Failing to properly plan for disability, death, or the ultimate transition of a family business can lead to disastrous financial consequences for both the business and the family.
The news is full of stories about the famous who didn’t bother to make a will to dispose of their substantial fortunes. Although many others did make a plan, various issues with their testamentary documents have led to costly and protracted litigation.
From contentious relatives to scam artists, wills are not immune to the threat of a contest. If you have an inkling such a fight could be in your estate’s future, here are some ways to limit the risk.
Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes.
A prenuptial agreement can save you a lot of money and time should your marriage end. Often called a prenup, this document lays out how your assets and debts will be distributed should your marriage end.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
A special needs trust (SNT) can help you provide financial security to your child after you die without leaving them ineligible for the government benefits that they need to sustain care.
Thinking about what happens to your family when you pass away may be upsetting. However, it can be a good way to reduce the stress your loved ones will deal with during the grieving process.
Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week.
