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Posts tagged "Estate Planning"

The advantages of a revocable trust

Many estate planning attorneys recommend that in addition to having a will, their clients set up a revocable trust. Revocable trusts allow your assets to be more distributed expediently according to your wishes after you die. A revocable trust also makes it easier for your executor to pay any bills or outstanding debts.

Why business owners need a carefully crafted estate plan

Estate planning is important for just about everyone. However, if you own a business that you want to thrive long after you're gone, a carefully crafted estate plan is essential. A business owner can use his or her estate plan to designate who will own and manage the business and who will benefit from its continued success.

There are alternatives to disinheriting a child

Some people choose to leave their children out of their estate plan because they believe they've given them more than enough advantages and financial help to become thriving, self-sufficient adults. Billionaires Warren Buffett and Bill and Melinda Gates, for example, are leaving relatively small portions of their wealth to their children and the majority to nonprofit organizations.

Explaining the 'poor man's trust'

Putting together an estate plan is the best way to protect yourself, your heirs and your assets upon your death. When you create an estate plan, you are putting into writing how you want your assets distributed after you are gone. You also outline who will raise your children should you pass away before they turn 18. All of these items are important to live a stress-free life.

What should you consider when choosing an executor?

One of the most important decisions you'll make when developing your estate plan is deciding who will be your executor. Generally, people choose their spouse, an adult child or sibling for this position. However, it can be just about anyone you feel will be willing and able to carry out the responsibilities.

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