A dynasty trust (also known as a perpetual trust) is an irrevocable trust that can span more than two generations. In fact, it can theoretically last forever or as long as the trust money and property remain. As an irrevocable trust, dynasty trusts offer tax minimization and asset protection. Because the rules of an irrevocable […]
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Almost everyone loves an adventure. Some people enjoy the planning aspects of a vacation as much as actually going on the trip. Even the best-laid plans can go awry. That is why it is a great idea to assemble a planning team before going on your next adventure. If you are traveling to another country […]
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According to the Centers for Disease Control and Prevention, 326,468 assisted reproduction technology (ART) cycles were performed at 449 clinics, resulting in 79,942 live-born infants in 2020. This is approximately 2% of all infants born in the United States. ART involves all fertility treatments in which eggs or embryos are handled. The main type of […]
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What is a Spousal Lifetime Access Trust (SLAT)? A spousal lifetime access trust (SLAT) is a trust created by one spouse (trustmaker spouse) for the benefit of the other (beneficiary spouse). This estate planning tool can be used to retain as much control over your property and assets as possible while not paying any more […]
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Cohabitation without marriage is becoming more common in the U.S. Buying a home with your partner may make financial sense, but it can come with some legal complications. While most couples do not go into a relationship planning for when it will end, it can happen, and sharing everything may lead to some unintended consequences. […]
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Choosing a guardian for your minor children is stressful for any parent. Not being around to usher your child safely into adulthood is an unthinkable option. Naming a guardian is one of the most important decisions you will make as a parent. What should you do if your first choice is not a U.S. citizen? While […]
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Your estate plan is a living document. It responds to changes in your life, such as marriages, divorces, births, and deaths. One way to ensure that your estate planning documents remain current is to incorporate milestones. These statements keep your estate plan flexible and are one way to hedge against an unpredictable future. Adding these […]
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Suppose you have spent your whole life building your wealth. You wanted to provide for your loved ones long-term, well after you were gone. But what if one of your children is a little irresponsible? Imagine a situation where one of your children has access to their inheritance and blows the first distribution in no […]
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No one wants to believe their family member would contest their estate plan by alleging they weren’t competent to write it. This is more likely when you disinherit someone who ordinarily would have received money and property from you or if you have been diagnosed with a mental condition that is associated with deteriorating mental […]
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Typically, a trustmaker establishes a trust to benefit their loved ones, a charitable organization, or some other third party. The money and property in the trust are distributed upon the trustmaker’s death according to the trust instructions. In some cases, a trustmaker, especially a public figure who values privacy, will want to establish a trust […]
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