What is A Credit Shelter Trust and How To Use It To Help Protect Your Family’s Wealth?
A credit shelter trust is a type of trust created to protect assets from future taxation. It is designed for married couples and provides the lower-earning spouse with more of a tax break than they would without one. It can also be used as a way to protect your family’s wealth, such as through cases […]
The Meaning Behind Irrevocable Life Insurance Trusts
Irrevocable life insurance trusts are a great way to ensure that your current and future family members will always have the financial resources they need. For many, setting up a life insurance trust is a natural next step once they’ve purchased the life insurance policy for themselves or their spouse. The life insurance policy remains […]
What Estate Planning Is and Why It Matters?
What Estate Planning Is and Why It Matters. Estate planning is something that everyone should do. Estate planning is the process of making decisions about what happens to your property, investments, and debts after you die or become disabled. Too many people think estate planning only applies if they are wealthy. But the truth is […]
What Is An Irrevocable Life Insurance Trust?
One of the most common misconceptions about life insurance is that it’s a savings account for your family. It is not. Life insurance helps to provide financial protection for your family in case something unexpected happens to you. A key part of this financial protection is that the proceeds are paid directly to your beneficiaries, […]
What Is the Difference Between Power of Attorney and Durable Power of Attorney?
You’re about to sign a power of attorney document. There are two types, but you’re not sure which one is right for you. The difference between power of attorney and durable power of attorney can be confusing, especially when it comes time to make a decision. This article will help you decide which is best […]
What is Estate Planning Law and Why You Shouldn’t Ignore It
Estate planning law is a type of law that deals with the distribution of assets after someone’s death. The goal is to make sure that the person’s wishes on how their assets should be distributed are carried out. If you don’t have an estate plan, then state law determines how your assets will be distributed. […]
What is a Spendthrift Trust?
A spendthrift trust is created to protect assets of the trust from being used by the beneficiary. A spendthrift trust can be a good tool for those with a high risk of becoming a spendthrift and wasting their money, such as children. These trusts are designed to protect assets from frivolous spending, such as gambling […]
What is a Family Limited Partnership?
You may not be familiar with the term, but you’ve likely heard of someone who has one. A family limited partnership is a legal entity that acts as a single business entity and is designed to hold assets in an estate plan. It’s typically composed of at least two partners: one or more general partners […]