- Estate Planning vs. Will: What’s the Difference?
A lot of people think that estate planning and writing a will are the same, but one is just part of the other. Simply put, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand,… read more…
- Revocable Living Trust vs. Will: Key Differences
Revocable living trusts have become an increasingly popular tool in estate planning. They’re often used by households to avoid the probate process, which in some estates can save heirs both time and money. However, while trusts are a popular option, often a will is the better one. That’s particularly true for simple or relatively small estates.… read more…
- Does a Living Trust Need to File a Tax Return?
A living trust is a common solution for many people with estate planning needs. However, few people know about its tax-filing requirements. Generally, any trust with at least $600 in annual income must file a federal return. But for a… read more…
- Is an EIN Required for a Trust After Death?
The death of a family member is always challenging and evokes difficult emotions for everyone involved. Unfortunately, tax problems brought on by a trust can sometimes be one of the stressors. Because grantors don’t always acquire an EIN for the created trust, their heirs or beneficiaries may have to do so after the fact. If the grantor… read more…
- How to Protect Assets From Nursing Home Costs
As healthcare expenses continue to rise, many individuals and families are seeking effective strategies to protect their assets from being depleted by these costs. Understanding how to safeguard your financial resources is crucial for ensuring peace of mind and preserving your legacy for future generations. This article will explore various methods to protect assets from… read more…
- How to Protect Your Assets From Lawsuits
As you build wealth, you increasingly become a target for lawsuits. Lawyers often see wealthy investors as “deep pockets” that can financially right the wrongs that a plaintiff feels they’ve suffered. While you can’t stop someone from suing you, you… read more…
- How Does a Bare Trust Work?
Parents and grandparents looking for a way to pass assets to their beneficiaries should consider a bare trust, also known as a naked trust or simple trust. It is one of the simplest forms of a trust but can still… read more…
- Are Estate Planning Costs Tax-Deductible?
Estate planning can be difficult because there are so many tax rules that could cost you a lot of money long-term if you don’t know what to deduct. This article will discuss reducing estate planning costs through deducting the expenses when you file taxes and give you general tips on saving money in the estate… read more…
- Asset Protection If a Spouse Goes into a Nursing Home
Many people plan carefully for their financial needs in retirement, but often overlook how a disability could impact their situation. Unfortunately, disability is one of the leading reasons individuals require nursing home care. Understanding Medicaid laws and exploring asset protection strategies can help you learn how to protect assets if a spouse goes into a… read more…
- What Is a Purpose Trust?
Establishing a trust as part of an estate plan is something you might consider for passing on wealth. While most trusts are created with one or more beneficiaries in mind, purposes trusts work differently. A purpose trust is what it… read more…
- VA Survivor Benefits: 2025 Guide
Spouses and children of veterans may be eligible for a range of benefits after the veteran dies. Benefits available to qualifying survivors include cash payments as well as help with healthcare and education expenses and even home loans. Here’s what… read more…
- How to Contest a Will Without a Lawyer
Most of the time, carrying out a dead person’s last wishes is fairly simple – their assets are divided as the deceased directed in the will, everyone grieves and then moves on, possibly with slightly heavier wallets. Occasionally, though, there will be a challenge to the will that has to be resolved. If you think… read more…
- Estate Planning for High-Net-Worth Individuals (HNWI)
If you have a high net worth, it’s important to have a good estate plan in place. While putting these plans together can be tricky no matter the circumstances, things get more complicated if you have a high net worth. There… read more…
- 6 Trusts for High-Net-Worth Estate Planning
If you have a high net worth, one of the most powerful tools available to you is a trust. They can help you pass your wealth to your heirs and may be able to shield your money from creditors. However, there are many types of trusts available. Selecting the right trust(s) will help ensure your… read more…
- What Is a Spousal Lifetime Access Trust?
An estate plan is designed to make sure your family is taken care of after you are gone — and to see that your money and property is dispersed as you want it to be. There are a number of tools available to build an effective estate plan, including wills and various types of trust.… read more…
- Do Beneficiaries Pay Taxes on Estate Distributions?
Estate taxes can take a bite out of your inheritance income. While many beneficiaries can avoid the brunt of inheritance taxes, they will have to pay income tax on estate distributions. Let’s break down when and how much beneficiaries have to pay on estate distributions. A financial advisor can help you create an estate plan… read more…
- Joint Revocable Trust: Estate Planning
Establishing a joint revocable trust can be an ideal estate planning tool for the benefit of your children, your grandchildren and beyond. Married couples have the possibility of establishing a joint trust instead of simply establishing one in each of their names. Let’s compare the advantages and disadvantages for your needs. A financial advisor can help you create… read more…
- Rights of Life Tenants: Real Estate Guide
If you own property or real estate, you might consider passing it along to your heirs when you pass away. But you may not want to give up any of your rights to the property during your lifetime. Creating a… read more…
- What Happens to Stocks When You Die?
Investing in stocks can help you diversify your portfolio and build wealth. But what happens to stocks when you die? Stocks and other investments become part of your estate when you pass away. Who is entitled to inherit your stocks can be determined by your beneficiary designations, your will if you’ve created one or inheritance… read more…
- Estate Planning Checklist: Five Things to Do Now
Thinking about your own death isn’t fun, but don’t worry, planning for your estate does not actually have to be a difficult or lengthy process. Unless you have significant assets or complex wishes, making your estate plan can actually be… read more…
- How to Build Generational Wealth
The so-called Great Wealth Transfer is underway. More than 10,000 baby boomers are turning 65 every day, and over the next 20 to 30 years trillions of dollars’ worth of wealth will transfer to the next generation or generations. Your ability to participate in… read more…
- A Guide to Wealth Transfer Planning
Whether you’ve been aware for some time that you’ll eventually need to pass on a substantial amount of wealth to loved one, or you’ve more unexpectedly come into a large sum of money and don’t know how to plan for… read more…
- Can You Attain Power of Attorney Without Consent?
Preparing your affairs in advance can be a wise decision and can ensure that your financial portfolio and estate are handled appropriately in the case you can no longer manage it yourself. Sometimes, though, something unexpected happens before you or a loved one can make the appropriate arrangements such as creating a power of attorney.… read more…
- Can a Trustee Withdraw Money From a Trust Account?
Trusts can be a useful tool for estate planning when you want to leave specific instructions about how your assets should be managed during your lifetime and beyond. Part of creating a trust means naming a trustee who’s responsible for overseeing… read more…
- How Does a Beneficiary Get Money From a Trust?
If you’ve just inherited a windfall from a deceased relative’s trust, you’re likely wondering, “How does a beneficiary get money from a trust?” When your deceased relative created the trust, they set distribution guidelines for the time of distributions or… read more…