Irrevocable trusts are powerful estate planning tools – and a lot of people use them to protect their assets and control what happens to their wealth after they are gone. However, life circumstances, laws and financial situations can change over time, and that can...
You have worked hard for everything you have – and you want to make sure that your loved ones benefit from your hard work in the future. Without proper planning, however, your wealth could be swallowed up by unnecessary taxes, creditor claims and legal complications...
A power of attorney (POA) is a legal directive that gives someone else the authority to act on your behalf – and they’re commonly used in estate planning for end-of-life management. You might, for example, empower your son or daughter to make medical decisions for...
Do you intend to hold onto your business until you die, or do you hope to pass the reins over to someone else and retire, first? There’s no “one-size-fits-all” answer to this question, but it’s one that often comes up in estate planning when testators hold...
No matter whether you have a small estate or a large one, the fundamental goal of estate planning is always the same: You want to make sure that your assets are distributed according to your wishes once you are gone. However, high-net-worth individuals often find...
If you’re like most people, you’re probably not entirely familiar with the practice of elder law – but elder law is going to become an increasingly important part of the social framework of this country in the future. The United States has a rapidly aging population....
People thinking about their legacies may decide to create trusts for a variety of different reasons. Some people with large business holdings create trusts to protect the organizations that they created or inherited from sale or dissolution after they die. Others...
Certain individuals have a greater need to engage in estate planning than others. Family circumstances are often the main incentives people have for creating an estate plan. Other times, their financial circumstances make estate planning a necessary undertaking....
Individuals who have achieved professional success or inherited a significant legacy are likely to leave behind large estates when they die. They may worry about their children or other beneficiaries fighting over those resources. Litigation initiated by beneficiaries...
Estate planning is a gift that you give yourself in the sense that it allows you to direct how your hard-earned assets are distributed after your death. However, estate planning is also a gift you leave behind for your loved ones to create some financial security...
