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When planning for the future, you need to understand the differences between a living trust and a living will. Both play important roles in estate planning, but they serve distinct purposes. Choosing the right tool depends on your specific needs and goals. How a...
Aside from wills, you could use other estate planning tools to accomplish various objectives, such as revocable living trusts. This legal option allows you to put your assets in a trust, legally entrusting your assets to another party if you ever die or become...
The main reasons that people use trusts are often to leave money to their heirs while still maintaining some control over it. For instance, if you are worried that your heir will waste all of the money quickly, you can put it into a spendthrift trust. If you want them...
Trusts are often used in very complex situations with strict provisions. For instance, a special needs trust can hold money aside so that an heir has access to the money but still qualifies for government assistance. An incentive trust can stipulate that the heir only...
Say you have an heir who may spend your money on things that you do not support. Can you create a trust that restricts how they can use their inheritance?Possibly. For instance, this happened with one woman who thought her son may give money to political causes that...
You may already know that Arizona does not have a state-level estate tax, setting it apart from other states that sometimes level some fairly heavy taxes on people when they pass away.However, that doesn't mean you shouldn't think about estate taxes at all. For larger...
If you look up the term "spendthrift" in a dictionary, you'll find that it refers to someone who isn't good at saving their money or spending it wisely. These people are not "thrifty," but very much the opposite. If there's money in their pocket, they'll spend it...
Imagine you have spent your entire life working hard to save and earn your money. Nevertheless, you are now too old and infirm to care for yourself and you need to move into a long-term care facility to benefit from round-the-clock medical care. Unfortunately, if you...
Many people enjoy setting up a charitable remainder trust because it will ultimately benefit the charity of their choice. However, the primary reason why most estate planners create a trust like this is for the tax benefits.There are three primary tax benefits that a...
You marry them, you love them, they are the source of your inspiration and happiness, yet spouses can also be a serious threat to your children's inheritance. Whether it's your husband or wife, or your child's husband or wife, this person could, in certain contexts,...
