, you facilitate asset transfers to your heirs. There are a number of different ways to go about it. Learn more about TOD or POD Account in Indiana in this presentation. … [Read more...] about What is a TOD or POD Account in Indiana?
We have often heard it said that we live in a litigious society. Any business owner could potentially be the subject of a lawsuit, but some people are more vulnerable than others. For example, physicians and landlords are often targeted by litigious types. All business owners should consider the value of asset protection, but it is absolutely essential for those who are in certain lines of work. Let's look at a couple of the legal structures that are typically used by … [Read more...] about What Legal Structures Provide Asset Protection for Business Owners?
There are different trusts that are used to accomplish varying objectives. Sometimes people paint with a broad brush because they have a lack of information. In this post we will look at revocable living trusts in Indianapolis and wealth preservation. Revocable Living Trust in Indianapolis A revocable living trust in Indianapolis is just that, revocable. After you create the trust you are free to revoke or rescind it at any time. Assets that you have conveyed into … [Read more...] about Will a Revocable Living Trust in Indianapolis Protect Family Wealth?
We like to answer frequently asked estate planning questions here on our blog. Recently, we covered the topic of revocable living trusts and asset protection in Indianapolis IN. To recap, a revocable living trust is popularly used as an alternative to a last will to enable probate avoidance. Probate is a legal process that your estate must pass through before the heirs to the estate receive their inheritances. People often take steps to avoid probate because it can be … [Read more...] about Are There Trusts That Provide Asset Protection in Indianapolis IN?
Legacy wealth planning is a more advanced form of estate planning. People who have accumulated a great deal of wealth have concerns that others do not. As a result, these individuals are typically going to employ strategies that protect assets and preserve wealth for the benefit of succeeding generations. If you are interested in legacy wealth planning you will definitely want to take steps to gain estate tax efficiency. In 2013, we have a $5.25 million estate tax exclusion. The top rate of … [Read more...] about What Is Indiana Legacy Wealth Planning?