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Some people create trusts because of their own economic circumstances. They want to protect their assets from litigation or the possibility of divorce. Others create trusts to achieve certain goals, such as reducing estate tax obligations or improving their Medicaid...
An estate plan can include a variety of different documents intended to serve several different important purposes. Frequently, testators establishing estate plans draft wills. They may supplement their wills with trusts in some scenarios. People may also choose to...
Most people fund trusts at the time of their creation. A trust technically only exists to own and manage the distribution of various resources. Occasionally, the people creating a trust do not necessarily want to transfer all the assets that the trust should manage...
People may create revocable living trusts for a variety of reasons. They want financial stability as they age and control over their legacy after they die. They may transfer a variety of valuable assets to the trust to ensure their comfort later in life. Typically,...
Estate planning involves preparing to transfer an individual's assets and responsibilities after their death or retirement. For business owners, estate planning is particularly vital because it ensures their business continues thriving and preserves their professional...
Different people approach estate planning with different goals. For parents, the top priority is usually the protection of their children. Parents want to ensure that their children have the resources and support necessary to thrive after losing their parents. While...
People who have achieved professional success or who have benefited from intergenerational wealth may have a substantial estate to pass on to others when they die. Estate planning for a successful adult requires more careful consideration than a traditional...
Your estate plan is how you can let your loved ones know how to handle decisions if you become incapacitated or your assets if you die. There’s no way for you to know what the future holds, so there’s a chance that circumstances may evolve in a way that requires you...
Accepting the role of a personal representative is a big commitment. Estate administration often takes more than a year to complete. The compensation that representatives receive is usually minimal given the amount of work involved. Much of what they do is for the...
Creating an estate plan is a vital duty for all adults, especially if they want to have a say in what happens to their assets when they die. An adult’s estate plan can include a will and trusts to relay their plan for their assets. Anyone who’s interested in...