Posted on: October 31, 2024
While the term fiduciary is a legal term with a rich history, it generally means someone legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you pick a person to fill these fiduciary roles in your estate plan, you pick one or more people to make […]
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Posted on: October 28, 2024
When you establish a trust, you nominate someone to be the trustee. If you are creating a revocable living trust, you will likely be the initial trustee. You will also want to name successors or backup trustees to step in and manage the trust’s affairs if you can no longer manage the trust yourself. The […]
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Posted on: October 24, 2024
If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Whether the guardian and trustee for the […]
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Posted on: October 21, 2024
If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs) […]
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Posted on: October 17, 2024
Many estate plans incorporate irrevocable dynasty trusts, which can offer benefits such as tax minimization and asset protection. The benefits of these types of trusts continue for a surviving spouse’s lifetime and several future generations. The actual duration of the trust can be affected by such factors as state law and how long the money […]
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Posted on: October 14, 2024
If you have a beloved late grandmother, many images and memories may come to mind when you reminisce about her. Hopefully, if she had a robust estate plan, how she went about dividing her personal property wouldn't have come to mind. Instead, you might picture her at her home or the family vacation house during […]
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Posted on: October 10, 2024
Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests. This post discusses the relevance of your business documents to your estate […]
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Posted on: October 7, 2024
Suppose you have established a revocable living trust (which we will refer to simply as a trust). Congratulations! You are on the right track in creating a comprehensive estate plan. However, you are only halfway there. Many people believe that because they took the time to create a trust, their estate will automatically avoid probate, […]
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Posted on: October 3, 2024
If you are a homeowner, you may know how much your home is worth. If you have a retirement account, you likely check the balance regularly. However, many small business owners do not know the value of their companies. This post covers business valuation basics. In certain circumstances, obtaining a business valuation is very important, […]
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