It’s hard enough to make the right decision on how to invest your money. But it’s actually just as important to know how to take title to your account. This is also known as “vesting.” And it’s especially important if you are an individual. Typically, individuals who open accounts do so in their own name, [...]
Facebook identity theft is becoming more common, and you need to know how to protect yourself. Think of the types of information people generally share on Facebook: Name Birthday (even if you don’t share the same birth year, if you share the same high school graduating class, an ID thief can guess at your full [...]
If you live in Alaska, Arizona, California, Idaho, Nevada, New Mexico, Texas, Louisiana, Wisconsin, Washington or Puerto Rico, you live in a community property state, where community property laws are in effect. These laws govern your personal property and debts. It’s important you understand them even if you have no plans to divorce. That’s because [...]
If you are a living trust trustee, co-trustee or successor trustee of a living trust, you have certain duties and responsibilities. I find that many people don’t really understand these duties, and it can cause huge heartache. I don’t care if you created your own living trust online or paid an attorney to create the [...]
Why is it important to know how to make a legal will? Well, when you die, you leave your assets behind. This won’t matter much to you after it happens, but it will matter to the people you leave behind. That’s where your will comes into play. You see, we need instructions from you telling [...]
If you think you’re the only person who doesn’t know what a family trust is, let me put your mind at ease. Most people don’t understand what a trust is – even those people who own one. A family trust is also known as a revocable living trust. The family or living trust is a [...]
Choosing the right life insurance beneficiary is considered straightforward. You bought life insurance to replace your income in case you die prematurely. Whoever relies on your income now is probably a good person to name as beneficiary. Right? Well…not always. Sometimes this doesn’t work. If you name your spouse as insurance beneficiary, the money will [...]
What is a revocable living trust? A revocable living trust is a document that helps you protect your assets and your family. It spells out what you want to happen with your assets once you can’t decide or communicate anymore – in other words, when you are either incapacitated or deceased. You set up your revocable [...]
Selecting the right life insurance beneficiary isn’t a game of playing favorites. You need to do some smart planning in order to maximize the benefit to your family and thereby minimize the tax bite the government takes. The last thing you want to do is give all the loot to one person and force the [...]
“What is probate?” That’s a question I hear often. In fact I was recently creating a financial plan for a client and this issue arose. The client, Betty, asked me about a family trust during our meeting. In explaining the advantages and disadvantages, the issue of probate came up. After about five minutes, Betty stopped and [...]
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