Irrevocable trusts, which are virtually unchangeable once established, have decreased in use, but revocable trusts, over which the grantor retains control, still flourish. A recent Cincinnati.com article, titled “Trusts remain useful tool in estate planning,” addressed some confusion over the use of trusts in light of recent changes in the…
By keeping even modest sums of money protected, trusts can ensure that your wishes for your money will be honored into the future. A recent article by the Motley Fool,titled "5 Things You Didn't Know — but Should! — About Trusts," sheds some light on common misperceptions of trusts. Here…
Once someone dies there is much work to be done. These are a few suggestions to help you get administratively organized for death. To make death easier for all involved, it’s critical to plan some of the issues related to death far in advance with some contemplation to make everything…
As a result, financial advisers and families are taking steps to shield IRA assets for children and other beneficiaries in case those heirs ever find themselves in bankruptcy proceedings. Is your IRA protected from creditors in the event of bankruptcy? Not anymore. Because of the recent unanimous high court decision,…
Making decisions about the disposition of your assets can be an emotionally fraught and time-consuming process. Take small steps and seek expert guidance to realize your plans for the financial care of your families. Who gets what when it comes to your estate? The process of distributing your assets is…
They can be incredibly useful tools, and thanks to the publicity, more people may consider using them, but many people misunderstand how trusts work. Let's take a look at — and dispel — three common myths about them. Are trusts too much work? Are they only for the rich and…
The important point to keep in mind is that DIY estate planning provides forms and not legal advice. An attorney may provide you insights into your situation and prepare documents that are specifically tailored to your circumstances and needs, potentially saving your loved ones expense and frustration. Before embarking on…
Moving to New York to avoid state death taxes? “When your bordering state is telling you, ‘Come on over!’ the pitch is compelling,” McManus says. “If New York has a more welcoming tax scheme, then people will say, ‘Let’s call me a New York resident.’” McManus says that he and…
Some people decide, as Robin Williams apparently did, that it's better to hand down wealth to adult children while you, the parent, are still alive. (Of course, you have to have more than enough assets for yourself to be able to do that.) One benefit is that you will have…
His Will was written before the birth of his last two children and never updated; thus, his estate plan is completely silent about his wishes for them. The actor's death also highlights the effect that marriage can have on an estate plan. It seems that once a high-profile celebrity passes…