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If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The Successor Trustee plays an important role in the effective execution of your estate plan. The Key Takeaways: Because successor trustees have a lot of responsibility, they

Yes, You Do and Here’s Why Please allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example. Meet the Kendricks Meet Bill and Karen Kendrick. They got their first estate plan in place when their daughter, Jessica was born 30 years ago. They

 If you are a lawful permanent resident or citizen of the United States with loved ones in another country, you may need, at some point, to transfer money to or receive money from them. If the transfer is for a significant amount, whether all at once or in smaller amounts over a period of time, you will need to be aware of certain reporting and tax requirements. Even if you are not required to pay

There are a number of reasons people create irrevocable trusts, including the desire to remove wealth or property from their estate for tax planning purposes or to protect assets. As the name suggests, irrevocable trusts cannot be revoked. But can they be modified? As a general rule, it’s difficult to modify an irrevocable trust. But there are some limited circumstances under which irrevocable trusts can be modified. When—and How—Can an Irrevocable Trust Be Modified? Irrevocable

When starting a new business, there are literally hundreds of decisions to be made. One of the first, and most important, is the type of entity under which the business will operate. Whether your business employs only you, or a hundred other people, there are questions of liability and asset protection to address. Your choice of business entity will also have a profound impact on your tax obligations. In short, there’s a lot at stake,