Setting up a trust fund offers many advantages in terms of passing on wealth or assets. It avoids probate, or the transfer of assets in court. This increases not only the ease of transfer, but also privacy.
For many of us, the thought of our own death or incapacity is uncomfortable to consider. Fear of the unknown and uncertainty of things to come, can be frightening and difficult to think about.
It was reported on the news recently that some of Aretha Franklin’s family members have found what they believe to be her will. It was handwritten, stained and crumpled up in a couch. The courts may or may not choose to honor it, depending on whether or not they are able to verify its authenticity.
The wife did not have a durable power of attorney authorizing her spouse to act as her agent in selling the property and now apparently lacked the capacity to sign one.
If asked to be a trustee, anyone, unless previously experienced in this field would not know what the responsibilities are. How much work is involved? What is the time frame? Do I need to prepare tax returns and handle accounts? Can I get help? When do my responsibilities end?
As a small business owner, you have worked incredibly hard to make your business a success. What began as an idea is now, due to your vision and hard work, a successful business.
Does anyone have a crystal ball that I could borrow? Wouldn’t it be nice to know what our future looks like, so we could be better prepared—but on the other hand, maybe not?
If you haven’t checked your estate plan in recent years, now may be the time.
The SECURE Act (Setting Every Community Up for Retirement Enhancement, H.R. 1994) is still working through the Senate, after passing the House in May.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
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