The answer is yes, you need a will even with a revocable living trust. Your will and revocable living trust work in tandem with one another. A revocable living trust is a legal vehicle that provides lifetime as well as after-death management for assets and property. It’s created during your lifetime and, as the trustor, you may change it at any time while you’re still living. The successor trustee whom […]
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Ours has become an increasingly litigious society. Therefore, it’s become increasingly important for wealthy individuals to take some type of action in order to protect their assets from unexpected lawsuits and the claims of creditors. Many financial experts offer asset protection trusts as the best legal vehicle for shielding valuable assets. Asset protection trusts allow creditors to reach a settlement with their respective debtors on more favorable terms, therefore avoiding […]
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A common misconception held by many is that you have to be wealthy in order to establish a trust. So, you may not have considered setting up a trust as part of your estate planning solely based on the fact that you don’t have a net worth in the millions of dollars. However, a trust can be a very useful tool when it comes to estate planning, especially if […]
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Acting as an executor is an important job. After a person dies, their executor will be performing a variety of legal functions, including selling property, paying creditors, bringing any lawsuits that need to be filed, and, if necessary, reviewing medical records and distributing assets to their named beneficiaries. When an executor for a will is selected, they agrees to act in the best interest of the estate and to follow […]
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Estate planning is the process of designating who will receive your assets upon your death. In addition, estate planning also determines how your affairs will be conducted if you’re no longer able to make your own decisions. Many people are under the misconception that estate planning is only for the wealthy, but everyone needs an estate plan. If you don’t have an estate plan in place when you die, the […]
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Many people looking for a way to protect their assets are asking, “what is an offshore trust and how does it work?” An offshore trust is a trust that a settlor establishes in a jurisdiction that is different from the one in which they live. An offshore trust can be located in any country as long as that jurisdiction recognizes the legal concept of a trust. But only a few […]
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Estate planning goals for high-net-worth individuals (HNWI) should include protecting inheritances for their heirs, minimizing estate tax liability, and avoiding the probate process. Living trusts are commonly used by both attorneys and financial advisors as part of the estate planning process because they ensure that assets are distributed to the correct individuals and/or entities. Trusts also help minimize estate taxes by allowing you to remove assets from your estate so […]
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An offshore trust is one that a settlor establishes in a jurisdiction which is different from the one in which they reside. Offshore trusts are very similar to traditional trusts, with one substantial difference: they don’t have to comply when a judge in separate jurisdiction makes a demand. In other words, judges in one country don’t have jurisdiction over another. Due in part to that fact, offshore trusts can be […]
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You’ve worked hard to achieve your legacy, and you want to be able to use it to provide lasting comfort and financial security for yourself and your loved ones. So, the last thing you’d want to do is to put your wealth at risk from creditors. Protecting assets and making them less vulnerable to creditors that you may not have anticipated is one of the purposes of asset protection planning. […]
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Bankruptcy ranks among everyone’s worst fears. Losing all of your assets and savings is a worst-case scenario, but it needn’t be yours. Varying by state, asset protection laws can help protect certain types of assets from liquidation or seizure during bankruptcy. However, in order to ensure that your assets are protected to the maximum extent of the law, you need plenty of foresight and expert guidance. In the state of […]
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