It seems like everything else can be done on a smartphone app these days. Why not estate planning?
What giving someone power of attorney really means
While most people regard the purpose of an estate plan as providing clear directives for how assets and possessions should be handled after one's death, a comprehensive plan must also account for the unknowns and unexpected events that may arise during one's lifetime. For example, it's important to consider who would take care of one's financial obligations in the event that he or she was involved in a serious accident and became incapacitated or disabled.
What is an incentive trust?
All parents worry about their children and ultimately want a son or daughter to succeed. When possible, most parents also want to be able to pass on wealth to a child via an estate plan. In cases where a parent has concerns about a child's career or life choices and/or wants to encourage a child to make certain choices, it makes sense to explore establishing an incentive trust.
Using a QTIP trust to provide for biological children and a surviving spouse
In our last blog post, we began discussing some of the benefits of trusts. Specifically we discussed a credit-shelter or family trust and why this type of trust is often an attractive option for individuals who remarry and want to provide an income stream for a surviving spouse and also, eventually, their children from a previous marriage.
