Leaving your hard-earned assets outright to your children, grandchildren or other beneficiaries after you die will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries.
Entries in Estate Plan Creation (6)
Today, it is impossible to put together even a simple estate plan without the assistance of an experienced estate planning attorney. Why? Because estate planning laws vary greatly from state to state and these laws are extremely convoluted and constantly changing. One wrong word, one missing signature, or one procedure not followed to the letter of the law can partially or completely invalidate your Last Will, Revocable Living Trust, Advance Health Care Directive, Living Will, or Durable Power of Attorney.
Oscar-winning actor Philip Seymour Hoffman died from a drug overdose in February 2014. Sadly, he left behind three young children - and a fortune estimated to be worth $35 million. He was only 46.
If you’ve set up a Revocable Living Trust, congratulations! You’re definitely on the right track. But…you’re only half way there. Many believe because they took the time to create a Trust, their estate will automatically avoid probate. Unfortunately, this is a false sense of security. The key to probate avoidance is proper asset ownership, including the full funding of your Revocable Living Trust.
It’s that time of year—the time for beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons. While this is a joyous time for everyone, it’s also time for you and your new spouse to plan for your future – for richer or for poorer, in sickness and in health.
NPR is currently running an interesting series on financial basics for Baby Boomers. An NPR article published today (Article Link) struck a chord with me because my office works to make the process of creating an estate plan as streamlined and friendly as possible.