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When you establish a trust, you name someone to be the trustee. A trustee basically does what you do right now with your financial affairs–collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records and generally keep things organized and in good order.The Key Takeaways You can be trustee of your revocable living trust. If you are married, your spouse can
After a loved one dies, you need to gather the important documents that are necessary to settle their final affairs. While the documents required will vary depending on what your loved one owned and owed, below is a list of common documents you will need to find: Account statements – These may include bank statements and investment account statements (including brokerage accounts, IRAs, 401(k)s, 403(b)s, annuities, pensions, and health savings accounts). The closer to the
Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family. What is An Asset Protection Trust? An asset protection trust is a special type of irrevocable trust in which the trust funds are held and invested by the Trustee and are only distributed on
Asset protection trusts offer a great deal of planning opportunities for people of even modest means. We are available to answer your questions about asset protection trusts and help you integrate this type of planning into your estate plan. Who Needs an Estate Plan? If you’re reading this, you need an estate plan. Why? The short answer is “Everyone, age 18 and older needs an estate plan.” It doesn’t matter if you are old or
There may be people close to you (spouse, parents, children) who are practicing financial behaviors that are unproductive or destructive. You want to help them get back on track, but you don’t want to come across as judgmental or condescending, or put them on the defensive. The Key Takeaways Living within one’s means liberates spending for high-priority purchases. Financial discipline, and correcting bad behaviors, leads to financial security. Correcting Bad Behavior Leads to Financial Security