The wealth, property, and investments we accrue over a lifetime are often significant. While you have carefully managed your finances through the years, there may eventually come a time when you cannot handle such decisions. To plan for the likelihood that you are unable to manage your financial affairs, it’s important to have everything in order while you’re still of sound mind.
It is a common misconception that financial management and estate planning are reserved for the wealthy. Regardless of how much you have in the bank, you and your family can benefit from planning ahead for the future.
Asset protection planning is the positioning or repositioning of assets to preserve and protect your property in advance of a claim or the threat of a claim.
Equality is a noble concept and one many people turn to when deciding how to divide up their estate.
If you have a home or other rental property that is generating income, you should understand the following asset protection and estate planning considerations.
The intent behind the transfer of the money is key when determining if it will be considered a loan, gift, or advancement.
While one major benefit of estate planning is to provide for your family and friends when you are gone, there are many benefits for you as well.
A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest.
Sometimes giving assets outright to a beneficiary – such a child, a grandchild or a special needs loved one – is not the ideal method of distributing assets in an estate plan. In such a scenario, a discretionary trust can be a good estate planning tool.
Estate plans should be like living, breathing creations that reflect the changes in your life.