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Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate plans: They can accomplish much more than just handling financial assets (money, accounts, and property). One of the most important estate plan functions for parents…

Many people believe that once they set up a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true.  While trusts commonly protect a beneficiary’s inheritance, few trusts protect assets (accounts and property) previously…

A recent Facebook scam reported by a few of our members – and countless others, according to news reports and social media accounts – is a good lesson about the importance of two-factor authentication. In two-factor authentication, also called multi-factor authentication, you add an extra layer of security to your accounts by requiring two forms…

You may be surprised to learn that not only has asset protection planning been around for a long time, but you are likely to have already engaged in it at some point. In fact, you probably have one or more types of traditional asset protection planning currently in place. The problem is, in many cases,…

Warren Buffett, known as the Oracle of Omaha, is one of the most successful investors of all time. His disciplined approach to investing, combined with his understanding of markets and financial foresight, has made him a global icon and model of success in the often-turbulent business world. Buffett’s investing can move markets and influence corporate…

When beginning any type of planning, you usually start with some preliminary questions. Estate planning is no different. When you begin the process, your estate planning attorney will likely ask about your family members, the accounts and property you own, and whom you want to include in your estate plan. As you dive deeper into…

In an estate plan, life insurance can be used as a source of immediate liquidity for beneficiaries by offering a tax-free, lump-sum payment upon the insured’s death. About half of Americans have a life insurance policy. The primary reason people purchase life insurance is to fund burial and other final expenses. However, a policy can…

Myth 1: Jointly owning all your accounts and property means that you need no estate plan because the survivor will automatically become the sole owner of everything as a matter of law. Fact: While it is true that the survivor may automatically become the sole owner of jointly owned accounts and property, depending on the…

Americans are, quite literally, getting buried in debt, with nearly half expecting to pass away with outstanding debts.[1] As a general rule, a person’s debts do not go away when they die. Some types of debt, such as federal student loans, are typically forgiven upon the debtor’s death, but private loans and cosigned accounts may…

Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies. The primary mechanisms for reducing estate taxes—the unlimited marital deduction and the charitable deduction—apply…