People make incorrect assumptions about irrevocable trusts all the time. Yes, even attorneys, CPAs, and financial advisors. Irrevocable trusts are nothing to be afraid of. Here are the top 3 irrevocable trust misconceptions: 1. You Can’t Modify An Irrevocable Trust This is not true. You can absolutely modify an irrevocable trust. Here are the three […]
Category Archives: Estate Planning
09
Nov
Nov
There are many reasons to plan ahead to protect your assets from potential risks. You may be in a high liability profession, you may be a business owner with higher exposure, you may have valuable assets, or you may just have bad luck (car accident, someone gets injured in your home or business). Whatever the […]
02
Nov
Nov
Revocable trusts are amazing estate planning tools that most people need for estate planning. Having reviewed hundreds of trusts over the years, here are 5 Common Revocable Trust Mistakes I see people make. 1. Not Funding Your Revocable Trust Funding the trust means titling assets in the name of the trust. One of the many […]
30
Oct
Oct
Your Wife is in Law School Too? I was in a job interview during law school. During the discussion, I noticed a curious look in the interviewer. It continued for a while as I answered questions and asked some of my own. It was a pleasant discussion, although I admit that I was always sweating […]
20
Oct
Oct
Choosing a guardian for minor children can be simple for some and a much more difficult process for others. I’ve see some people start the estate planning process but take months (or even years) to implement it because they couldn’t decide who to name as guardian for children. Here are some tips to help. Why […]
06
Oct
Oct
I spend a lot of time designing estate plans for people to avoid probate. What is probate and why do we want to avoid it? What is Probate? First of all, probate isn’t necessarily a dirty word. It’s exists to protect you in a way. Probate is the court supervised process to appoint an executor, […]
28
Sep
Sep
Beneficiary Trusts – A Better Way to Leave Inheritance to Children There is a better way to leave an inheritance to your children – Beneficiary Trusts. I hear over and over that clients don’t want their children to get too much too soon or that they don’t want their children to squander their inheritance. It […]
25
Sep
Sep
Think about your most meaningful relationships. I’m willing to bet that those relationships were formed through shared experiences. At least they became more meaningful through shared experiences. I would also bet that you can think of at least one lifelong friend that you haven’t seen in years but if you did, you’d feel just as […]
21
Sep
Sep
The answer is NO, except when the answer is maybe. I’ll explain why a revocable trust generally doesn’t protect assets and circumstances where a revocable trust can protect assets. Revocable trusts are still amazing tools for estate planning and most people need one as part of their foundational estate planning. However if asset protection is […]
18
Sep
Sep
I have vivid memories of unique experiences in my childhood. Even from when I was as young as 2 years old. Funny that I don’t remember much detail about the day to day from my childhood. Think about your past. What experiences stand out? What memories are the most important and meaningful? I don’t remember […]