Charitable remainder trusts (CRTs) are useful estate planning tools for people who want to balance out their desire for financial security with their desire to support their favorite charities. CRTs come in two primary forms: charitable remainder annuity trusts...
Being a trustee is a position of great responsibility – and a trustee also a legal obligation to continuously act in the best interests of the beneficiaries. Fail in that obligation and you could quickly find yourself at the center of a lawsuit as the beneficiaries...
If you’re beginning the estate planning process or possibly considering some modifications to your existing plan, one of your concerns is likely the tax ramifications of your decisions on the value of your estate (and, by extension, your beneficiaries). That’s why...
Chances are you started preparing your children to take over the business from when they were young. Perhaps, you had them visit often to familiarize themselves with the business and have introduced them to managers and employees. However, when they are old enough,...
If you are having issues with how your family's assets are being distributed after a loved one's passing, mediation can be an effective solution. Mediation is an alternative dispute resolution method that involves a neutral third party, known as a mediator, who...
People may become vulnerable and dependent on others for a variety of reasons. In many cases, age is what renders someone incapable of managing their own affairs. Cognitive decline or medical challenges like Alzheimer's disease can leave people dependent on others for...
Estate planning is an effective way of planning your estate to better ensure that all your affairs are handled as per your wishes in the event of your death or incapacity. As such, it is important to handle the process with careful consideration and attention to...
Managing a high-net-worth estate is a complex and demanding task. Executors often take on intricate legal and financial responsibilities that can be overwhelming, especially during a time of grief. When managing a complex, valuable estate, it is common to face...
When it comes to business succession planning, it’s important to get started well in advance. This isn’t something you want to put off until you’re about to retire. Whether you’re leaving the company to an employee, an adult descendant or someone else entirely, you...
If you have a bank account, you can name a beneficiary in advance. Once you make this beneficiary designation, you have turned your account into a payable-on-death account. When you pass away, the beneficiary assumes control. This is often an important part of estate...