A trust is an estate planning tool that you may consider using if you want to go beyond drafting a last will and testament.
Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
What do these appointments mean to the person(s) named to act? What happens if they fail or decline to act? Can the planning appoint alternative representatives?
So why should you consider a more comprehensive plan than just leaving an out-of-state vacation home in your will?
Some people draft wills or trusts to ensure that the loved ones they will eventually leave behind own a piece of the properties the former will be leaving behind in case of their death.
In certain cases, the Louisiana Affidavit of Small Succession can allow the transfer of property without a judicial succession, saving time and money. But strict qualification rules apply and it may not work in every situation even if you qualify. A similar form can be used to transfer titled vehicles, trailers (including mobile homes) and boats which is given to the DMV or Department of Wildlife and Fisheries.
Of course, just because you have a living trust doesn’t mean you’re all set. Here are a few of the most common mistakes people make with their living trusts.
An Executor administers your wishes through the court-supervised probate process. But you can make his or her job easier and less expensive through the process known as “independent administration.”
Ben Franklin once said, ‘… nothing can be said to be certain, except death and taxes.’ For all certainties in life, the best thing you can do is plan for their eventual occurrence.
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