Month: July 2024

Celebrity Estate Plans Series Part 1 of 4: Michael Jackson

Post author By Kylie Casper
Post date July 25, 2024
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What is it about celebrities that always draws us in? For whatever reason, we just can’t resist a good, juicy celebrity story. So, for the next few weeks, we will look at the lives of 4 celebrities and see what we can learn from their stories.

This week, we’re turning the spotlight on Michael Jackson. Even if you aren’t old enough to “Remember the Time” when Michael Jackson was dominating the charts, by the end of this article, you’ll see that he left holes in his estate plan that we can learn from.

Now, let’s dive in and learn how to avoid the same fate for your loved ones.

It’s As Easy as “ABC” (and 1, 2, 3)

Before we look at the specifics of Michael Jackson’s story, let’s dispel a myth about estate planning: You need not be rich, philanthropic, or famous to need estate planning. You need estate planning if you own anything – even a bank account – and have people in your life you love. It’s as simple as that (dare I say it’s as simple as “ABC” and 1,2,3?). So, as you think about your estate planning, it’s time to “Beat It” past the misconceptions so your loved ones can empower you to do the right thing.

Creating a Will Alone is a “Bad” Choice

So what happened in Michael Jackson’s case? His estate plan included a Will, which established trusts for his mother, Katherine, and his three children, Paris, Prince, and Bigi.

Let’s stop because this setup already has an increased potential for conflict.

When your assets pass via “Will” (instead of via Trust), your assets must go through a court process called probate. Subjecting your assets and your family to probate can result in a long, time-consuming, public, and messy court process that can be unnecessarily expensive to resolve.

A trust, on the other hand, bypasses the court process altogether as long as your assets are owned in the name of the trust when you become incapacitated or when you die. If your assets are appropriately transferred and retitled into the trust (called “funding” the trust), your estate can be administered privately and often takes less time than the court process. A trust can be set up and funded while you’re alive, thereby avoiding probate, or it can be a part of your Will. When it’s part of your Will, like in MJ’s case, it isn’t established or funded until after the court process. So, if you’re trying to keep your family from going through the court process, putting a trust in your Will completely defeats the purpose.

Since Michael Jackson’s assets passed via a Will, there have been ongoing legal matters in court, which still haven’t been resolved in the 15 years after his death. MJ’s family is embroiled in a dispute with the IRS, so the trusts he intended to create for his mother and children remain unfunded. Therefore, some of his assets cannot be transferred to them as he planned. It’s also highly probable that the legal disputes continue to cost the estate a lot of money. That’s money that otherwise would have gone to his mother and children.

Taxes – A Potentially “Dangerous” Situation!

The Jackson estate’s ongoing battle with the IRS is a stark reminder of the tax implications that can affect your plan and your loved ones. When it comes to taxes, you can’t think in terms of “Black or White.” If you intend to avoid as many taxes as possible, you don’t want to cut corners by doing your estate planning cheaply or independently. That could be “Dangerous!”

Taxes can significantly reduce the value you pass on to your heirs, directly impacting your loved ones. So, our next lesson from Michael Jackson’s story is that the stakes are too high to attempt alone when it comes to saving money on taxes. Work with a professional who can advise you properly. We aren’t clear why Michael Jackson didn’t get the support necessary to minimize taxes and protect his estate from a long, drawn-out court process, but we know we can help you and your loved ones.

Avoiding the “Thriller” of Legal Disputes

The Jackson case also highlights the importance of choosing the right representatives for your estate. These are the people who handle your affairs after you’re gone (they’re called “executors” if there’s a Will or “trustees” if there’s a Trust). MJ’s family members have criticized the representatives for the way they’ve managed the estate. In particular, Katherine Jackson has alleged that the executors have been too frugal and are holding onto assets to maintain control.

Conflict between your representatives and your loved ones is always possible. To help minimize the potential, we recommend you communicate your intentions to your representatives and loved ones during your lifetime. Consider holding a meeting so everyone knows your wishes and understands the intent behind your decisions. You may not be able to “Heal the World” on your own, but you can promote healing within your own family and prevent future conflict by opening the lines of communication now.

Also, know that you don’t have to choose family members to be your representatives – even if you feel pressured. If you aren’t sure who the “right people” are, think about people you know who are trustworthy and capable of handling complex financial and legal matters. There’s also the option of choosing a professional representative, as Michael Jackson did, who might be more appropriate for your situation.

Our two final lessons from Michael Jackson’s story are: 1) Communicate your wishes openly to your representatives and your family, and 2) Choose the right people to act for you when you no longer can.

“You Are Not Alone” – We’re Here for You

By learning from the challenges faced by Michael Jackson’s family, you can ward off the possibility of a similar outcome for your loved ones. Your careful planning today can pave the way for a smoother transition of your assets in the future, ensuring that you can support your family after you’re gone rather than creating a mess for them to handle without you.

It’s “Human Nature ” to want to avoid thinking about your death, much less plan for it. We get it. But we can live a more fulfilling life when we face our mortality. The good news is that you don’t have to deal with it alone. We’re here to support you every step of the way.

We help you create a comprehensive Life & Legacy Plan from a place of education and intention so that your loved ones stay out of court and conflict and you can minimize taxes. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.

Schedule a complimentary 15-minute consultation to learn more.

This article is a service of August Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning™ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Tags Celebrity Estate Plans, Estate Planning, Michael Jackson, Personal Family Lawyer

The Surprising Connection Between Men’s Health and Estate Planning

Post author By Kylie Casper
Post date July 18, 2024
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As you may know, June marked Men’s Health Month, a time dedicated to raising awareness about health issues predominantly affecting men and encouraging the early detection and treatment of disease among men and boys. Gentlemen, you already know that taking care of your health allows you to prolong your life and enhance your quality of life. But have you seriously considered how your health directly impacts your future? Your legacy? The ones you love the most?

What we’re talking about here is estate planning, a comprehensive process that involves the management and distribution of your assets during your lifetime and after your death. It’s every bit as important as your physical health. I know, I know, it could sound weird to equate health with estate planning, but hear me out. By the end of the article, the connection will be clear.

The Link Between Your Health and Estate Planning

Estate planning often brings to mind wills, trusts, and other legal paperwork, which may be what you initially thought when you read the title of this article. However, I want to challenge that assumption with this: the documents are merely the byproduct of estate planning.

Estate planning focuses on ensuring your wishes are honored if you become incapacitated so you can live and die with dignity, as well as protecting your legacy.

What about health? How does your health connect with estate planning?

Your health plays a significant role in shaping your preparations for the future in general and how you structure your estate plan in particular. While “health” can refer to emotional, health, and spiritual health, and all are important, we’ll focus on physical health here. .

Longevity and Retirement Savings. Your physical health directly impacts your lifespan, affecting how long your retirement savings need to last. For example, if you maintain good physical health, you’re likely to live longer (yay!) and will need a more extensive plan regarding your assets for your longer life.

Healthcare Decisions. Consider the potential need for long-term care. Alzheimer’s or dementia could require long-term care solutions that you may or may not choose. Your estate plan is to ensure you’re financially covered for these possibilities and to make it clear how you want to be cared for if you cannot make decisions for yourself. There is a time when it’s too late for you to make your wishes known. By making these decisions now, you are taking control of your future health and care, and ensuring that your wishes are respected and followed.

This is why you need a healthcare power of attorney or a living will in your plan. A living will is a legal document that outlines your preferences for medical treatment if you are unable to make decisions for yourself. These documents designate the person (or people) you choose to make medical decisions on your behalf if you cannot. Your designated healthcare agent (or agents) only ensure that your healthcare preferences are respected and that your medical treatment aligns with your wishes. Without these documents placed, a judge (stranger) could appoint someone to act on your behalf. Maybe even someone you don’t trust or wouldn’t make making decisions for you. In a worst-case scenario, a judge could even appoint a professional conservator who could drain your estate financially.

Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your affairs. Including a disability clause in your estate plan ensures that your assets are managed according to your wishes, and you can oversee them personally. A disability clause is a provision in your estate plan that outlines how your affairs should be handled if you become incapacitated. A revocable living trust is helpful here, as it allows your chosen person or entity to manage your affairs without needing court intervention. Again, with a plan in place, a judge will make decisions for you that may differ from what you want.

Having gone through the potential consequences of not prioritizing your physical health and its direct link to your estate planning, let’s turn to practical steps you can take now to make sure you and your family don’t have to experience any negative consequences.

Practical Steps to Integrate Health and Estate Planning

Unless you’re already incapacitated and can’t make decisions for yourself, know that it’s not too late to take action. It’s not too early, either. Death and incapacity don’t discriminate based on age. When you face the facts and plan accordingly, you can live life more quickly, joyfully, and less stressed. Truly. By taking action now, you are being proactive and ensuring a better future for yourself and your loved ones.

So if you haven’t planned for the future, here are some practical steps you can take now:

Schedule Regular Check-Ups. It may seem obvious, but regular medical examinations are vital to help detect illnesses early and provide a clear picture of your health, which, as discussed above, is crucial for accurate estate planning. If you discover a new health condition, you can plan accordingly when you’ve caught it in time. If not, it could be to implement your plan place.

Update Your Estate Plan Regularly: As your health changes, so should your estate plan. Make it a habit to review and update regularly or whenever there is a significant change in your health. I can help you get your initial plan in place with a unique process I use called Life & Legacy Planning®, and I will always include a free review of your plan at least every three years. This ensures your plan works because it will be updated as your health, life, and assets are on time. Without updates, your plan will fail, sending your family to court and increasing the probability of conflict.

Discuss Your Plans Openly: Talk with your family about your healthcare wishes and how they relate to your estate plan. Taking this courageous, and maybe uncomfortable, step makes a big difference in decreasing the likelihood of conflict in your family. Discuss your preferences for end-of-life care, which can create conflict in your family if you haven’t clarified your wishes.

Consult A Professional Who Has Your Best Interests in Mind: I approach estate planning from a place of heart, always keeping your best interests, and by extension, your loved ones’ best interests, in mind. I help you get your plan in place but also help you keep your family out of court and conflict so your legacy is one of love and care. I can also help you navigate difficult discussions with your family about your wishes so you can feel confident knowing you’ve done all you can to preserve the family bonds.

How We Support You and Your Loved Ones

We recognize the integral connection between your physical health and estate planning needs. Our commitment goes beyond legal documentation; we ensure your life’s work is served with dignity and clarity. By understanding the specific challenges and opportunities that arise from your health, we tailor estate plans that protect not only your assets but also your well-being and your family’s future. Take a proactive step toward safeguarding your legacy and enhancing your peace of mind. Contact us to learn how our Life & Legacy Planning® process can align your health priorities with your estate planning goals. Schedule a 15-minute consultation to discuss your next best steps.

Tags Advanced Health Care Directives, Benefits of Professional Assistance in Estate Planning, Estate Planning, Men’s Health, Power of Attorney, Role of a Personal Family Lawyer in Estate Planning

Estate Planning

3 Strategies For Navigating Your Child’s Transition Into Adulthood

Post author By Sara Thomas
Post date July 11, 2024
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When your child turns 18, they’re legally an adult even though they have a lot more growing to do. Just like any other adult, their health and financial information is protected by privacy laws. But unlike any other adult, that’s still your child, and you want to support them in a crisis. Your role as a parent is crucial in this transition. Unless you’ve planned, you won’t be able to step in and support your child.

As an estate planning attorney, I often see families caught off guard when I tell them this. Like those families, you may also assume that as a parent, you’ll always have a say in your child’s medical and financial matters. But you don’t. Under the law, you have just as much access to their medical and financial information as you do for Joe down the street (which is none).

The good news is that with proper planning, you can help your newly minted adult child navigate this transition and ensure you can step in if something happens. Here, I’ll share three strategies to help you and your child make the transition to adulthood as easy as possible.

Strategy 1: Education

The first strategy for a successful transition to adulthood is education. At my firm, I start every client relationship with education. That’s because I believe that education equals empowerment, which supports you to make the right choices for yourself and your family. Young adults also need to be empowered through education. The more you can teach your child about their new financial and legal responsibilities, the more confident you’ll feel in their ability to make the right decisions.

If you haven’t already started talking with them about legal and financial matters, now is the time. Start with a kind of budgeting we call “money mapping.” Explain the importance of tracking their income and expenses, setting financial goals, and investing wisely, both now and in the future.

Help them understand the basics of banking, such as how to use checking and savings accounts and the benefits of maintaining a good credit score, and assist them in setting up their bank account if they don’t already have one. Explain how to avoid overdrafts and the significance of keeping track of their balance. Introduce them to how to access credit and use it responsibly. Explain how credit cards work, the importance of paying off balances in full each month, when it’s okay to carry a balance, and the long-term benefits of building a positive credit history.

And let’s not forget your child’s new tax obligations. Teach them how to file taxes, what documents they need, and how to understand their W-2 forms or what it means to be a 1099. Explain the importance of keeping accurate records and navigating essential tax software.

Health care is another critical area where your child needs education. Let your child know that you can’t make medical decisions for them and that you won’t have access to their health records anymore—unless they give them to you. I’ll cover which essential documents they need in a minute, but first, let’s talk about the importance of communication in helping them document their wishes properly.

Strategy 2: Encourage Communication

Adulthood often involves having complicated conversations (as if I’m telling you anything you don’t know!). Two of those conversations with your child have to do with their healthcare and financial decisions in the event of an emergency.

First off, I want to say that even thinking about your child being in an emergency medical situation is hard to think about, much less talk about. And it will probably be much harder for you than for them. It’s OK. Take a deep breath. You can do this!

After you’ve breathed your way to calm, have an open conversation about what your child would want to happen in various medical scenarios. If they become incapacitated, who would they want to make decisions on their behalf? Both parents or one of you first, then the other? Or do they want anyone else involved in the medical decisions if they cannot make them themselves? Be open to the possibility that they have different people in their lives that they may want to include, and be glad they are telling you about it if that’s the case.

Do they know what a ventilator is and whether they’d want one if it became an issue? What about a feeding or hydration tube? And what about resuscitation? Talking about these things is necessary so your child’s wishes are honored. Who would need access to them in case of an accident or an illness? Once you know the answers to these questions, you can help your child create a health care directive and medical power of attorney.

Have the same conversations about finances. Do you know which and how many financial accounts they have? If they’re in college, how will you access their account to stop tuition or housing payments if necessary? Can you access their checking account if bills need to be paid? Your child may be reluctant to discuss these matters with you but assure them you have no intent to violate their autonomy. You simply want to be there for them if needed.

Strategy 3: Legal Planning

Once you and your child have had these difficult conversations, emphasize the need for a legal plan so their wishes are documented and honored. This process may seem daunting, but it’s necessary to ensure your child’s future. At the least, your adult child’s legal plan should include the following documents:

Health Care Proxy and Advance Directive. A healthcare proxy grants someone, usually you, the authority to make medical decisions on your child’s behalf if they cannot. This document is crucial in ensuring that your child’s medical wishes are respected and followed, even if they are unable to communicate them. An Advance Directive complements this by outlining their medical treatment preferences in various scenarios, ensuring their wishes are respected even when they can’t voice them. It’s like a roadmap for their medical care, ensuring that their values and beliefs are considered in any medical decision.

HIPAA Authorization. The HIPAA Authorization is equally essential. While HIPAA (Health Insurance Portability and Accountability Act) protects patient privacy, it can prevent you from accessing your child’s medical information without explicit permission. By signing a HIPAA Authorization, your child can ensure that you can speak with doctors and receive updates on their condition.

Living Will. A living will is another vital document to consider, as it outlines your child’s wishes regarding end-of-life care, such as whether they want to receive life-sustaining treatments. Documenting these preferences can provide clarity and guidance during difficult times, ensuring their wishes are honored.

Power of Attorney. A Power of Attorney allows your adult child to appoint someone (again, usually you) to manage their financial affairs if they cannot do so. Managing can include paying bills, managing bank accounts, and handling investments. With this document, you might find it easier to step in and help when needed.

It may also be necessary for your adult child to have a plan in place for what happens after death. If that’s the case, they need a will or trust. Reach out to me, and I can educate you and your child on whether post-death planning is necessary at this stage in your child’s life.

Finally, life circumstances will change, so let your child know it’s essential to review their documents regularly and update them as needed. Encourage your young adult to revisit their decisions periodically, especially if they experience significant life changes such as getting married, moving to a new state, or starting a new job. At my firm, constant contact is part of our process, so our clients never have to remember to update their plans independently. We do the remembering for you.

Your Next Step

Now that you have three strategies for navigating your child’s transition into adulthood, your next step is to book an appointment with our firm so we can support you in having these conversations and putting your child’s legal plan in place.

Before you think that you don’t need an attorney and can use a cheap online tool or even AI, I encourage you to think about what’s at stake. Your child’s health and well-being. Your child’s growth. The opportunity to teach your child how to prioritize the things that matter most. When I work with you, one of the best things I can do is to get to know your children as they become adults. Ideally, it will be me (or my firm) that they’ll turn to for guidance throughout their lifetime and to be there for them when you can’t. No cheap legal plan can do that.

The Support You and Your Child Need

We know that navigating the transition to adulthood can be challenging for you and your child. Understanding the legal changes that come with turning 18 and using the three legal documents (and the conversations that go with them) in this article can help you provide the support and guidance your child needs. But you don’t need to navigate this transition alone. We can educate you and your child about their new legal responsibilities, support you to have hard conversations, and help your child implement a legal plan.

Schedule a 15-minute call to learn how our Life & Legacy Planning process can help your family make the best decisions about the things that matter most.

Tags Adulthood, Estate Plan, Financial Power of Attorney, Healthcare Directives, Medical Power of Attorney, Personal Family Lawyer, Young Adults

Estate Planning

What Probate Is and How To Avoid It — Part 2

Post author By Sara Thomas
Post date July 1, 2024
No Comments on What Probate Is and How To Avoid It — Part 2

Unless you’ve created an estate plan that works to keep your family out of court, when you die (or become incapacitated) many of your assets must go through probate before those assets can be distributed to your heirs. Like most court proceedings, probate can be time-consuming, costly, and open to the public, and because of this, avoiding probate—and keeping your family out of court—is often a central goal of estate planning.

In part one of this series, we explained how the probate process works and what it would entail for your loved ones. Here in part two, we’ll discuss the major drawbacks of probate for your family, and outline the different ways you can help them avoid probate with wise planning.

What’s At Stake For Your Family

Probate court proceedings can take months, and sometimes even years, to complete. In the immediate aftermath of your death, that’s the last thing you likely want your loved ones to have to endure.

Without easy and immediate access to your assets, your family could face serious financial hardship at a time when they need the most support. Not only that, but to help them navigate the legal proceedings, your loved ones will almost certainly need to hire a lawyer, which can result in hefty attorney’s fees and the real risk of them hiring a lawyer who is uncommunicative, which only creates more stress for them. All of that is on top of the court costs, executor’s compensation, and all of the various other administrative expenses related to probate. By the time all of those costs have been paid, your estate could be totally wiped out, or at the very least, seriously depleted.

Another drawback of probate is the fact that it’s a public process. Whether you have a will or not, all of the proceedings that take place during probate become part of the public record. This means that anyone who’s interested can learn about the contents of your estate, who your beneficiaries are, and what they will inherit, which can set them up as potential targets for scammers and frauds.

Probate also has the potential to create conflict among your loved ones. This is particularly true if you have disinherited someone or plan to leave significantly more money to one relative than the others, in which case, a family member may contest your will. And even if those contests don’t succeed, such court fights will only increase the time, expense, and strife your family has to endure.

How To Avoid Probate

Before we discuss the more advanced ways you can use estate planning to allow your loved ones to avoid probate, it’s important to point out that not all of your assets will have to go through the probate process—and that’s true even if you don’t have any estate plan at all.

Assets That Do Not Require Probate

Certain assets will pass directly to the individuals or organizations you designated as your beneficiary, without the need for any additional planning. The following are some of the most common assets that use beneficiary designations and therefore, bypass probate:

Retirement accounts, IRAs, 401(k)s, and pensions
Life insurance or annuity proceeds
Payable-on-death (POD) bank accounts
Transfer-on-death (TOD) property, such as bonds, stocks, vehicles, and real estate

Outside of assets with beneficiary designations, other assets that do not go through probate include assets with a right of survivorship, such as property held in joint tenancy, tenancy by the entirety, and community property with the right of survivorship. These assets automatically pass to the surviving co-owner(s) when you die, without the need for probate.

However, it’s critical to note here that if you name your “estate” as the beneficiary of any of these assets, those assets will go through probate before being distributed. The same goes if you overlook a beneficiary designation, or if you die at the same time as a joint property owner—each of those assets will also go through probate, even though they have beneficiary designations.

In addition, we generally recommend that you do not rely on beneficiary designations to handle the distribution of your assets. These designations give you little to no control over how your assets are distributed, and they can result in negative outcomes you did not intend, especially if you have a blended family with children from a prior marriage or if you have no children at all.

Although there are several different types of assets that automatically bypass probate, the majority of your assets will require slightly more advanced levels of planning to ensure your loved ones can immediately access them, without the need for any court proceedings in the event something happens to you. The primary estate planning tool for this purpose are trusts.

Avoiding Probate With A Revocable Living Trust

Trusts are a popular estate planning tool for avoiding probate. Although there are a variety of different types of trust, the most commonly used trust for probate avoidance is a revocable living trust, also called a “living trust.”

A trust is basically a legal agreement between the “grantor” (the person who puts assets into the trust) and the “trustee” (the person who agrees to manage those assets) to hold title to assets for the benefit of the beneficiary. With a revocable living trust, this agreement is typically made between you as the grantor and you as the trustee for the benefit of you as the beneficiary. You act as your own trustee during your lifetime, and then you name someone as a “successor trustee” to take over management of the trust when you die or in the event of your incapacity.

It might seem odd to make an agreement with yourself to hold title to assets for yourself in order to benefit yourself. Yet by doing so, you remove those assets from the court’s jurisdiction in the event of your incapacity or when you die. Instead, those assets transfer to your successor trustee, without any court intervention required. At that point, your successor trustee is responsible for managing the trust assets and eventually distributing them to your beneficiaries, according to the terms you spell out in the trust agreement. This is how a trust avoids probate, saving your family significant time, money, and headache.

The Key Benefits Of A Living Trust

Unlike a will, if your trust is properly set up and maintained, your loved ones won’t have to go to court to inherit your assets. Instead, your successor trustee can immediately transfer the assets held by the trust to your loved ones upon your death or in the event of your incapacity. And since you can include specific instructions in a trust’s terms for how and when the assets held by the trust are distributed to a beneficiary, a trust can offer greater control over how your assets are distributed compared to a will.

For example, you could stipulate that the assets can only be distributed upon certain life events, such as the completion of college or marriage, or when the beneficiary reaches a certain age. And as long as the assets are held in trust, they’re protected from the beneficiaries’ creditors, lawsuits, and divorce—which is something else wills don’t provide.

Finally, trusts remain private and are not part of the public record. So, with a properly funded trust, the entire process of transferring ownership of your assets can happen in the privacy of your attorney’s office, not a courtroom, and on your family’s time.

Transferring Assets Into A Living Trust

For a trust to function properly, it’s not enough to simply list the assets you want the trust to cover. When you create your trust, you must also transfer the legal title of any assets you want to be held by the trust from your name into the name of the trust. Retitling assets in this way is known as “funding” a trust.

Funding your trust properly is extremely important, because if any assets are not properly funded to the trust, the trust won’t work, and your family will have to go to court in order to take ownership of that property, even if you have a trust. In light of this, it’s critical to work with us to ensure your trust works as intended. We will make sure all of your assets are properly titled when you initially create your trust, and also ensure that any new assets you acquire over the course of your life are inventoried and properly funded to your trust. This will keep your assets from being lost, as well as prevent your family from being inadvertently forced into court because your plan was never fully completed.

Living Trusts, Taxes, Creditors & Lawsuits

When you create a revocable living trust, you are free to change the trust’s terms or even completely terminate the trust at any point during your lifetime. Because you retain control over the assets held by a living trust during your lifetime, those assets are still considered part of your estate for estate tax purposes. Similarly, assets held in a living trust are not protected from your creditors or lawsuits during your lifetime. This is an important and often misunderstood point.

Again, a revocable living trust does not protect your assets from creditors or lawsuits, and it has no impact on your income taxes. However, as mentioned earlier, as long as the assets are held by a living trust or a Lifetime Asset Protection Trust, those assets can be protected from your beneficiaries’ creditors, lawsuits, and even divorce settlements. Be sure to ask us about the different trust-based estate planning options we offer to find one that’s best suited for your particular situation.

The primary benefit of a living trust is to pass your assets to your loved ones without any need for court or government intervention, and to ensure your assets pass in the way you want to the people you want.

Life & Legacy Planning: Do Right By Those You Love Most

Although a living trust can be an ideal way to pass your wealth and assets to your loved ones, each family’s circumstances are different. This is why we will not create any documents until we know what you actually need and what will be the most affordable solution for you and your family—both now and in the future—based on your family dynamics, assets, and desires.

Sitting down with us will empower you to feel 100% confident that you have the right combination of estate planning solutions to fit with your unique asset profile, family dynamics, and budget. We see estate planning as far more than simply planning for your death and passing on your “estate” and assets to your loved ones—it’s about planning for a life you love and a legacy worth leaving by the choices you make today.

Tags Asset Protection, Estate Plan, Personal Family Lawyer, Probate, Revocable Living Trust, Wealth Protection, Will

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