If you have a significant amount of wealth and want to ensure it passes down through generations of your family, you can implement a dynasty trust into your estate plan. Some assets you may name in a living trust, placing them under the ownership of a beneficiary...
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Simple wills explained
Most Americans are aware that having a will in place, even at a young age, is a wise decision. However, many hesitate before doing so, mostly because the process often seems very overwhelming. However, it does not have to be that way. For persons with smaller estates,...
How can you use wills and trusts together in your estate plan?
When creating an estate plan, many people think that if they have a trust, they do not need a will and vice versa. Wills and trusts can accomplish similar goals, but they can also work together to create a better estate plan. According to CNN, even if you have a...
Creating a special needs trust can provide for your child’s future
If you have a child or loved one with special needs, you may worry about his or her future without you. As a child's caregiver, you cannot guarantee that you will be there for the course of his or her life. Likewise, your children may want to try to have some...
Why would you use an irrevocable trust?
When it comes to the tools you can use to plan your estate, you have several options. One such tool is the irrevocable trust. Of the five main types of trust you can use to organize your estate, an irrevocable trust is perhaps the least practical. When you create an...
How can you identify life insurance beneficiaries clearly?
Taking out a life insurance policy is one way to provide for your family in the event of your death. After you die, your beneficiaries will receive the benefits from your policy without the need to go through probate. However, as the Insurance Information Institute...
Can you place a condition on an inheritance?
As you write your will, you may have concerns about how your beneficiaries will use the assets they inherit. You might even have considered placing certain conditions on their inheritances. In California, it is generally legal to include a conditional bequest in your...
Some basic differences between wills and trusts
A solid estate plan can include a will or a trust or both. The right approach depends upon each client's particular situation. A basic understanding of what wills and trusts accomplish helps individuals determine what route to take when planning for the future. Key...
How can a spendthrift trust protect your child’s inheritance?
If you are someone with significant wealth, you might have concerns about how your children will spend their inheritance, particularly if they come into it shortly after becoming legal adults. You are not alone in your worries. Other families have dealt with this...
Differences between living wills and health care directives
Some individuals may assume that a living will only authorizes an agent to act on their behalf during a medical emergency. The Centers for Disease Control and Prevention notes how the document may detail an individual’s preferences concerning life-sustaining...