Design

Wills, Trusts & Dying Intestate: How They Differ

By |2019-09-10T14:24:32+00:00June 4th, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: , |

Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse: If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and [...]

Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent

By |2019-09-10T14:24:32+00:00April 23rd, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: |

There is a common misconception that estate plans are only for the ultra-rich - the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money.  In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order. According to a 2016 Gallup News Poll more than half of all Americans do not have a will, let alone a comprehensive estate plan. These same results were identified by WealthCounsel in its Estate Planning Awareness [...]

What Estate Planning Awareness Means For You

By |2019-09-10T14:24:33+00:00October 15th, 2018|Categories: Design, ESTATE PLANNING|Tags: , , , |

The third week of October is National Estate Planning Awareness Week (Oct. 15-21, 2018). Estate planning is important for everyone regardless of wealth or family status because if you become incapacity or pass away without an estate plan, you are leaving the distribution of your assets subject to state law – and the results may not be what you want or expect. Estate Planning Explained Estate planning includes the growth, protection, and transfer of a person’s wealth through the creation and maintenance of an estate plan. The concept of estate planning is important and twofold: (1) to have a strategy [...]

REWARDING YOUR EMPLOYEES BY GIVING THEM THE BUSINESS

By |2019-09-10T14:24:33+00:00August 23rd, 2018|Categories: BUSINESS PLANNING, Design, ESTATE PLANNING, RETIREMENT|Tags: |

Retiring from your business can a tough decision.  To ensure that what you have built continues on, there needs to be a plan for succession.  For some people, they have spent years grooming a child or other family member to take over, wanting the business to stay in the family.  Others look to sell to a third party for a quick way out that will also give them a nest egg for their next phase of life.  However, there is a third option–transferring the business to your employees.  If you like the idea of transferring your business to long-time faithful [...]

ARE YOUR DOCUMENTS FOLLOWING THE SAME SCRIPT? BASICS OF BENEFICIARY FORMS AND ESTATE PLANNING

By |2019-09-10T14:24:33+00:00August 23rd, 2018|Categories: Design, ESTATE PLANNING|Tags: |

In the event of your untimely death, the manner in which your beneficiaries — or those people who receive your assets from your estate — are determined is highly dependent on how your property is titled. Generally, property with title includes vehicles, boats, airplanes, real estate, bank accounts, savings bonds, life insurance policies, retirement accounts, and stock certificates. If you die without a will or a trust and haven’t used any beneficiary or transfer on death options, state law will determine who inherits property with a title. On the other hand, property without a title, such as jewelry, antiques, art, [...]

WHO SHOULD BE YOUR SUCCESSOR TRUSTEE?

By |2019-09-10T14:24:33+00:00August 23rd, 2018|Categories: Design, ESTATE PLANNING, Trusts|Tags: , , |

If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually, someone will need to step in for you when you are no longer able to act due to incapacity or after your death. Your successor trustee plays an important role in the effective execution of your estate plan. The Key Takeaways: Because successor trustees have a lot of responsibility, they should be chosen carefully. Successor trustees can be your adult children, other relatives, a trusted friend, or a corporate or professional trustee. Responsibilities of A [...]