Nobody thinks about possible incapacitation, but it’s one circumstance that you need to think about when you’re planning your estate. While most people focus on setting up the plan for asset distribution after their death, setting the plan for what should happen if...
Estate Planning
What are the benefits of establishing an irrevocable trust?
Creating an estate plan is one of the most important things people can do once they reach adulthood. While many people focus on their will, there’s another option they should consider for passing down assets. Some people opt to establish and fund a trust to get assets...
Young adults, you need to draft a digital estate plan
Most American adults are increasingly tied to online platforms, both for work and personal reasons. From social media profiles to cryptocurrency wallets, these digital assets can potentially represent both emotional and financial value. For young adults, creating a...
Can I leave assets to an irresponsible heir?
Estate planning can allow you to provide for loved ones while ensuring that your legacy lives on. However, heirs who struggle with managing finances may present a challenging dilemma. You wish to provide for them, but also have valid concerns about how they might...
How to deal with the emotions of estate planning
Drafting an estate plan can be emotional. It's one of the reasons some people procrastinate doing it, as it's not easy planning for death or incapacitation. Nonetheless, you can manage the emotional side of estate planning and, in turn, protect your legacy and loved...
Can you change your choice of executor?
One of the key tasks to complete when making your estate plan is to name an executor. They will be in charge of putting your estate plan into action when you come to pass. Yet, what if change your mind about who you have chosen? Can you take that power back from them,...
Will your children inherit your debt?
As you create your estate plan, you start by deciding which children will inherit your assets. You may divide assets equally or unequally, as you wish. You’ll also need to account for tangible assets and family heirlooms, and it may be wise to talk to your...
How tax-efficient is your estate plan?
There is more to estate planning than just deciding who gets what. It’s also about minimizing the tax burden on your estate and loved ones. After all, the goal is to leave more for your loved ones -- not the IRS. The more tax-efficient your estate plan is, the less of...
Why would a discretionary trust be a better option?
There are two main ways that you can set up a trust as part of your estate plan. First of all, you can leave specific instructions that the trustee has to follow regarding when they make distributions to the beneficiary. Secondly, you can just put the trustee in...
Why would you appoint more than one executor?
An “executor” is the term used for someone who will take control of the distribution of a person’s estate once they die. Choosing someone for this role is one of the most essential tasks when making your estate plan. Most people choose just one executor, (perhaps with...