A Lifetime Asset Protection Trust is a unique estate planning vehicle specifically designed to protect your children's inheritance from unfortunate life events. The sudden death of a Legendary host, Larry King, became controversial because of not using Lifetime Asset Protection Trust to distribute his assets to his children upon his death. His story demonstrates that do-it-yourself planning can have terrible consequences for your loved ones - even worse than if you had no estate plan at all.
Setting up an estate plan is the best way to preserve wealth, but without a proper update of your estate can lead to misunderstanding and conflict that will make your assets tied up in the court instead of passing it to your family. This is what happened to the legendary tv and radio host, Larry King, who passed away this year, leaving his current family and children from his previous marriage in a legal battle over his estate because of not updating his estate plan.
Whether you’re in the midst of a divorce, have been divorced for years, or are married with a prenup, it’s critical that you meet with your Personal Family Lawyer® and qualified tax advisor to discuss how this provision of the TCJA stands to affect you. Depending on your situation, you may modify your existing legal agreements to bring them into better alignment with the new rules or, establish a planning tool that could offset or lessen the new law’s impact on your tax obligations.
Same-Gender spouses are often challenged when they need to make parental, medical, and financial decisions for partners who are incapacitated or unable to communicate because they may have family members who remain opposed to the validity of their marriage. If you're in the same situation, you especially must need to put a comprehensive estate plan specifically design for your situation to ensure your planning strategies for your loved ones work exactly as you intended. Learn more here.
Prenuptial agreements have their benefits and drawbacks depending on how you view it. With the average age of marriage increasing, so is the number of prenups. Many more couples are considering to make prenuptial agreements part of their wedding ceremony. Read the pros and cons here as well as how to best handle the situation.
The process of divorce is a difficult time for the whole family, it can be extremely hard if children are involved. Couples tend to focus on the negatives of the relationship rather than ending their marriage in a more positive way that is healthier for everyone involved. Conscious uncoupling is the more positive divorce process that minimizes stress and makes the experience much easier. Read here how conscious uncoupling benefits you, your family, and your finances.