Being a trustee is difficult but adopting these four best practices employed by professional trustees will go a long way to ensure that you’ll effectively execute your duties and mitigate your liability.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
Your estate plan should certainly be revised, if you have gotten married or divorced.
What Is Residuary Estate?
When it comes to owning property in two different states, you may wonder how to manage these in your estate plans.
There are two main kinds of trusts: revocable and irrevocable.
According to the U.S. Department of Agriculture, a middle class family raising a child to adulthood will spend over $233,000 on that child between the ages of 0 to 18. That doesn't even factor in the cost of college education, which can be thousands of dollars more per year once a child reaches adulthood.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
The costs of long-term care for older adults can be significant. Federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources.
Here are the top five mistakes people make that upend their planning.
