At a Glance What Do Revocable Living Trusts Do? A revocable living trust (RLT) allows an individual to avoid probate and plan for incapacity. However, by itself, an RLT does not provide asset protection or estate tax benefits. Instead, it often serves as the foundation for a broader estate plan that may include one or more irrevocable trusts designed for those […]
RLT
Understanding Power of Attorney in Estate Planning
There are various kinds of power of attorney (POA). Knowing which to use is critical in making sure your goals are accomplished. For purposes of this article, we will focus on “financial” powers of attorney. Financial powers of attorney deal with a person’s assets or financial matters. This includes contract powers, signing authority, and dealing with third […]
How to Evaluate a Financial or Legal Advisor
There are many excellent advisors in the Family Wealth Industry. We have been honored to compete or collaborate with many of them in providing excellent services to client families. We also have received clients who previously had subpar advisors. Their estate plan revealed poorly drafted trusts and sub-par legal planning. How does a family know […]
How to Choose the Right Estate Planning Attorney
Choosing an estate planning attorney for your revocable living trust is a significant decision that will impact you and your heirs. Everyone agrees on the need for a competent estate planning attorney, but how do you determine who is right for you? This article explores what to look for in an attorney’s education, experience, teamwork […]
Essential Questions to Guide Your Estate Plan
Clients rely on their estate planning attorneys to guide them in what to consider when developing their revocable living trust. The usual discussions are centered around how best to provide for beneficiaries and who should be in charge of things when they can no longer manage their affairs due to incapacity or death. Without proper […]
Health Care Considerations in Estate Planning
Most people think of an estate plan as a legal solution for financial matters. However, health care considerations in estate planning are incredibly important. Health care considerations will help you and your loved ones decide what to do when you may be incapacitated by illness or age, but not deceased. Life spans have increased due to […]
How to Avoid Four Common Estate Planning Mistakes
In 1973, the artist Pablo Picasso died with an estate worth $100-$250M and no estate plan. The ensuing battle over his estate lasted six years and cost $30M. This was good for lawyers and not so good for Picasso’s descendants! Unfortunately, Picasso’s estate is just one example of one of four common estate planning mistakes. […]
Estate Planning is “People Planning”
Why People Planning Matters Estate planning is about protecting assets over time for the good of beneficiaries. Many grantors and advisors work hard on the first part, protecting assets, but fail to adequately address the second part, creating a positive impact for beneficiaries. Many grantors intend for their trusts to become a gift of love […]