Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
Life is messy sometimes. Divorce, bankruptcies and lawsuits happen. They can potentially wipe out the inheritance you’ve carefully set aside for your loved ones. However, there are many trust options to help keep life from ruining your legacy.
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A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
Your house might be your single most valuable financial asset. So you want to make sure you can give it to those you love when you die, without giving up the farm. That can be tricky.
So, what happens to your estate if you don’t have a will nor any children?
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
Those marrying at older ages should at least consider a prenuptial agreement, since both spouses may come into a marriage with significant assets, children, or both.
Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes.
Minnesota State University, Mankato President Edward Inch announced today that Robert Larson of Leesburg, Florida, has donated $1.4 million to the University in honor of his late wife, Virginia Larson, a Minnesota State Mankato alumna, who taught elementary school for 12 years.
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