If you have a minor child that depends on you, you need an estate plan. Who will care for your child if you're unable to? And how will your child be financially supported? An estate plan allows you to address these concerns surrounding your child's care and custody. You can also provide instructions about how your money and property should be used for their benefit.
If you want to provide your loved one with an inheritance, while protecting them from estate tax and asset protection risks, a beneficiary-controlled trust may be right for you.
Usually, revoking a will is a purposeful act. But many states have laws that automatically revoke a will, or portions of it, in specific situations.
When you retire, it's important to update your will to reflect your new lifestyle. With the help of an experienced estate planning attorney, you can create a comprehensive plan that protects you and your loved ones.
Changes in family dynamics, major changes in assets or income, and tax law changes may all cause you to review your estate plan. You should update at least once every 5 years.
A trustee's work can be time-consuming and complicated. So, many people choose to hire a professional fiduciary to be their trustee. Sometimes this is a bank, a professional trust company, or an estate attorney. When looking to hire a professional to serve as your trustee, the following are several questions to keep in mind.
A SLAT is a type of irrevocable trust created by one spouse (the trustmaker) for the benefit of the other spouse (the beneficiary). The trust is used to transfer money and property out of the trustmaker's estate. This strategy allows married couples to take advantage of their lifetime gift and estate tax exclusion amounts.
Many people view cryptocurrency as the next great investment strategy. But, like with any investment, sometimes things don't go as planned. If you own crypto or NFTs, you need to include them in your estate plan.
Not recording a deed can cause problems for the grantee. They may be unable to obtain a mortgage, insure the property, or sell it. Even more problematic, an unrecorded deed may make it possible for the grantor to sell the property to two different buyers. If the original buyer failed to record the deed, the property could be sold out from under them.
A blind trust can be used during your lifetime and is a great fit for those that have privacy concerns and want to prevent future conflicts of interest. Blind trusts can be an effective tool for complying with laws that prohibit insider activities. Anonymity is another common use for a blind trust. Lottery winners often use them for this purpose.
