The primary benefits of revocable trusts only are available if a revocable trust is FUNDED during life. Unfortunately, experienced estate planning attorneys often have clients who delay the funding of their revocable trusts until it is too late and miss many of the benefits that these trusts provide.
There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
Although in the past it may not have been the norm to provide for animals in our estate planning, times have changed.
If your estate plan benefits Gen Y (also known as Millennials) it’s important to design a trust that supports what makes them thrive.
Being a trustee is difficult. However, adopting the following four best practices employed by professional trustees will go a long way to ensure that you’ll effectively execute your duties and mitigate your liability.
As the calendar turned to 2023, many of us took a moment to think about resolutions. I want to lose 10 pounds. I want to read things that aren’t just about work. I want to learn how to play pickleball. Or maybe this year I’ll give a relationship another shot. Maybe I’ll even remarry.
Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners.
A frequent complaint by next-generation members is that the senior generation never fully lets go of business tasks.
Succession planning involves accounting for the worst-case scenario. Without accounting for these risks, your plan could fail, require expensive litigation or jeopardize the family farm.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
