Estate planning is more complex for individuals with cryptocurrency. Unlike traditional assets, cryptocurrency is not regulated by federal authorities, which may make it difficult for heirs to access them after the owner’s death. Proper planning ensures digital assets are successfully transferred to loved ones and beneficiaries. There are two main ways to own crypto: on…Read More
Revocable living trusts help shelter estate assets from probate. They help to shield private finances from public scrutiny and provide additional control over the disposition of assets after their owner’s death. Trusts can also save money and minimize the time it takes to settle an estate. If you have a revocable trust as a part of your estate plan…Read More
A pour-over will is a legal document that ensures an individual’s remaining assets will automatically transfer to a previously established trust upon their death. These wills are normally created alongside a trust….Read More
Here is another reason why estate planning is never a one-and-done project. Setting Every Community Up for Retirement Enhancement (SECURE) Act — which took effect on Jan. 1, 2020 — created a mixed bag of benefits and new requirements for Americans saving for retirement. Starting in 2022, a new law, part of the SECURE Act,…Read More
Before we consider the need for a trust, it’s important to understand exactly what a trust is. A trust is a legal document that is formed between two or more parties where one person, who is called a trustee, holds property on behalf of another, called a beneficiary. More specifically, a trust is created when property…Read More
Members of the military have a more dangerous occupation than the average American. Because of this, service members should make estate planning a priority. Make a plan and prioritize estate planning now so in the event that something happens to you, your loved ones will have clear instructions for your assets. Letter of instruction A…Read More
Special needs trusts (also known as supplemental needs trusts) are an important part of the financial planning process for a special needs child. These trusts are designed to provide benefits to those with physical, psychiatric, or intellectual disabilities, and still allow them to receive government benefits including Social Security (SSI) and Medicaid. There are two types…Read More
Trusts are created to give legal protection for a person’s assets, to make sure those assets are distributed according to that person’s wishes and to save time, and in some cases avoid or reduce inheritance or estate taxes. Trusts Defined A trust is a separate legal entity a person sets up to manage his assets. Trusts…Read More
The biggest question regarding estate planning is this: Do I really Need a Will? The short answer is yes, everyone should have a will. People who die without a will leave behind a lengthy probate process for their families. Probate without a will is an experience unlike any other. Wills are not just for the…Read More
Most of us have an idea in our minds of how we would want our estate to be distributed at the time of our death. Unfortunately, the majority of Americans do not have those thoughts down on paper in the form of a will. A will is only the starting point of a well-thought-out estate plan….Read More
