Business owners and owners of commercial property are typically concerned about asset protection, but you don’t have to own special property to want to protect your assets. We all have creditors of some type. There may also be potential legal claims in the future you may have to defend against. If you don’t want to run the risk of losing everything you own as a result of an unexpected situation, you need asset protection. Irrevocable trusts are one way to accomplish that.The primary goal of … [Read more...] about How Irrevocable Trusts Protect Assets
Estate Planning
5 Things You Need to Know About a Pour Over Will
Many clients ask us, “what happens if I have an asset outside the name of my trust at the time of my death? Is there any way to transfer it to my trust at that point?” The answer is YES. Typically, a pour over will is used in conjunction with a living trust, which allows selected property or assets to “pour" into a trust. Once that happens, the property can be distributed to the beneficiaries named in the trust.Advantages of Pour Over WillsMany estate planning attorneys believe that … [Read more...] about 5 Things You Need to Know About a Pour Over Will
Estate Administration and Distribution of Assets
Estate administration is an important fiduciary duty. If you have been named as executor of a loved one's estate, then you should have some basic knowledge about the requirements of estate administration and distribution of assets. Fiduciaries, in the probate and estate context, are usually executors or trustees. Here are some of the basics.The basic steps required in probateThe first step in probate involves initiating the court proceedings by filing a petition. This petition should be … [Read more...] about Estate Administration and Distribution of Assets
