Even the most capable, well-intentioned successor trustees can make mistakes when managing affairs. Here are five surprisingly common mistakes along with steps to take to prevent them from happening.
When you create a living trust, you must name a successor trustee to take over for you if you are unable to act due to incapacity or death. It is crucial that this decision be given careful consideration and that the right person be selected for the job.
You have already taken the first step by including a revocable living trust in your estate plan. Because we never know what the future holds, now is the best time to start having discussions with your successor trustee about your wishes and intentions.
As with traditional estate plans, “micro” estate planning can help you plan ahead for the “what if” situations that may arise during your lifetime.
While wedding planning most often includes tuxedos, dresses, rehearsal dinners, and guest lists, an often overlooked part of pending nuptials is estate planning.
Timeshares have come a long way since they first arrived in the real estate market back in the ’70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases.
Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. Thus, estate planning should be standard practice for every adult age eighteen or older.
Common financial planning wisdom has encouraged almost all American workers to maximize their contributions to qualified retirement accounts. Indeed, doing so can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most states, protect your savings from claims of creditors.
We can help you think through and identify the ways you can incorporate positivity into your estate planning, which will provide you with the confidence and peace of knowing that you are not only providing your family with financial security, but also that you are leaving a positive legacy that will promote your loved ones’ physical, emotional, and spiritual wellbeing and future success.
One often overlooked consideration is the impact that refinancing your home could have on your estate plan.