When it comes to estate planning most clients readily think about their cash, investments, houses, and cars. But what some clients tend to overlook are the valuable family heirlooms. Those items hold value: not only monetary, but most often emotional value. When it comes to deciding how to distribute your assets, you will certainly want to include your personal effects, such as your grandmother's engagement ring or your grandfather's pocket watch. Including heirlooms in your estate plan is … [Read more...] about Including Heirlooms in your Estate Plan
Family heirlooms come in all shapes and sizes – from jewelry to art, fine china to family photos. Determining how to fairly divide these family heirlooms among your loved ones, after your death, can be very challenging. Unless you provide very specific instructions in your will or other estate planning documents, your executor will be left without any assistance. Avoiding family heirloom disputes can be accomplished with some planning. Using Personal Property Memos A personal property memo is … [Read more...] about Avoiding Family Heirloom Disputes
Choosing who should be the successor trustee of a family trust can be a very difficult decision. The successor trustee will be the person who administers the trust assets after you become incapacitated or die. The successor trustee holds, manages, invests the trust assets and collects the income and profits from the investments. The successor trustee will be responsible for paying the expenses of administering the trust and distributing the assets are required in the Trust Agreement. How … [Read more...] about Who Should be the Successor Trustee of a Family Trust?
Trusts are a vital wealth planning tool, not only for asset protection, but also for safeguarding the family’s wealth, regulating access to property and assets by younger family members, and providing long-term oversight and investment management for families. The trustee is responsible, either directly or indirectly, for investing those assets and making sound decisions in making distributions to beneficiaries. Regardless of the size of your estate, it is important to consider protecting your … [Read more...] about What Is a Family Wealth Trust?
The Case of the iPhone Will In the case In re Estate of Karter Wu (Supreme Court of Queensland, Australia), Mr. Wu created and stored his Last Will and Testament on an iPhone, along with a series of other documents, most of them final farewells. Wu’s iPhone Will named an executor and successor, set forth how he wished to dispose of his assets at death, dealt with his entire estate, and authorized the executor to deal with his financial affairs. The Will began with the words “This is the Last … [Read more...] about The Case of the iPhone Will
It can be intimidating to consider the possibility of relinquishing control over your property. People sometimes assume that you do surrender control of assets when you create a trust. In this post we will provide some clarity about creating a trust in northern Nevada. Different Types of Trusts Revocable Trusts There are different types of trusts. Perhaps the most commonly utilized trust in Reno NV in the field of estate planning is the revocable living trust. These trusts are largely useful to … [Read more...] about Will I Still Have Control Over My Property If I Create a Trust in Reno NV?
November 11 is Veterans Day, and people around the country are taking some time to remember the contributions that have been made by former service members. In this post we would like to share some thoughts about retirement and estate planning for veterans. The Basics Veterans have the same concerns that we all do when it comes to estate planning. You want to make sure that you are taking all the appropriate steps with regard to the transfer of your assets after you pass away. It is also … [Read more...] about Estate Planning Thoughts for Veterans Day
People who are fortunate enough to enjoy significant financial success are often in a position to create a charitable foundation. When you take this step you can leave behind a profound legacy as your name is associated with philanthropy into perpetuity. The actor Larry Hagman died at the age of 81 recently, and he will certainly be missed. Though he played a rather unlikable character on the classic television series Dallas, people who knew him say that he was a very nice person who made the … [Read more...] about Hagman Legacy Includes Philanthropic Foundation
Estate planning for high net worth families is extraordinarily important given the realities of the federal estate tax and any damage that could be done via litigation. In addition to these protections you also have the ability to reach out and support nonprofit entities that you believe in while gaining tax advantages in the process. This may seem self-evident to anyone who has the financial savvy to have accumulated a significant store of wealth. You must, however, be diligent because constant … [Read more...] about Take Steps to Keep Your Wealth Intact
We all leave behind a legacy when we die -- what your legacy is depends on how much time and effort you put into creating it prior to your death. You don’t have to have a vast fortune in order to create a legacy plan; however, the wealthier you are, the more important it is to create a legacy plan that is consistent with your objectives. A legacy plan is your chance to elaborate on your basic estate plan. Your basic estate plan allows you to determine who will receive your assets when you die. A … [Read more...] about What is Legacy Planning?