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The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits WARNING: Many people believe once they set up a Revocable Living Trust and transfer assets into the Trust, those assets are protected from lawsuits. This is absolutely not true. While Trusts commonly provide asset protection for beneficiaries, few Trusts protect assets owned by the person who created the Trust. No Immediate Asset Protection? Why Should You Create a Revocable Living Trust? Fully funded Revocable Trusts are dynamite tools.
Should I Write My Own Will? I’m sure you have heard this less than eloquent phrase before – “Garbage in, garbage out.” The phrase is typically used in computer programming and scientific research. Unfortunately, it also applies to the law, legal documents, and writing your own Will. What’s Wrong With Writing Your Own Estate Plan? Legally, you have the right to draft your own documents; however, that doesn’t mean you have the right to have
It will probably cost more initially to set up a well-drafted living trust than to have a will prepared. A true cost comparison should include not only the expense to establish the will or trust, but also what it will cost should you become incapacitated and after you die. The Key Takeaways: o A living trust document has more provisions than a will because it deals with issues while you are living and after you
Most parents choose to leave their estates equally to their children. But sometimes, parents intentionally choose to not leave anything to a child. There may be what the parents consider to be a legitimate reason: one child has been more financially successful than the others; not wanting a special needs child to lose government benefits; or not wanting to leave an inheritance to an irresponsible or drug-dependent child. Sometimes a parent wants to disinherit a
For many, passing along religious beliefs and values to the next generation is just as important as passing along financial wealth and tangible assets. Estate planning creates many opportunities to do this, including: * End-of-Life Care. A health care power of attorney (Advance Directive in some states) lets you name someone to make medical decisions for you in the event you cannot make them yourself. This can be someone who shares your faith and values