Posts Categorized: Asset Protection

Moving To A New State? Remember to Update Your Estate Plan

Although you likely won’t need to have an entirely new estate plan prepared for you, upon relocating to another state, you should definitely have your existing plan reviewed by an estate planning lawyer who is familiar with your new home state’s laws. Each state has its own laws governing estate planning, and those laws can differ significantly from one location to another. READ MORE

5 Questions To Ask Before Hiring An Estate Planning Lawyer – Part 2

Although hiring the right estate planning lawyer may not seem like a really important decision, it’s actually one of the most critical choices you can make for both yourself and your family. After all, this is the individual you are trusting to serve on your behalf to protect and provide for your loved ones in the event of life’s most traumatic experiences.

Should you choose the wrong person for the job, your family could potentially face all manner of unnecessary conflicts, expenses, and legal entanglements during a time when they are at their most vulnerable. In the end, estate planning is about far more than having a lawyer create a set of documents for you, and then never seeing you again, or only seeing you when something goes wrong. READ MORE

Third-Party Supplemental Needs Trusts

If you want to provide for a loved one who is disabled or has special needs when you are no longer here, care must be taken to ensure that the inheritance you leave will help rather than harm your loved one. An inheritance received outright could negatively impact your loved one if he or she is currently receiving government aid or benefits or will need to apply for aid in the future. READ MORE

Things You Need to Know as Successor Trustee

Accepting the role of successor trustee can seem a little intimidating when you look at the job description. However, you are not alone. Your advisor team (trust administration attorney, certified public accountant (CPA), financial advisor, and insurance agent) can guide you through the various steps of the administration process. If you are feeling overwhelmed, you may want to consider delegating trust administration tasks to another person with comparable, more advanced, or specialized skills such as an attorney, CPA, or financial advisor. Also note, services completed on behalf of the trust can be charged to the trust, not to you personally. READ MORE

Remarrying In Midlife? Avoid Accidently Disinheriting Your Loved Ones

Today, we’re seeing more and more people getting divorced in middle age and beyond. Indeed, the trend of couples getting divorced after age 50 has grown so common, it’s even garnered its own nickname: “gray divorce.”

With divorce coming so late in life, the financial fallout can be quite devastating. Indeed, Bloomberg.com found that the standard of living for women who divorce after age 50 drops by some 45%, while it falls roughly 21% for men. Given the significant decrease in income and the fact people are living longer than ever, it’s no surprise that many of these folks also choose to get remarried.

And those who do get remarried frequently bring one or more children from previous marriages into the new union, which gives rise to an increasing number of blended families. Regardless of age or marital status, all adults over age 18 should have some basic estate planning in place, but for those with blended families, estate planning is particularly vital. READ MORE

Getting Divorced? Don’t Overlook These 4 Updates to Your Estate Plan – Part 2

Going through divorce can be an overwhelming experience that impacts nearly every facet of your life, including estate planning. Yet, with so much to deal with during the divorce process, many people forget to update their plan or put it off until it’s too late.

Last week in part one, we discussed the first two changes you should make to your plan: updating your beneficiary designations and power of attorney documents. Here in part two, we’ll cover the final updates to consider. READ MORE

Black Panther Star Chadwick Boseman Dies Without A Will – Part 2

Last week in part one, we discussed a few potential explanations for this apparent blind spot in Boseman’s estate plan, and how the young actor might have prevented the situation by creating a pour-over will to be used as a backup to any trusts he had put in place. Here in part two, we’ll focus on another critical component of Boseman’s estate plan – incapacity planning.

Regardless of his age or health condition, Boseman, like all adults over 18 years old, should have three essential planning documents in place to protect against potential incapacity from illness or injury. These include a medical power of attorney, living will, and durable financial power of attorney. READ MORE

4 Things Trusts Can Do That Wills Can’t

Both wills and trusts are estate planning documents that can be used to pass your wealth and property to your loved ones upon your death. However, trusts come with some distinct advantages over wills that you should consider when creating your plan.

That said, when comparing the two planning tools, you won’t necessarily be choosing between one or the other—most plans include both. Indeed, a will is a foundational part of every person’s estate plan, but you may want to combine your will with a living trust to avoid the blind spots inherent in plans that rely solely on a will. READ MORE

5 Reasons to Protect Your Retirement Accounts Now

During your lifetime, your retirement account has good asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Your heirs could be left penniless.
Fortunately, there is a solution to this problem. A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited retirement accounts from your beneficiaries’ creditors. READ MORE