Well, I guess since Prince didn’t have one, you don’t need one either . . . Prince’s sister has said the superstar musician had no known will and that she has filed paperwork asking a Minneapolis court appoint a special administrator to oversee his estate. Something tells me this will neither go smoothly nor end […]
A lot of wisdom in this quote and just one more reason to consider leaving your children’s inheritance in trust rather than giving it to them outright: “Those who inherit fortunes are frequently more of a problem than those who made them.” Congolese Proverb
“A trust can be an effective foundation for asset protection planning. Trusts have been utilized for centuries as a means of conserving and protecting property for the beneficiaries of the trust. However, most domestic trusts do not provide protection from creditors. The typical revocable living trust, where the trustors are the lifetime beneficiaries and retain […]
Yesterday I read an interview in the April 2016 issue of WealthCounsel Quarterly with Neel Shah, a business and estate planning attorney in Monroe, New Jersey. The last interview question was of particular interest to me, because occasionally I find myself wondering whether I’m simply selling something when I encourage people to do their estate and business […]
I’ve listened to Dave Ramsey. My wife owns a couple of his books. I get what he does, and I think he probably does a some good–in the debt area, at least. But he’s not always right. For example, I don’t care for some of his opinions about life insurance and much of his investment […]
One of 12 reasons Edwin P. Morrow III, J.D., LL.M. gives for keeping assets in a trust rather than distributing them outright to beneficiaries at death, from his outline, The Optimal Basis Increase and Income Tax Efficiency Trust: A trust allows the grantor to make certain that the assets are managed and distributed according to his/her […]
From the article “Communicating an Estate Plan to Heirs,” posted at Successful Farming at Agriculture.com: “For some children, money equals love. Therefore, if they receive fewer dollars, they assume they are loved less. With farm distribution, there are times when the farming heir appears to get a financial advantage on paper. Sometimes this may be […]
I don’t think I ever posted a link to the official (or at least, the official looking) ATF 41 F as it appeared in the Federal Register. Here it is. To refresh your memory, ATF 41F affects the firearms trusts (aka gun trusts and NFA trusts). It goes into effect on July 13, 2016. Until […]
“While many people have an inherent aversion to talking about both death and taxes, leaving a positive legacy is something we all care about. Unfortunately, numerous studies show that over 50% of Americans have no estate plan, no will and no medical directives. Why do so many people fail to properly plan for what happens […]
Thinking about suing to get your fair share from your dad or mom’s estate? Think again. From a post on the Colorado Construction Law Blog about a piece in the Utah Bar Journal: One of the most important points set forth by Mr. Adams [in the Utah Bar Journal] is to remind the parties that […]