Wills, Trusts & Dying Intestate: How They Differ Most people understand that having some sort of an estate plan is, as Martha Stewart would say, a “good thing.” However, many of us don’t take the steps to get that estate plan in place because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what…
Wills vs. Trusts: A Quick & Simple Reference Guide Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t ● Avoid a conservatorship and…
Estate Planning: 3 Reasons We Run the Other Way We understand that it feels hard to get around to estate planning; it sounds about as fun as getting a root canal. However, we also understand that we all want to make sure that our loved ones are protected and receive our hard-earned assets – regardless of whether we have $10…
10 Types of Trusts: A Quick Look Considering the myriad of trusts available, creating an estate plan that works can seem daunting. However, that’s what we, as estate planning attorneys, do every day. We know the laws and will design a plan that addresses your specific situation. Here’s a look at the basics of ten common trusts to provide a…
How Adding a Trust Protector Can Help You and Your Family You probably remember the cast of characters in your estate plan. ● You were the creator of your trust, known as the grantor, settlor, or trustmaker. ● The trustee controls the assets in the trust. For most revocable trusts, that’s also you, while you’re alive and well. ● The…
Estate Planning Lessons from Whitney Houston’s Legacy: Why a Living Trust is the Preferred Option to a Last Will 07/01/12 | WealthCounsel Quarterly | Maria C. Schmidlkofer, JD Whitney Houston’s Last Will and Testament is a prime example of the problems that arise when insufficient estate planning is in place. Whitney Houston left her entire estate to her 19-year-old daughter,…
Harvesting Family Harmony 04/15/17 | WealthCounsel Quarterly | Louis S. Shuntich, JD Over the next 20 years, 70 percent of farmland will transfer to the next generation,[1] but it is estimated only 30 percent will stay as family farms[2]. When asked why there is such a poor success rate at keeping farms in the family, an elder rancher put it…
4/15/17 | WealthCounsel Quarterly | Daniel B. Capobianco, JD, CPA Introduction Why do so many businesses fail after the first generation? Often the owners fail to develop a comprehensive strategic vision to address basic issues of ownership, succession planning (both management and ownership), and estate planning. This article focuses on important non-tax aspects of business succession planning, as well as…
Farm Transition Basics Planning a farm transition means making a lot of decisions, and those decisions should be focused on what you and your family want for the farm and your future. When preparing for this kind of transfer, take several factors into consideration. Risk Management Five major events can impact a family business, known as the “5 D’s.” Make…
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