The main difference between a revocable trust and an irrevocable trust is the amount of control the settlor (the person establishing the trust) retains after the trust is created. When you establish a revocable trust, you keep the power to make changes to it, or to completely do away with it and take back the trust property, at any time. This gives you a lot of flexibility, but because you retain full control over the trust, for financial purposes, you’re treated like you still own the trust … [Read more...] about What's the Difference Between A Revocable and Irrevocable Trust?
Estate Planning
Where Should You Keep Your Estate Planning Documents?
So, your estate planning documents are all drawn up and signed, and you’re wondering where the best place to keep them is. The most important thing is to keep them in a place where they’ll be safe and where your close family or your executor or trustee can get to them quickly should the need arise. Your first option is one that a lot of people use: a safe deposit box. This will keep your documents safe, but it might not make them as accessible as they need to be. If the box is in your name … [Read more...] about Where Should You Keep Your Estate Planning Documents?
Planning Ahead For Your Final Arrangements
Making plans for your own funeral might seem a little morbid, but it can be one of the biggest gifts you give to your loved ones. In the event of your death, you can save your family members the confusion, anxiety, and expense that go along with making last-minute final arrangements. A lot of people include their wishes for their final arrangements in their Wills, but this is a bad idea. Most of the time, your Will is not found – let alone read – until after the funeral is over. The best … [Read more...] about Planning Ahead For Your Final Arrangements
Q&A: Choosing A Guardian for Children of Multiple Marriages
If you’re a parent, you want to make sure you’ve provided for your children in the event you die while your kids are still minors. Part of doing this is to make a will appointing a guardian for your children. Sometimes, though, there are special complications that can make choosing a guardian especially difficult. If you have children from multiple marriages for example, you may be wondering how to choose a single guardian for all your kids. In some cases, this is not a difficult decision. … [Read more...] about Q&A: Choosing A Guardian for Children of Multiple Marriages
What is a Reciprocal Will?
A Reciprocal Will is the go-to estate planning document for most married couples. Based on the idea that a married couple will likely have the same wishes for their estate, their Wills are created to “mirror” each other so that no matter which spouse dies first, the estate is handled in essentially the same way. There are of course, instances where Reciprocal Wills may vary slightly. While both you and your spouse will name each other as executors and primary beneficiaries, you may have … [Read more...] about What is a Reciprocal Will?
How To Choose An Estate Planning Attorney
Choosing an estate planning attorney isn’t a decision you should take lightly. After all, you’re entrusting this person to help you protect your wealth, your assets and the ones you love. How’s that for a tall order? So, given the importance of the task at hand, it only makes sense that you’d do a little legwork to find an attorney that’s right for you. Here’s a few tips to help you choose the right one: Meet with a number of lawyers before choosing which one you’ll work with. It’s important … [Read more...] about How To Choose An Estate Planning Attorney
How Much Does Probate Cost?
The cost of probate can vary widely, and really depends on how large the estate is and how smoothly the probate process goes. While there’s no real way to quote an exact cost, there are some standard fees you can expect to encounter during probate process: 1) Court costs: These are charged for every probate filing. 2) Attorney’s Fees: Attorney’s fees can vary depending on the complexity of administering the estate or completing the probate process. If a will contest is filed or if the need … [Read more...] about How Much Does Probate Cost?
How Much Life Insurance Do You Need?
Buying life insurance is a chore that many people put off because it just seems too complicated; however, one of the biggest gifts you can give to your family is the peace of mind of not having to worry about financial troubles if you should pass away. So, how do you know how much you need? Consider these things: What expenses will your family face? Life insurance can be used for just about anything. Your family will likely need to pay immediate expenses like funeral costs, final medical … [Read more...] about How Much Life Insurance Do You Need?
Divorcing? Protect Your Assets
Divorce is one of the most painful, disruptive life experiences you can have. Given the emotional stress and turmoil that goes along with many divorces, dealing with financial details may be the last thing you want to tackle. Paying attention to the details, however, can mean the difference between making a new start and having your past haunt you far into your future. Besides finding a good divorce attorney, you’ll also want to enlist the help of a financial advisor and estate planning … [Read more...] about Divorcing? Protect Your Assets
Estate Planning Q&A: What is the Generation Skipping Tax?
The Generation Skipping Tax is a cleverly-devised tax to prevent the loss in tax revenue because of a loophole that existed in the law. And it works like this: When you die, you leave your estate to your children. When they die, they leave the estate to their children, aka, your grandchildren. And the estate is taxed on both transfers. To avoid this double-taxing, families began transferring estates directly from grandparent to grandchild. So, in 1986, Congress established the … [Read more...] about Estate Planning Q&A: What is the Generation Skipping Tax?
