There are many advantages to using a trust as part of your estate plan. Trusts are very useful because they can provide a means for avoiding probate. Depending on the type of trust you choose, they can provide asset protection, as well. There is a special type of irrevocable trust, the beneficiary defective irrevocable trust, which could provide special advantages to your beneficiary. Lets look at what they are and how they work.
Having your own a customized estate plan has become more and more common. Digital estate planning has also become more common. But, what exactly is meant by digital estate planning? Nowadays, everyone has at least one digital asset, if not many. Digital assets include any property that is either based on a computer or involves [ ] The post Do Estate Planning Lawyers Recommend Digital Estate Planning? appeared first on Northern California Center for Estate Planning and Elder Law.
When the estate planning lawyers talk about asset protection, they are talking about tools and strategies that can help you keep as much of your money as possible in the face of those who are seeking to take it. Essentially, in one context, this means protecting your assets from anyone who wants to file a lawsuit against you. Asset protection and estate planning go hand-in-hand because they both focus on what you own, and what you want to happen to it in the future. Though there are many estate planning options available, you and your attorney will have to discuss your situation to come to a determination on what specific tools you will need to use. In the meantime, there are several ways to determine if asset protection is likely something you will need to include in your estate plan. Do you have a lot of wealth? If you have a lot of valuable assets or are financially well-off, asset protection is a very good idea. People with a lot of money are more likely to face lawsuits than tho