What’s the difference in a revocable and irrevocable trust?

There are two basic types of trusts — revocable and irrevocable.

So what is a trust?

A trust is a box that we put assets into — our house, our investments, checking accounts, etc.  In the video we illustrate this by using a fancy treasure chest — well, it was ten dollars off Amazon.  🙂

What is a revocable trust or revocable living trust?

A revocable trust is one that I can change my mind on — I can put … (Read more)

What’s the problem with giving away assets to my children?

Often when folks consider estate planning, especially long term care planning, the option of “giving away assets to my children” is high on the list because it is the cheapest option.  But it is also the most expensive at the same time.

Let’s take a look at this.

The issue — often we need to transfer assets out of our name . . . .

Often in doing proper elder law/estate planning, we need to transfer assets out of our … (Read more)

What are the advantages and disadvantages of a financial Power of Attorney?

There are a lot of differing opinions when it comes to estate planning but most experts agree that if you have the right person to serve as your agent, then an essential estate planning document is a “power of attorney” or “durable financial power of attorney”.

Let’s see why. . . .

What is a power of attorney?

This is a legal document where you give someone else (“agent”) the power to sign on your behalf. The power to, in … (Read more)

Why is legal ownership so important in estate planning?

One of the most overlooked factors in estate planning is “legal ownership” and this is a huge mistake because if you don’t understand this concept, your entire estate planning process and your strategies can be worthless.

Here are some examples:

• Joint ownership
• Beneficiary designations
• Owned by a trust
• Owned outright by you alone

Let’s look at some examples of these and how they impact your desires and plans.

Joint ownership (with right of survivorship) trumps any other planning you have

What is “asset protection” and why it applies to more than just the super wealthy

“Asset protection” is for almost everyone, regardless of your age or financial condition.  While this is a phrase that often makes us think of:

• Super wealthy
• Hiding assets
• Doing something wrong

While sometimes those thoughts are correct, they are not what my financial protection firm means when we use the expression “asset protection.”  Let me explain.

Asset protection simply means protecting your assets from creditors and predators who have no right to your assets.

This includes protecting assets from being … (Read more)