If your clients choose to use a Standalone Retirement Trust (SRT) to provide asset protection benefits for their beneficiaries, then the tax-related asset allocation strategy would be essentially the same as without an SRT, with one small exception. read more
After a loved one dies, her estate must be settled. While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that right. The time delays create unnecessary stress. read more
Most people think of probate as a private process. However, since wills are filed at the courthouse, probated estates become a matter of public record. That means your nosey neighbor Nellie can simply go down to the courthouse or hop online and find out about your probate. Really. read more
A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spend, donate or simply lose it all. If you are about to receive an inheritance, there are several steps you can take to insure your funds will last longer than a few years. read more
As the summer season will eventually come to an end and we head into the fall, a parallel can be drawn between the seasons of weather and the seasons of money. Just as you have spring, summer, fall and winter, there are four financial seasons of life that include accumulation, preservation, distribution and succession. Approaching your finances with these four seasons in mind can help to keep you on track toward reaching your long-term financial goals. read more
If you have created a dynasty trust that you intend to last for decades into the future, choosing the right trustee is critical to the trust’s longevity and ultimate success. read more
Americans, by and large, are do-it-yourselfers. Information abounds to help us tackle all kinds of situations — including estate planning. However, it might be best to use caution when considering preparing your own will and other estate planning documents. read more
The murkiest part of estate planning is discussing when and how to distribute your assets to your heirs. This process requires a series of considerations and trade-offs to avoid emotion-laden family problems… when it comes to these issues, things get gray because emotional factors drive decisions now. There is no correct answer on how to distribute your estate. read more
There are a multitude of mistakes that people make when it comes to putting together their wills. These include naming of executors and custodians, trying to write their own wills, and not considering items such as liquidity. One of the colossal failures in estate planning I witness when people make their wills is not coordinating the will with the overall beneficiary designations they have chosen. read more
Many people think sibling feuds only occur when we are young. In some cases this is true, but for some siblings this feud can continue into adulthood, tearing families apart. Caring for an ill parent or settling their estate once they have passed can start a feud or add to an already existing one. When parents divide their assets to their children, they don’t expect such fights to occur, but it can be the case. read more
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