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Estate Planning Archives

Two important things to know about irrevocable trusts

An irrevocable trust is a legal tool that can help shelter funds from creditors. A wisely structured trust can help to better ensure an intended heir not only receives their inheritance but also gets an inheritance that is protected from attempts by creditors to claim ownership interest in the funds.

Trusts: What is the difference between revocable and irrevocable?

A trust is a legal tool that allows the creator to have greater control over his or her assets. Depending on the structure of the trust, the legal tool can result in tax benefits, shelter assets from creditors and even guide how money is used in the future.

Distribution of assets part II: Proactive steps for a fair split

As discussed in our previous post, When is an Equal Distribution of Assets a Bad Idea?, available here, splitting assets does not always work out as we may intend. This post will discuss some proactive steps you can take to better ensure an equal inheritance.

Baby boomers: It's essential that you create an estate plan soon! Attend a free seminar to learn more

Only 18% of Americans age 55 and older have a will and two other estate planning documents, according to a new report by Merrill Lynch and Age Wave. Even more concerning is that 45% of people age 55 and older do not have a will.

When should I update my estate plan?

Ideally, an estate plan should be an evolving set of documents. These legal tools should change and grow with you — not remain static. Those who put together an estate plan and forget it are less likely to have an estate plan that truly reflects their desires then those who review the documents and make updates.

Top reasons to have an estate plan

Estate planning is not just for individuals and families with large estates. One of the most important documents to have in your estate plan is a will. Have you thought about getting a will but decided to do it later? Think again. Dying without a will creates serious repercussions for your loved ones.

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