A Revocable Living Trust is often the best kind of trust for families with young children. It lets parents name a trusted person to manage assets for their kids if something happens to them, avoids probate court delays, and provides clear instructions for how and when the children should receive support. Other options, like a Testamentary or an Education Trust, can also help by setting rules around when and how money is used for things like school or living expenses.
National Mom and Pop Business Owners Day on March 29 celebrates the dedication of family-owned businesses. Without a solid business planning strategy, many small businesses struggle to survive beyond the first generation. A strong succession plan protects your hard work and ensures a lasting legacy.
Learn the steps and key terms for trust creation and administration from asset selection to drafting with an attorney to the trustee's financial and administrative obligations.
Part of estate planning includes helping with the ever-escalating costs of education for children and grandchildren. Learn effective strategies when gifting to grandchildren and secure their future with such as a 529 account or trust.
A Transfer on Death (TOD) deed allows property to pass directly to beneficiaries without probate. While it offers simplicity and cost savings, it may not always align with an estate plan. Consulting an estate planning attorney ensures a TOD deed fits your goals and avoids potential legal complications for your heirs.
Estate planning isn't about focusing on your demise; it's about taking control and making decisions that ensure that you and your loved ones are cared for. Estate planning is the ultimate act of love.
When a beneficiary dies before receiving their inheritance, estate distribution can become more complicated. Understanding succession rules, will provisions, and probate laws ensures that assets are transferred as intended.
What should you do if your parents have asked you to help manage their estate plan, but they refuse to tell you what their estate plan is—or to answer any of your questions?
