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For most people, thinking about estate planning means focusing on what will happen to their money after they pass away. But that misses one pretty significant consideration: the need to plan for long-term care. The last thing any of us…
While many wines get better with age, this is not always true with some irrevocable trusts. Maybe you’re the beneficiary of a trust created by your great-grandfather over seventy years ago, and that trust no longer makes sense. Or, perhaps you…
Most financially savvy individuals begin planning their estate when they’re in peak mental shape. The idea that this might change at some point in the distant future is an unpleasant one, and they would rather go about their estate planning…
There is no such uncertainty as a sure thing. –Robert Burns Even with an estate plan, things can always happen that may cause confusion or throw a wrench into the best-made plans. Below are three examples of worst-case scenarios and ways…
Many estate plans contain irrevocable dynasty trusts that are designed to benefit a spouse and several generations. These trusts can span continue many decades, and it’s important to clarify who is a beneficiary at each generation. Who Are Your Descendants?…
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…
George Carlin would have been a great pitchman for estate planning. You may remember his stand-up routine on “stuff.” We all have stuff, and we’re pretty particular about our stuff. We move it around with us, it’s hard for some…
One misconception people have about life insurance is that naming beneficiaries is all you have to do to ensure the benefits of life insurance will be available for a surviving spouse or children. Life insurance is an important estate planning…
If your clients choose to use a Standalone Retirement Trust (SRT) to provide asset protection benefits for their beneficiaries, then the tax-related asset allocation strategy would be essentially the same as without an SRT, with one small exception. Consider skewing…
A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in…