Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. Read on to learn more. … [Read more...] about Changing “Irrevocable” Trusts Through Use of a Trust Protector
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Adapt Your Estate Plan to Suit Individual Heirs
One of the major reasons why it is important to discuss your estate planning goals with a licensed attorney is because you have many options. The right course of action for one family may not be appropriate for the next. This is true when a single estate planning device is being used to provide for everyone, but the customization does not stop there. In some instances, the optimal course of action will be to use a different type of asset transfer vehicle for a particular person on your … [Read more...] about Adapt Your Estate Plan to Suit Individual Heirs
The Other Side of the Unauthorized Practice of Law
What happens when an individual who is not licensed to practice law provides advice to an individual – does the quality of the advice matter if the individual is unlicensed? This article explores the unauthorized practice of law and how it damages the legal profession. Read on to learn more. … [Read more...] about The Other Side of the Unauthorized Practice of Law
Asset Protection for Small Business Owners
When you are starting a small business, you have some decisions to make. One of the most important ones will be the business structure that you choose to utilize. Asset protection should be a priority, and we will explain two possible solutions in this post. Family Limited Partnership A family limited partnership (FLP) can be a good choice for some people. If you establish a family limited partnership, you would be the general partner. You would add members of your family as limited partners, … [Read more...] about Asset Protection for Small Business Owners
Shrunken Asset Values Open Estate Planning Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
