Category: Trusts
The expressions change from country to country, but the sentiment remains the same: passing family wealth from the first generation to the second generation is difficult, and extending it to the third generation is nearly impossible. Described as “clogs to clogs in three generations” by the British, “from shirtsleeves to shirtsleeves” from the Americans, and […]
The expressions change from country to country, but the sentiment remains the same: passing family wealth from the first generation to the second generation is difficult, and extending it to the third generation is nearly impossible. Described as “clogs to clogs in three generations” by the British, “from shirtsleeves to shirtsleeves” from the Americans, and […]
Bill Wurst, a 1959 alumnus in electrical engineering left $4 million to the MSU College of Engineering as a gift from his estate. The gift was designated for the greatest needs of the college, giving the family and the college the flexibility to apply it where it would do the most good. Wurst had spoken […]
Trusts are the misunderstood poor cousins of wills. They do not have to be overly complicated and, depending on the circumstances, may be better than a will for achieving certain estate planning goals. More people than you would think should consider using a revocable trust to dispose of assets, as discussed in MoneyWatch, “5 reasons […]
Trusts are a time-tested pragmatic tool to help individuals and couples achieve specific goals, whether they are related to transferring assets, managing tax liabilities or protecting yourself or your family from other financial threats. Trusts are not just for the wealthy. However, they are not do-it-yourself projects. There are many different kinds of trusts, and […]
For farmers, land is far more than an asset to be valued and sold. Land is a legacy to be protected, a resource that generates income and, if land has been passed down from generations, the cornerstone of their family’s heritage. The goals of estate planning for farm owners involves planning for the needs of […]
Second and subsequent marriages that occur later in life present challenges when it comes to estate planning. While no longer unusual or unique – nearly 42 million Americans have been married more than once – planning to provide for the surviving spouse, be fair to children from previous marriages and protect surviving spouses and adult […]
Death is truly our final frontier. Most of us like to imagine a story-book ending: lying in our bed at home, surrounded by those we love, with a skilled hospice worker tactfully hovering in the background. Sadly, 70 percent of Americans die in a hospital, nursing home or long term care facility. Why don’t we […]
Naming the right person as the executor of your estate is one of the hardest and most important decisions. Knowing what to do if you’ve been named an executor can feel overwhelming. Being named an executor is an honor – it means that someone trusted your judgment and your ability to handle complex tasks on […]
Consider your will as one last chance to let your heirs know how much you love them – because you thought enough of them to plan for your eventual demise. Any adult with minor children or assets of any kind needs to have an estate plan. And if you have complicated life – second or […]
