The love and companionship of a family pet are truly a blessing. So, planning for your pet’s future is just as important to your overall estate plan as the other provisions you include. While pet trusts are very common, there are alternatives to pet trusts that may be better suited to your needs. Types of pet estate planning There are three basic methods of creating a pet estate plan: trusts, will provisions and pet care agreements. Pet trusts, like general trusts, create a relationship … [Read more...] about Alternatives to Pet Trusts
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What is Succession Planning?
If you would like to see your family-owned business, and the legacy it creates, be passed down to your children and grandchildren, for generations to come, it is crucial that you consider the succession of your business. For that, you need to create a proper business succession plan. The benefits of a business succession plan At some point, you will begin to consider retirement from managing your family-owned business. But, it will not be as easy as submitting your letter of resignation. … [Read more...] about What is Succession Planning?
What is a Pet Trust?
Contrary to what you may have heard in the media, proper pet estate planning is not as simple as leaving money for your pet in your will. Even a more detailed pet care provision in a will may not be sufficient to secure your pet’s future after your death. If you want to be sure that your pet will be cared for properly after your death, or even if you become incapacitated for some reason, a pet trust may be the best choice. What exactly is a pet trust? A pet trust is created and operates the … [Read more...] about What is a Pet Trust?
When to Start Retirement Planning
Everyone should have a retirement plan in place, because being prepared for retirement does not happen on its own. In many cases, having an IRA along with Social Security benefits will not be sufficient, if you want to retire comfortably. When to start retirement planning can be a concern for many of us. While you should start planning sooner, rather than later, you may not have everything you need to create an effective plan just yet. The first step is to start saving for retirement When … [Read more...] about When to Start Retirement Planning
How Long Does it Take to Create a Revocable Trust?
To create a revocable trust is, essentially, creating a legal document. Experienced estate planning attorneys can probably draft the trust document itself relatively quickly. However, depending on how complex your trust is, it could take weeks to complete the transfers of ownership of your assets, to the trust. Establishing the Details of your Trust First, a revocable trust takes less time to create than an irrevocable trust, because a revocable trust operates under your social security … [Read more...] about How Long Does it Take to Create a Revocable Trust?
What Is a Domestic Partnership Agreement?
The rights and privileges enjoyed by married couples across the country are typically assumed, and often taken for granted – when the couple is heterosexual. There is no debate that a husband has the right to visit his wife in the emergency room and make medical decisions for her, if necessary. These same rights and privileges cannot be assumed with same-sex couples. Though the movement for legalized gay marriage is well underway there are still some states that do not yet recognize gay … [Read more...] about What Is a Domestic Partnership Agreement?
What is an SEP IRA?
Traditional Individual Retirement Accounts, or IRAs, are not the only type of IRA that is available. There are IRAs that are established by individuals and those that are employer-sponsored. Employer-sponsored IRAs include matching contributions. A SEP IRA is one specific kind of IRA that is perfect for small business owners, as an alternative to the standard profit sharing plan for employee retirement. The benefits of an SEP IRA SEP stands for “Simplified Employee Pension.” This is how it … [Read more...] about What is an SEP IRA?
Do Family Wealth Trusts Provide Asset Protection?
When people decide to incorporate asset protection into their comprehensive estate plans, the reason is to secure their family wealth and guard against risks to their assets. When assets are properly structured, you can be sure that your family wealth will be protected for future generations. Family wealth trusts provide asset protection in a way that is not only effective, but very flexible. What is a Trust generally? A trust is basically an agreement between three parties: the property … [Read more...] about Do Family Wealth Trusts Provide Asset Protection?
Which Should I Choose? Pet Trust or Pet Protection Agreement?
There is a misconception among some pet owners, that pet planning is as easy as including a provision in your will. The reality is, if you really want to protect your pet’s future and be assured that your wishes for your beloved friend will be fulfilled after your death or incapacity, you may need to consider other pet planning options, such as a pet trust or pet protection agreement. What is a pet trust? A pet trust is established and operated much like any other trust. A trust account is … [Read more...] about Which Should I Choose? Pet Trust or Pet Protection Agreement?
The Benefits of Pet Insurance
Life insurance is often included as part of an estate plan. Pet insurance can also be included as part of your pet estate plan. Pet plans can be created using will provisions, trust agreements or pet protection agreements. Regardless of the method of pet planning you choose, you can incorporate pet insurance for added protection. Pet insurance is a practical way to provide for your pet’s future, as long as you consider the effects it may have on other components of your overall estate … [Read more...] about The Benefits of Pet Insurance
