Many people who generate revocable living trusts don’t truly reap all of the advantages available to them. They might understand the basic benefits associated with putting together a revocable living trust, but you need to ensure that you are heirs are able to enjoy the benefits of this trust down the road. In a typical [...]
A power of attorney is a vital estate planning document, but you need to know how to maximize its benefits as well as the limits. In a power of attorney document, you are the principle and name one or more agents, frequently an adult child to act on your behalf. The agent can be empowered [...]
Perhaps the best test of how much you care about your survivors and the legacy you'll leave behind is the organization of your estate. There are two crucial components of your estate to consider. The first is your physical estate and for many people, this refers to their personal possessions as well as their home. [...]
There are several steps that you should always keep in mind when trying to balance retirement, college savings, estate planning and all of your other priorities for your life. If you don’t know what you want, there is no good way to plan for this. This is why you should sit down with your spouse [...]
The child actor popular on the show, Diff'rent Strokes, passed away in 2010 in Utah. His less than perfect estate plan provides critical lessons for people of all asset levels to consider. Coleman was only 42 years old when he passed away. Although he had gotten divorced from his wife, Shannon Price, they lived together [...]
Inheritance is set to increase significantly in the coming years and baby boomers will now be passing on record amounts of wealth to their younger relatives. Protection is an important consideration in all of your estate and financial planning and a trust may be the most appropriate tool to help you with it. One of [...]
You need to ensure that your estate plan incorporates unique considerations about changes in your life. Far too many people create their estate plan once and then promptly forget about it. Updating your documents like your life insurance policies and your wills is a must do if you experience any major changes in your life [...]
Although more people are recognizing the value of a simple estate plan, asset protection planning is also garnering popularity among people who are accumulating significant assets who wish to protect them. It may seem intimidating to put together an asset protection plan as the very name seems to indicate that you may have significant wealth [...]
Those who want to pass on assets spend a lot of time determining who should get what, but this means that sometimes how that person will handle the money is forgotten entirely. A recent study completed by Accenture anticipates that between one and three trillion dollars will be transferred to heirs through 2050. Many of [...]
Given the new updates in tax laws that have occurred recently, many people are looking into different strategies that could help benefit them and their loved ones in the future. One common recommendation from accounts and other financial professionals is to consider paying off your home equity loan. Since you will no longer be able [...]
