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.
The Estate of The Union Season 2|Episode 4 – How To Give Yourself a Charitable Gift is out now! This is the time of the year
Unlike a last will and testament, a revocable living trust is effective during your lifetime.
One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
When preparing estate planning documents, certain beneficiaries may need more protection than others. One particular class of beneficiaries that needs to be intentionally considered is minor children.
A trust is an estate planning tool that you may consider using if you want to go beyond drafting a last will and testament.
A pot trust, also referred to as a discretionary, sprinkling or common pot trust, is a type of trust that can be used by families to pass on assets. With this type of trust, minor children serve as beneficiaries with a trustee that oversees the management of trust assets. The trustee has discretionary power to decide how the trust funds are used to pay for the care and needs of beneficiaries.
