3 Asset Protection Tips You Can Use Now

Wed 5 Jun, by on Estate Planning

3 Asset Protection Tips You Can Use Now

A common misconception is that only wealthy families and people in high risk professions need to have an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances.  What Exactly Is Asset Protection Planning? Asset protection planning is the use of legal structures and strategies to safeguard property that creditors might snatch away, …

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Loan, Gift, or Advancement: Why the Classification Matters

Wed 29 May, by on Estate Planning

Loan, Gift, or Advancement: Why the Classification Matters

While we all want to provide financial help to our loved ones—whether they are family or close friends—it is important to understand that how the money is classified will directly affect your estate planning. Accordingly, the intent behind the transfer of the money is key when determining if it will be considered a loan, gift, or advancement. Understanding the Differences Loan If there is a mutual understanding that the money you gave to a loved …

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4 Tips for Avoiding a Will or Trust Contest

Wed 8 May, by on Estate Planning

4 Tips for Avoiding a Will or Trust Contest

A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest.  If you are concerned about challenges to your estate plan, consider the following: Do not attempt “do it yourself” solutions. If you are concerned about an heir contesting your estate plan, the last thing you want to do …

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When is Probate Necessary?

Wed 8 May, by on Estate Planning, Probate

When is Probate Necessary?

Whether or not you have an estate plan in place, you have likely heard the term “probate”. Probate is the legal process by which a deceased individual’s assets are distributed under court supervision. This process is necessary to distribute assets that are solely in the name of the deceased person. Probate is governed by state law. Avoiding Probate One of the appealing aspects of putting together an estate plan is to avoid probate. One way …

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What is a Discretionary Trust?

Wed 8 May, by on Estate Planning

What is a Discretionary Trust?

Sometimes giving assets outright to a beneficiary – such a child, a grandchild or a special needs loved one – is not the ideal method of distributing assets in an estate plan. In such a scenario, a discretionary trust can be a good estate planning tool. Below is some basic information on discretionary trusts and how they may be beneficial to your particular family’s needs. Discretionary Trusts Explained A discretionary trust is a type of …

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