Most parents want to leave all of their assets to any remaining children that they have. This is especially true if the children are young and will need to be financially cared for throughout their lives. However, as children get older and become adults themselves, it might leave some parents wondering whether they are required to equally split up their assets among their kids. The answer to that is a resounding no. There may be many reasons why a parent has chosen not to leave money to … [Read more...] about Do I Have To Leave Money in My Will to Each of My Children
A Living Trust is an estate-planning tool that can help keep many of your assets out of probate. When you fund your assets to your trust, they can be passed to the trust beneficiaries without the need of going through the probate system first. The reason that assets in your trust can pass to your heirs without going through probate is that they don’t belong to you, but to the trust you created. Fortunately, there are some assets that do not need to be funded to your trust due to the fact that … [Read more...] about Assets That You Don’t Need to Fund to Your Trust
The revocable living trust is a flexible and useful estate planning tool with many benefits to offer; however, it has its limits. For instance, did you know that – contrary to a popular myth – simply establishing a revocable living trust does not protect you and your assets from creditors, or from a divorcing spouse? Trust Property is Treated Like It’s Yours Since the trust is revocable, meaning that you retain the power to change or eliminate the trust in its entirety at any time, the assets … [Read more...] about Is a Revocable Living Trust a Good Asset Protection Tool?
We’re living in tough financial times. Small businesses are failing at an alarming rate, bankruptcy filings and foreclosures are reaching record levels. People who never thought they’d have to worry about protecting their property from creditors, or from lawsuits, are facing that very reality. A Revocable Living Trust Won’t Work So, can you use a Revocable Living Trust to protect your property from creditors? Unfortunately, no – because you retain control over the property in a Revocable … [Read more...] about Will a Revocable Living Trust Protect My Property From Creditors?
Are you leaving a substantial inheritance to one or more of your loved ones? If so, then one of the most powerful ways that you can use your estate plan is to make sure their inheritance is protected long after you’ve passed away. How do you do this? You build an asset protection plan into your estate plan, with the use of lifetime trusts for your loved ones. Protection Against What? What, exactly, are you protecting your loved ones against? There are three main threats to the inheritance … [Read more...] about Asset Protection Planning for Your Loved Ones