Faced with the responsibilities of being an executor for an estate, you may wonder whether you, as an executor, can withdraw cash from an estate account. One of the many responsibilities of an executor is to manage an estate’s financial affairs. This includes paying the estate’s debts and taxes. An executor will also be in […]
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Blockchain is defined as a decentralized and distributed digital ledger containing blocks of linked transactional data. New transactions depend on the previous transactions and thus are stored chronologically and securely. Users cannot delete or modify the chain without consensus from the network. Blockchain technology is used to create an unalterable or immutable ledger. Blockchain is […]
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If you establish a revocable living trust, you will probably serve as your own trustee. However, you will need a successor trustee to manage your trust upon your death. A trustee is the person or firm you choose to manage and administer your trust according to your trust instructions and state law. A grantor gives […]
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Probate, by its very nature, occurs at the worst possible time—when you are processing the death of a loved one. Probate involves administrative duties that include filing your loved one’s Last Will and Testament with the court and determining how your loved one’s property and accounts should be distributed. While probate can be a costly, […]
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Digital assets such as cryptocurrency and non-fungible tokens are increasingly important when estate planning. Unlike physical assets, cryptocurrency, with its decentralized and borderless nature, presents unique challenges but also opportunities for people looking to secure and maximize their wealth and pass it on to future generations. The cryptocurrency market is estimated to exceed $3 trillion. […]
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Equity stripping is a set of financial strategies used to protect assets, such as real estate, from creditors. The goal of equity stripping is to reduce the equity in the property to the smallest possible, to make the property less appealing to potential claimants. Home equity is the difference between your home’s market value and […]
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Charging order protections are court orders for creditors, allowing them to receive distributions from a business that would otherwise be paid to a debtor. Charging order laws vary by state, but they should balance a creditor’s rights with the importance of maintaining the business’s operational integrity. What are limited liability entities? Limited liability entities (LLEs) […]
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Michael has a problem. He is a 70-year-old widow, and his adult daughter, Marie, is disabled and unable to support herself. He has two other adult children. How can he ensure Marie is cared for while being fair to his other two children? Marie has lived with him and his late wife for her entire […]
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The divorce rate is declining in the United States but remains between 31% and 42%. Your children enter their marriages sure that their marriage is strong and would never be subject to divorce, but it happens. In addition to concerns about your child’s happiness and your grandchildren’s welfare, you also need to ensure that your […]
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A grantor or trustmaker is the person who funds a trust, so how can you have a trust without a grantor? It is confusing, but the terms grantor trust and nongrantor trust refer to the trust’s income tax, not the existence or lack thereof of a trustmaker. The Difference Between a Grantor Trust and a […]
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