Protecting your assets from creditors (“asset protection”) is a topic you don’t think much about until a triggering event, and then it can jump to the top of your priorities. The triggering event may be an accident with personal injuries on your property, a contract commitment turning bad, or involvement in a financial project where substantial resources are lost. Asset protection planning can take many forms, including changing asset titles or setting up structures, such as LLCs or Trusts, to own assets. With respect to Trusts, in the past these have probably gotten more press than their actual usage would […]
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Many folks have not considered holding a family meeting in a slightly more formal setting like one of your advisor’s offices. There can be many advantages to these. Confidence is an important outcome that we talk about here. Do your spouse and children know what to do if you are not there? Whether they articulate it in advance or not, most families express a substantial improvement in their sense of security knowing there are caring professionals with knowledge of their situation who are there and ready to help at any point. This is also a great time to develop and perpetuate […]
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We receive more calls these days from clients who have parents, spouses or other loved ones dealing with temporary and permanent incapacity. In cases where the individual does not have an updated estate plan, these can be challenging. There are court-supervised processes that enable appointed individuals to act on behalf of incapacitated persons. The problems with these proceedings are many. First, the initial part, determining incapacity, can be trying as it is a public process designed to protect the individual who may be incapacitated. Normally multiple attorneys are involved to represent all the parties and interests in the case. In addition, […]
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Divorce is detrimental in a number of emotional and financial ways and court cases continue to add to the list. The key question in a recent case was whether a person’s interest in his ex-spouse’s retirement accounts (e.g., through Qualified Domestic Relations Orders or QDROs) are protected as “retirement funds” under the federal bankruptcy code. This court again decided they are not protected. One message is that even though ERISA plans can provide certain bankruptcy protection for “participants” of retirement plans, this is not necessarily extended to alternate payees, such as beneficiaries who inherit them or ex-spouses. Planning Point: In […]
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Many of our clients who come in to prepare or update their Will ultimately decide to include a Revocable Living Trust (RLT) in their estate plan after learning about the benefits it can provide. These benefits include privacy, avoiding or reducing probate fees and delays, and aiding in the management of their assets during periods of incapacity. If you decide to implement an RLT, you’ll want to fund it by moving assets to it after it’s in place. For an RLT, which is the type of trust that operates as kind of a “Super Will,” you should be adding other […]
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“When is the right time to create an estate plan?” “Am I too young to write a Will?” “Do I have enough assets?” These are a few common questions clients ask when inquiring with our team. Simply put, regardless of age and assets, every adult benefits from having the proper estate planning techniques in place. While the motives of creating an estate plan may vary for each individual, taking the time to create one should be a top priority at every stage of life. Deciding what age you should be when you are ready to create a Will is a […]
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