If you find yourself in the lucky position of either passing along your wealth to your heirs or receiving a wealth transfer from a relative, this is an exciting thing. However, it does come with some legal and financial concerns if not done well.
One of the major benefits of a living trust is that the trust assets bypass the probate process. In most states, this may mean savings in probate costs up to many thousands of dollars.
Retirees are dropping the ball over crucial legal documents.
Effective estate planning ensures the longevity of your family business by addressing succession, tax efficiency and governance for future generations.
Despite the importance of estate planning, many families delay it. They view it as complex or something only for the wealthy.
Piecemeal estate planning, where wills, trusts, insurance policies and other instruments are created in isolation, often leads to conflicts and inefficiencies.
A popular option is a living trust, which many people consider one of the better routes to take.
Every year offers a chance to step back, recalibrate and plan for the year ahead, and 2025 is no different.
It gets a lot more complicated if you can’t count on a child to be a caregiver, or to make major decisions.
You’ve worked hard for your wealth. Don’t let it fall into the wrong hands. Consider prenups, trusts and other protections to safeguard your family legacy.
