Why You Should Think Twice Before Ruling One Out When most people hear the term “dynasty trust,” they assume it’s something for only the wealthiest of families. However, dynasty trusts are not as out of reach as you might think, and can be used by many more families of a greater wealth spectrum than currently use them. Demystifying dynasty trusts Dynasty trusts keep your wealth…
Modernizing an Outdated Estate Plan
What to do with a Confusing, Old Trust Estate plans evolve. Or at least they should. Any plan that fails to achieve your goals and doesn’t match your current financial and family circumstances is out of date and is in need of an overhaul. We can help you revitalize the obsolete aspects of your plan and get you back on track for the future. How…
Tools You Can Use to Leave Words of Wisdom to the Next Generation
You come into the world a blank slate, and as you grow, you gain wisdom. You’ve planned your estate to leave physical assets to beneficiaries, so now think about leaving them something that’s just as important but less tangible: the hard-won wisdom you’ve accumulated over your life. Let your family and friends learn from your mistakes, and profit from your successes. Living and Other Trusts…
How a Trust Can Help a Loved One Who Struggles with Addiction
Substance addiction is by no means rare, impacting as many as one in seven Americans. Because of its prevalence, navigating a loved one’s addiction is actually a relatively common topic in everyday life. But you should also consider it when working on your estate planning. Whether the addiction is alcoholism, drug abuse, or behavioral like gambling, we all want our loved ones to be safe…
Does a Dynasty Trust Make Sense for Your Family?
“A dynasty trust can keep your wealth in the family for generations and ensure the legacy you’ve worked so hard to create.” Earlier this year, NBA team owner Gail Miller made headlines when she announced that she was effectively no longer the owner of the Utah Jazz or the Vivint Smart Home Arena. These assets, she said, were being placed into a family trust, therefore raising interest…
If You Are Married, Does Your Estate Plan Properly Cover All Four Critical Phases?
THE PHASES OF ESTATE PLANNING – Part One For married couples, proper estate planning entails covering four phases. Let’s begin with a discussion about Phase One PHASE ONE – ALIVE AND WELL Many people come to me to discuss estate planning because of one or two main concerns or goals. Such concerns and goals often include: how to best give their loved ones an…
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
While the term fiduciary is a legal term with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and…
Harnessing the Power of Trusts to Help Your Clients Protect Their Heirs
Now January is behind us, and we are back into our work routine, here’s a question to ponder: Are all your clients’ estate plans structured to provide long-term protection against court interference, creditors, bankruptcy, divorcing spouses, and financial mismanagement? As a financial or tax professional, you need to assume that “Murphy’s Law” is always potentially in play: if something can go wrong for your client,…
Want to Give the Kids an “Up Front” Inheritance? – 4 Things to Consider
We often see two types of inheritances: the “cold-hand” gift (given after your death) and the “warm-hand” gift (given while you are alive). If you’re thinking about giving your children a “warm-hand” (also known as an “up front”) inheritance, you’re not alone. A recent Merrill Lynch study suggests that nearly two-thirds of people over the age of 50 would rather pass their assets to their…
What To Do After a Loved One Dies
If you’ve been appointed an executor of a loved one’s estate, or a successor trustee, and that person dies, your grief – not to mention your to-do list, including tasks ranging from planning the funeral, coordinating relatives coming in from out of town and (eventually) meeting with a trust administration or probate lawyer – can be quite overwhelming. First and foremost, take care of yourself…