Creating a trust is a powerful way to help manage and protect your assets. Both irrevocable and revocable trusts offer distinct benefits. Let’s explore how each type works and the differences between the two. Before we get into the details, it is crucial to understand the key terms associated with trusts in general: Grantor: The […]
While there are different ways to transfer assets to the next generation, trusts provide unique advantages that can significantly enhance estate planning strategies. They can offer tax efficiency, protection for beneficiaries, special provisions for those with special needs, and a level of privacy not available with other estate planning tools. For these reasons, many Americans […]
Financial planning in your 70s takes on a new dimension, primarily balancing the need to maintain your lifestyle with the realities of aging. The following addresses the common challenges faced during this stage of life and strategies to help navigate them effectively. Manage Portfolio Risks One of the primary challenges people face in their 70s […]
When it comes to managing your finances, it’s essential to trust your financial advisor. There are various types of advisors, but fiduciaries are particularly noteworthy because they adhere to distinct standards. If you’re seeking trustworthy guidance, it is important to understand the role and expectations of a financial fiduciary. Let’s take a closer look at […]
Aretha Franklin, known as the Queen of Soul, left behind a musical legacy and an important lesson in estate planning. Even after five years of her passing in 2018 due to pancreatic cancer, her children are still settling matters regarding her estate, estimated to be worth $10 million. The reason for the delay was that […]
Developing a detailed estate plan is a vital component of the financial planning process. Although children are not always consulted during the execution of estate plans, there are some circumstances where they should be involved, or at the very least, informed of the details. Below are a few of these instances: Children Given Responsibilities: When […]
We have had many questions about the role of a Personal Representative (PR) when performing a Last Will and Testament. A PR is appointed to execute and administer a deceased person’s Last Will and Testament and assumes a legal fiduciary duty to the estate’s beneficiaries, meaning they must act in the beneficiaries’ best interests. For […]
Forty-six-year-old Tony Hsieh was the CEO of Zappos, the popular online shoe and clothing company that became famous for its ‘no-shipping costs’ service strategy. Tony had a net worth estimated at $840 million and was an extremely bright individual. Unfortunately, he passed away from burn injuries sustained in a house fire in November of last […]