If your goal is to ensure your retirement plan is able to provide income, tax-deferred growth, and long term security for your family, a Trusteed IRA may be a good option for you. It may give you peace of mind, knowing that your hard earned money will not be blown or diverted to spouses, creditors, or anyone else outside of […]
Farm and ranch estate planning and business planning involve countless choices and numerous wrenching decisions but none that ranks with pursuing fairness between and among the heirs.10 In almost every situation where it is planned for the farm or ranch business to continue into the next generation, and it appears that there will be both on farm heirs and off-farm heirs, the issue of fairness is […]
Asset protection for you In a nutshell, here’s what you need to know about trusts as they relate to asset protection: the less access you have to assets in a trust, the less likely your creditors will have access to those same assets to satisfy any claims they may have against you. Of course, the […]
Not too long ago, estate planning was all about the estate tax tail wagging a sometimes reluctant dog. That was unfortunate for a number of reasons, among them, the focus on estate taxes caused planners to look beyond all those who had no estate tax problem. Likewise, those without that estate tax problem walked around unaware that […]
What is decanting and how does it relate to trusts? The term “decanting” sounds mysterious, but in reality, decanting is simply a form of trust modification initiated by a trustee. The trustee accomplishes the modification by moving assets from one trust to a new trust with different terms. Estate planning attorneys draft trusts designed to […]
On becoming a trustee one enters a relationship which is governed by rules and bounded by limits. A trustee who thinks of himself or herself as controlling the relationship is far more likely to encounter serious trouble than a trustee who recognizes that the more practical characterization is that of a faithful partner with […]
I recently became affiliated with DocuBank, a firm that allows my clients and me to store my and my clients to safely and securely store our estate planning documents, including our living wills, health care directives, and HIPAA authorizations. In turn, your and my doctor or the hospital in whose beds we might by lying […]
Regarding one of the drawbacks to joint trusts in a non-community or separate property state: Loss of Creditor Protection All of the assets of both spouses may become subject to the claims of creditors of just one spouse. In addition, all of the assets of both spouses may become subject to the environmental liabilities of […]
Here’s a disconcerting claim at Frontline: A new working paper by professors from the University of Chicago and the University of Minnesota suggests cause for concern. According to the study, 7 percent of advisors have been disciplined for a fraud dispute or some form of misconduct. That can include anything from putting a client […]
“Revocable living trusts are useful vehicles for many people. Establishing a trust is certainly an act of love for one’s heirs – the streamlined transfer of assets upon one’s death being the main benefit of a revocable trust.” Susan Bondy National Financial Expert and Columnist September 23, 2001