- Trust Fund vs. Will for Estate Planning
Estate planning involves both trust funds and wills to help ensure the smooth transition of assets to your beneficiaries. A trust fund is a legal entity that holds and manages assets on behalf of another individual or organization. A will, on the other hand, is a legal document that directs the distribution of assets after… read more…
- How to Build Wealth With an Inheritance
Money passed down to the next generation comes with feelings of gratefulness, loss and responsibility. In addition, receiving an inheritance worth hundreds of thousands of dollars can be jarring. It offers an extraordinary opportunity to secure your financial future, but doing so requires knowledge and discipline. From assessing your current financial standing to deploying savvy… read more…
- What Is a Family Limited Partnership?
A family limited partnership (FLP) is a complex structure that serves a strategic purpose for individuals desiring to manage and protect family assets, limit liability and potentially secure tax benefits. This article targets families interested in estate planning, providing a comprehensive understanding of how FLPs function, their advantages and disadvantages, as well as tips on… read more…
- Does Putting Your Home in a Trust Protect It From Medicaid?
An individual can protect their assets from Medicaid, including their home, by placing them into a trust. Essentially, the assets become owned by the trust and not by the individual. This mechanism can decrease the individual’s asset count for Medicaid eligibility, presenting a way to potentially conserve wealth and secure the funds for necessary medical care.… read more…
- How to Keep Money in the Family With an Inheritance Trust
Inheritance trusts play an important role in long-term wealth management, especially for families looking to preserve assets across generations. While the concept may sound complex, an inheritance trust is simply a legal structure designed to protect your assets and control how they’re distributed to future heirs. Beyond asset protection, these trusts can also provide valuable… read more…
- What Does a Revocable Beneficiary Mean for Estate Planning?
When creating an estate plan, one of the most important decisions is choosing beneficiaries for your assets and accounts. As you make these selections, you’ll need to determine whether each beneficiary should be revocable or irrevocable. This choice can have significant implications for your estate plan and financial legacy. Consult a financial advisor when you… read more…
- Estate Planning for Ultra-High-Net-Worth Individuals (UHNWI)
With a fortune higher than the lifetime earnings of the average person, an ultra-high-net-worth-individual (UHNWI) may seem immune to financial disaster. However, financial pitfalls and misfortunes can claim anyone’s wealth, whether they own a beat-up van or multiple yachts. For UHNWIs, losing money is a proposition that often figures into the millions. This fact highlights… read more…
- Successor Beneficiary Rules
Life insurance is built around beneficiaries who will receive the benefits of your life insurance payout when you pass away. However, from time to time, your named beneficiary cannot collect the payment. In that case, the policy passes on to your successor beneficiary. This is a substitute who can receive your insurance benefits instead, like… read more…
- Report Shows the Importance of Estate Planning for the Wealthy: Are You on Track?
Baby Boomers are expected to hand over more than $70 trillion in assets to their heirs. Many are concerned about making sure that their leftover assets go to the right people and purposes. And they may well be right to worry, according to a new study from Raymond James. Even though 84% of the 1,000… read more…
- Estate Planning Tips for the Ultra-High-Net-Worth
In the realm of personal finance, estate planning stands as a paramount consideration for those who have amassed substantial wealth. For ultra-high-net-worth individuals – people with over $30 million in investable assets – the complexities and implications of legacy planning become even more pronounced. While it’s often tempting to delay such discussions, proactively managing your… read more…
- Inheriting an Inherited IRA: What You Need to Know
Inheriting an individual retirement account (IRA) involves distribution rules and tax considerations, especially when the account has already been inherited once. This situation, known as a successor inheritance, became more complex following the SECURE Act of 2019 and the finalized guidance under SECURE 2.0. Whether you’re a spouse, child, or other beneficiary, understanding the updated… read more…
- How Can You Avoid Probate in Florida?
Probate can be a timely and costly legal process that verifies the will of a deceased person and manages the transfer of their estate assets. According to the Florida Bar Association, this process can take between six months and two years. Here’s what you need to know to avoid the probate process in Florida. If… read more…
- What Are the Disadvantages of a Trust?
Trusts represent what can be an invaluable tool for managing personal and familial wealth. There are specific uses, drawbacks and benefits of trusts, but it’s important to understand what your specific purpose is before using one. The ability to have a degree of control over your assets, even after death or a potential reduction in… read more…
- How to Avoid Probate on Your Bank Accounts
Probate is a legal process that verifies the validity of a deceased person’s will. This involves addressing debts and distributing remaining assets. If you die without a will or a living trust, probate can substantially influence the transfer of your assets. However, there are some things you can do now to help avoid the probate… read more…
- 5 Benefits of Living Trusts
A living trust is a legal document that is used in estate planning to manage and distribute your assets after death. Here are five common reasons why you could benefit from a living trust. If you need help planning your estate, a financial advisor can walk you through different steps to protect your assets for… read more…
- Tax Consequences of Terminating an Irrevocable Trust
An irrevocable trust is a legal arrangement that cannot be changed or undone once it’s created. These trusts are often used to shield assets from creditors, provide long-term support for beneficiaries and reduce potential estate taxes. Still, situations can arise that justify bringing an irrevocable trust to an end, such as when its original objective… read more…
- How to Change the Trustee on a Revocable Trust
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change trustees, other circumstances may require a petition to be filed in court before a trustee can be removed from power. Here’s what you should… read more…
- 7 Vital Estate Planning Tips
Estate planning is an essential financial process that determines how your assets will be protected, managed and distributed in the event that you become incapacitated or die. In 2023, only one in three Americans have an estate plan, but 25% told Caring.com that inflation has made them see a greater necessity for estate planning. Here… read more…
- Do You Expect to Receive an Inheritance? Study Shows Most Americans Say They Aren’t Ready to Manage It
Many of us dream about receiving a financial windfall but the majority of us won’t know what to do with the money when the time comes. A financial advisor can help you manage an inheritance or other financial windfall. Find a fiduciary financial advisor today. According to New York Life’s Wealth Watch Survey, only 42%… read more…
- Gross Estate vs. Probate Estate
Estate planning can be a complex process, but understanding the basic terms and concepts can significantly simplify it. One of the most important distinctions to make when planning your estate is the difference between a gross estate and a probate estate. A gross estate looks at all assets owned by an individual when they die,… read more…
- How Do You Determine the Fair Market Value of Inherited Property?
Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it’s worth. Specifically, you’ll need to know the property’s fair market value (FMV) to calculate your cost basis for tax purposes. How do you determine the fair market value of inherited property? There are a few ways… read more…
- Are Online Wills Legal?
In our increasingly digital world, online wills have emerged as a convenient and cost-effective means for basic estate planning. However, their legal validity can vary wildly based on state laws and complexities related to individual assets and wishes. To navigate the intricacies of estate planning, it may be beneficial to consult with a professional, such… read more…
- Want to Leave Assets to Heirs? IRS Rule Change Should Have You Rethinking Your Irrevocable Trust
If you’ve set up an irrevocable trust, or are thinking about creating one, it may be time to take a closer look. Recent IRS rule changes surrounding estate and gift tax exemptions could significantly affect how much wealth you’re able to pass on to your heirs. For years, irrevocable trusts have been a go-to strategy… read more…
- How Much Does a Notary Cost?
While notary fees generally don’t make people jump out of bed in the morning, they are vital to the certification and authentication of crucial documents, such as loan papers and wills. Notaries are impartial witnesses when you sign important documents, ensuring their legal validity and preventing fraud. While notary fees are typically necessary, there are… read more…
- How to Find and Obtain a Will Online
When someone dies, he or she may have a will or a document outlining their wishes for the disposition of their assets. You may need to track down this will for a number of reasons, from finding out what happened to their assets to understanding more about someone for genealogical research. It doesn’t have to… read more…