Irrevocable Trusts make up the backbone of most solid asset protection planning strategies. These trusts can help protect property and financial assets if you should end up in a nursing home, and depending on your individual situation, can also help by saving you a significant amount of money. Here is everything you should know if you’re considering an Irrevocable Trust as part of your asset protection strategy:
Avoiding probate in California is one of the main benefits of estate planning and asset protection planning. But what exactly does it mean to avoid probate, and is it something you should be concerned about? The main reason many people want to avoid California probate is because the process is long, public, and costly. In fact, the probate process could tie your loved ones up in the legal system for months or even years.
The loss of someone close is a terrible experience to deal with, but what could make the situation even worse is the financial aspect that accompanies funeral and burial expenses. Money issues are the last thing grieving families want to think about, but difficulties can arise since death-related expenses must be paid soon after a loved one has passed.
There are many issues that come up when planning for a loved one with special needs, including how much property or how many assets should be left behind in a Special Needs Trust for his or her benefit. This issue can be especially tricky if you’d also like to leave an inheritance to other family members. There is no black and white answer to this question – it all depends on your family’s unique situation and what goals you’d like to achieve when planning for your loved one with special needs.
