Estate planning, trust administration, living trusts, probate, and wills can certainly be daunting. Let us help make sense of some of these topics with our blog posts below.
A complete estate plan must include certain essential parts. In fact, it is similar to building a snowman in some respects. The traditional snowman has several critical components: bottom, middle, and top snowballs, as well as “arms” and a “face.” If any of these are left out, the snowman can look a little odd! The…
Navigating the family business into the next generation takes planning. Unfortunately, only 30% of all family-owned businesses survive into the second generation. It is important to have a succession plan in place to ensure the business thrives in the second generation. This plan should include taking into consideration each of the following: 1. Alignment of…
As a business owner, how much planning goes into taking a week vacation? Leaving your business, even for a short period of time, takes planning. Unfortunately, many business owners plan for their vacations, but not for the future of their business. Business succession involves creating a plan for who will take over your business in…
It is essential to review your living trust from time to time. There is no hard and fast rule on how often to review your living trust, but we recommend every five years because finances fluctuate, family situations evolve and laws change. To help guide you through this process, we have put together the below…
Every year I vow to start my Christmas shopping earlier. If I am organized and purchase all of my gifts early, I can enjoy a stress-free holiday season. I failed again this year. I know preparing for the holiday season early will make it more enjoyable. I also know that I must not only purchase…
When creating a revocable living trust, it is common that the trustmaker(s) will serve as trustee and appoint a successor trustee to handle matters after their death. The successor trustee is the person who steps in and executes the trust administration after your death. The successor trustee will also step in should the trustmaker become…
When we think of the term “trust fund baby”, names like Hilton and Kennedy come to mind. However, setting up a trust fund for your children is beneficial even if you are not leaving them millions of dollars. Mr. and Mrs. Smith created a living trust in order to pass their wealth to their two…
