All tagged revocable living trust

How to protect assets for kids with financial issues.

There are many reasons why parents may want to consider protecting their kids’ inheritance for them in an asset protection trust. Some of these include: They are bad with money; they are disabled and depend on government programs; they have creditor issues or face bankruptcy; they have lawsuits against them; or they are in high-risk professions for being sued. As you can see, the reasons can range from negative behaviors, to things beyond their control, to having achieved some level of success.

What if your spouse remarries after you die?

One of the things that couples should consider when doing their estate planning is: What happens to my assets if my surviving spouse remarries? Many people worry that their assets will eventually go to their surviving spouse’s new partner, rather than the kids, and they are right to worry. That is how things end up most of the time. But there are some ways that you can plan to avoid that happening, if this is a concern that you have.

Guardian Panel: When you can't decide on one guardian

From time to time, I get a clients who has too tough of a time deciding on who the right guardian for their kids will be. In some scenarios, the best solution for that is a Guardian Panel. A Guardian Panel is a group of people who are named to make a decision together about who the guardian should be and/or where the children should live, at the time that the parents are unable to care for the children any longer. Anyone can use a Guardian Panel in their estate plan, but there are a few specific situations in which it especially makes sense.

How to Get Your Aging Parents to Talk about and Do Their Estate Planning

As a Gen X kid with Baby Boomer parents, I have found that our generations have very different ideas when it comes to talking about death and money. Boomers often seem averse to discussing these matters, for many reasons. Sometimes they think it’s crass for their kids to be asking them about what they’re “getting.” Sometimes they feel shame about discussing money and death. Sometimes they were just raised to believe that discussion about money and death (like religion and politics) is impolite. Whatever the reasons your aging parents might have for being tough to crack when it comes to these discussions, I have some tips on how to get them to talk and do their estate planning.