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get your questions answered
Do I need a Will or a trust?
For almost all my clients, a trust is almost always a better choice than just a will. While a will is a crucial component of any estate plan, it may not be enough to protect your assets and ensure that your wishes are carried out after you pass away. Here are some reasons why a trust may be a better option for you:
Avoid Probate:
A “wills only plan” is a “probate court guaranteed” plan. Unlike a will, a trust allows your assets to pass directly to your beneficiaries without going through probate court. This means that your heirs can receive their inheritance faster, and the costs and delays associated with probate can be avoided.
Privacy:
Wills become a matter of public record, which means that anyone can access and view the details of your estate. On the other hand, trusts are private documents that are only available to the people you choose to share them with.
Asset Protection:
Trusts can provide asset protection for your beneficiaries. For example, if you have a child who is not yet financially responsible, or has married someone who is a spendthrift, a trust can be set up to ensure that their inheritance is protected from creditors or bankruptcy.
Incapacity Planning:
A trust can also be used to plan for incapacity. If you become incapacitated, the trustee you appoint can step in and manage your affairs, avoiding the need for a court-appointed conservatorship.
Flexibility:
Trusts can be customized to meet your specific needs and goals. For example, you can create a trust that provides ongoing support for a loved one with special needs, or a trust that distributes assets to your children at specific ages or milestones.
Continuity: Because a trust has more than one trustee, your successor trustee will continue to administer the trust after the first spouse to die. There is no waiting for the Probate Court to issue any orders - the successor trustee can take action to administer the trust immediately.
Tax Avoidance. There are innumerable ways that Revocable and Irrevocable Trusts can be drafted to avoid capital gains tax and Estate tax. Many people hold assets with a low cost basis, which have appreciated greatly in the last 10 years. Placing these assets into the right trust can result in the cost basis being reset to zero upon the death of the first spouse, allowing the successor spouse to sell the asset if needed without incurring capital gains taxes.
Simply put, trusts provide many additional benefits that can help protect your assets and ensure that your wishes are carried out. Contact me today to learn more about how a trust can benefit you and your family.
Who will take care of my children if I were to die?
I guarantee you, in the next 100 years, the Bell tolls for thee. What we don't know, is when.
Look. You've always worked hard, but after your first child was born, you now work hard for your kids. You sustain them, educate them, teach them to respect others. Their dreams are yours. But nobody can predict the future. Ask yourself, "If suddenly we weren't around, who would take care of our minor children?" The Answer? If you do nothing, you will let the probate court decide who and how your children will be raised. A judge who you don't know, decides to let someone you didn't choose, to take your place and raise your kids. Is that your plan?
But what if you could create a trust, now, before you need it? A trust that would allow you to design how you want your children's lives to unfold? What if you had a trust that let you choose who you want to raise your children, what you want your children to learn, and how much money is there to help?
Being an adult requires hard choices and smart decisions. You might not always be there, but deciding to protect your children, today, by smart planning, not only makes your children's future better, but will also give you peace of mind.
how can i take my hard-earned money and create a family legacy plan?
Recent changes to Tennessee laws makes Tennessee a leader in Family Legacy Planning to create wealth that will last for generations. Now anyone (not just billionaires) can use Tennessee's new Trust Laws to shelter your assets from creditors, keep your surviving spouse (as well as your children) from losing their inheritance to a bad marriage, and put their assets to their best use - for today, for tomorrow, for your children, and for your grandchildren's children. You have a financial planner to help you build wealth during your life, you need an Estate Planning attorney to help you build lasting legacy of wealth for your children.
should i invest in STocks or crypto?
I couldn't tell you, because that's not what an estate planning attorney does. Which is why you need other advisors to help you make financial decisions.
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