Dear Kiwi and Mango, My husband and I are ready to embark on our Estate Planning. This is the second marriage for both of us, and we aren’t sure whether to get a joint trust or separate trusts? I read somewhere that there is a benefit to separate trusts if one or both parties has […]
Tips for Healthy Family Conversations About Challenging Topics
Dear Raider, I want to talk about Estate Planning and inheritances with my family, as I believe that these are important topics. But before I do so, I want to get my family to communicate better in general. My husband brings his work home and works late, and my kids are doing their own things, […]
Why Set Up a Trust for Your Children or Grandchildren?
If you are considering transferring wealth to your children or grandchildren, a trust is usually the best method. It is almost always the best way to protect an inheritance from potential depletion due to lack of financial acumen, lawsuits, divorce, bankruptcy, medical bills, and even nursing home bills. A trust also provides you with more […]
Does the Corporate Transparency Act Apply to Trusts?
Q. My wife and I recently acquired a rental property and are considering forming an LLC this year and exploring any other options, such as trusts. I heard that the Corporate Transparency Act went into effect on the first of the year and that there is required reporting of private beneficial ownership information. However, I’d […]
What Do I Need to Do to Comply with the Corporate Transparency Act?
Dear Kiwi and Mango, I have an LLC that owns a rental property. I understand that I need to submit beneficial ownership information (BOI) to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), per the Corporate Transparency Act (CTA) that was enacted on January 1, 2024. What do you know about this and […]
Problems with Beneficiary Designations Part 2
Q. Last week, you wrote about why inheritance sometimes goes unclaimed, and how it’s a lot less likely when you have a trust in place. I read something about the downsides of beneficiary designations naming individuals and how they do not always solve the problem of probate and can actually cause many more problems than […]