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:
To many, the best reason to create a Revocable Living Trust is to avoid probate and put a quick end to the estate administration process. However, a trust needs to be funded for it to have any real effect on the probate and estate administration process. Here are four types of property that are commonly used to fund a Revocable Living Trust.
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.
