By discussing finances with your children early and often, you can set them—and future generations—up for success, when it's time to receive the wealth you've accrued.
Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.
If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.
The coronavirus crisis has cascaded through pretty much all areas of the financial world, leaving very few businesses unscathed. Uncertainty has always been the enemy of financial stability, and unfortunately, foundational questions about how long the recovery will take and what the future will look like post-crisis do not have clear answers. Understandably, this is a cause of worry and concern for many.
It can be hard to move through your daily life after someone you love dies. It may be even harder to embark on the complex tasks required to put their financial affairs in order. However, you can't afford to put that off.
Losing a loved one isn’t just an emotional burden—it also carries an administrative load. There are flower arrangements to pick, eulogies to write and a stream of paperwork to sort through.
Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust's income, rather than the trust itself paying the tax. However, these beneficiaries are not subject to taxes on distributions from the trust's principal.
One essential component of your financial plan involves designating power of attorney to someone you trust, in case you are incapacitated or unable to complete a task on your own.
