Can a Trust Protect Your Assets During Divorce?

Yes, a trust can potentially protect your assets during a divorce, particularly an irrevocable trust, as it generally removes the assets from your personal ownership. However, the protection offered by a trust can depends on various factors, including the type of trust, when it was established, and state laws. It’s no surprise that asset division …

Can a Trust Protect Your Assets During Divorce? Read More »

How Does Probate Court Work?

Probate is the court-supervised process of collecting a decedent’s property and assets and distributing them to their beneficiaries. Unless there are family members fighting over the assets, there’s very little actual court time involved. Probate is mostly paperwork. If probate does move to court, however, the process is a little bit different. Find out how …

How Does Probate Court Work? Read More »

Difference Between Revocable and Irrevocable Trusts

What is the Difference Between Revocable and Irrevocable Trusts?

If you’re looking into estate planning, understanding the difference between revocable and irrevocable trusts is vital to your family’s future. If you select the option that doesn’t align with your goals, you could end up with considerable tax and legal penalties. In most cases, the revocable living trust will become irrevocable if the trustmaker dies, …

What is the Difference Between Revocable and Irrevocable Trusts? Read More »

joint tenants with rights of survivorship

Tenants in Common vs Joint Tenants with Rights of Survivorship

Co-ownership of property can be a very tricky subject in today’s world. Whether it’s a married couple, business partners, roommates, or a romantic couple that simply lives together. Each type of living arrangement has different benefits and drawbacks, and there’s a lot of confusing terminology that goes along with it. Unfortunately, these terms carry legal …

Tenants in Common vs Joint Tenants with Rights of Survivorship Read More »

How To Use Trust And Gifting To Reduce Your Income Taxes

For years people have looked for creative ways to avoid paying heavy income and estate taxes. The federal tax overhaul law recently signed by President Trump left many people confused about its implications on their assets. Wealthy families actually benefit the most. Overall, the tax overhaul has made it easier to set up trusts and …

How To Use Trust And Gifting To Reduce Your Income Taxes Read More »