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We’ve all heard the expression, “Failing to Plan is Planning to Fail” and naturally this applies to your estate planning. But what is estate planning and what does it mean to have an estate plan?
To begin to understand revocable vs. irrevocable trusts you first need to know first what a trust is AND how it works. This article will review some trust basics and then will dive into the pros and cons of revocable vs. irrevocable trusts for you or your favorite clients.
An irrevocable life insurance trust (ILIT) is a trust established to own a life insurance policy on the life of the insured. Normally, the trust is also beneficiary of the policy. Properly drawn, these irrevocable trusts provide several benefits.
If your parents are still living, this article should serve as a wake up call when it comes to your parent’s financial plans and your personal financial responsibility for your parents. Whether this does or does not concern you, it may have a major impact on someone you care about.
One of our primary focuses at I&E is wealth building. But what is the point of building wealth if you do not take the necessary steps to protect your wealth. One such way is by proper estate planning, such as the use of one of the trusts mentioned below.
Sales manager giving advice application form document, considering mortgage loan offer for car and house insurance[/caption]It has been our experience here at I&E that most folks are aware that Living Trusts are a powerful estate planning tool. But the problem is that for most, this may be as far as they’ve gotten towards actually moving forward and beginning the process of creating one.
Which of the two most common estate plans is best for you, a revocable living trust or a will? In the following article covering Wills vs Revocable Living Trusts, we will show how each plan is alike, and then provide examples of the differences between the two different estate planning vehicles.
The term “family trust” doesn’t refer to any single, specific type of trust, so it can’t be precisely defined in a technical or legal sense. Instead, “family trust” essentially means a trust in which the beneficiary is a member of the grantor’s family.
Cash Value Life Insurance Creditor Protection and Bankruptcy Protection By State Whole life policies offer numerous benefits beyond just providing liquidity in the event of an untimely death.
What is Survivorship Life Insurance? Survivorship life insurance DEFINITION: also known as a Second to Die policy, survivorship life insurance a joint permanent life insurance policy that pays out upon the death of all insured parties
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