trust Tag

Dispelling Common Myths About Living Trusts

Most people have a general idea of what a Last Will and Testament is and the purpose it serves. However, if you mention establishing a Living Trust, many people will look at you quizzically with no idea what you're referring to, or they'll mistakenly claim that a Living Trust is reserved for "rich people." This is not the case. In fact, there are many misconceptions surrounding Living Trusts. Below are some of the most common myths about Living Trusts and important facts you need to know. Myth No. 1 – I Don't Need a Trust Because I am Not Wealthy This is,...

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Important Info You Need to Know About How Divorce Can Impact Your Estate Plan

Most people never expect to get divorced. They love their spouse and anticipate spending the rest of their lives in marital bliss. Unfortunately, the data indicates this is not the norm. In fact, in the United States, nearly half of all married couples wind up getting divorced, according to the American Psychological Association. This is why it is important to be prepared and have as much information at your disposal. Below is a general overview of how a divorce can impact your estate plan. How Divorce Can Impact Your Will When you get divorced, any items or funds that are directed to your...

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Neglected Estate Planning By Prince Will Cost Loved Ones

World famous music star Prince reportedly died without leaving a will, trust, or any other estate planning documents for his friends and family. The consequence? His loved ones and business contacts will likely be fighting in court for years to settle an estate estimated to be worth between $150 million to $300 million, according to the Chicago Tribune. To complicate matters even further, Prince was not married and had no children. This means there is not a clear beneficiary who will inherit the bulk of his estate. Instead, Prince left behind six siblings. Here is an ABC News report on the estate...

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Every Bit Counts – Estate Planning and Your Bitcoin Assets

Our firm has written extensively about the shifting dynamics of estate planning and ensuring that digital assets are properly accounted and managed. Bitcoin certainly falls under that category. Why? Because the IRS announced in 2014 that Bitcoin will be treated as property for U.S. tax purposes. That means if you buy or sell bitcoin currency, you will need to report either gains or losses on the transactions, and if you received bitcoin as payment for goods and services, you will have to report those receipts as gross income. Also, if you have a substantial amount of bitcoin currency, who receives...

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