Do you have a Revocable Living Trust? If so, here are two important things you should know. You’re awesome! Congratulations. Your Revocable Living trust may one of the most, if not the most, important parts of your estate plan. When was the last time you read through your revocable living trust carefully? Has it been […]
Not long ago I highlighted 5 Revocable Trust Mistakes you should avoid when you implement an estate plan. I’ve seen and reviewed hundreds of trusts and here are 5 More Revocable Trust Mistakes you should avoid. 1. Making Outright Distributions Outright distributions means that upon your death, your trustee gathers up all the assets, divides […]
A few weeks ago I wrote about 5 Asset Protection Mistakes You Should Avoid. Here are 5 more asset protection mistakes you should avoid. 1. Owning Assets in Your Own Name One of the key ways to protect assets is to transfer them out of your ownership. If you don’t own it, it can’t be […]
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 […]
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 […]
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, […]
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 […]
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 […]
A UDAPT is an irrevocable trust blessed by the Utah legislature which pretty much lets you have your cake and eat it too. “Own nothing and control everything” as Nelson Rockefeller famously said. UDAPT stands for Utah Domestic Asset Protection Trust. Utah is one of a minority of States that allow asset protection for a […]
NING stands for Nevada Incomplete-gift Non-Grantor Trust. An ING Trust is an irrevocable trust designed to be treated a certain way for tax purposes. Incomplete-gift means that transfers to the trust do not require filing of a gift tax return (Form 709) and the trust assets remain part of your estate for estate tax purposes. […]