Your 401(k) or IRA provides asset protection during your lifetime, but as soon as you pass those accounts on to a loved one, that protection evaporates. The creditors of your spouse, child or other loved one, will have the power to seize it and use the funds to salsify their claims. Fortunately, there is a solution to this problem called a standalone retirement trust (SRT) that can protect inherited retirement accounts from your beneficiaries' creditors.
BLOG
Categories
Elizabeth Taylor: The Girl Who Had Everything
Elizabeth Taylor structured her will as a revocable living trust, offering her and her beneficiaries privacy. This move prevented the details of her estate plan from becoming available to the public. However, this did not stop some of the details from seeping out.
How to Become Your Own Financial Hero
A good leader starts by leading themselves. I had the pleasure of talking with my good friend Mary Rauchenstein on my podcast this week about what qualities a good leader posses, and what the differences are between a leader, mentor, coach and manager. You can use these strategies to start managing your own financial life.
Paul Newman: Nobody's Fool
Paul Newman had built a massive estate by the time he passed away and had a detailed plan in place for distributing that estate fairly. It’s a perfect example of what can be achieved when an estate plan is given the attention and thought it deserves.
Simultaneous Deaths: What If My Spouse and I Die at the Same Time?
When spouses die at the same time, the probate process can become needlessly extensive. It happens frequently enough that the State of Ohio has laws to address the issue, formally called simultaneous death. What are these laws, why do we need them, and can we work around them if we need to?
A Rebel Without A Will
James Dean was just 24 years old when he perished in an auto accident in 1955. Few legends have lived on quite like his. In spite of being raised by his Aunt and Uncle, his Father became his heir due to the fact that Dean died without a will. James Dean did not get to decide what happened to his assets. But you can decide what will happen to yours.
The Difference Between Living, Testamentary, and Constructive Trusts
The concept of trusts is another area within estate planning that can create a great deal of confusion for people unfamiliar with the law. In this article, we hope to clarify some of the different types so that, when you encounter them, you can avoid confusion and better determine which tools are appropriate for your situation.
Ashes to Ashes: How David Bowie’s Estate Plan Missed A Beat
Your estate plan is just that. A plan. It's what you want to happen and like all plans, it's subject to change over time. Having a carefully thought-out plan is one of the most important things you can do for your loved ones. David Bowie's estate plan was simple and to the point, but not necessarily the most suitable for his or his family's needs.
How to Be Financially Resilient
The worst way to invest is by acting on emotions. When unexpected changes occur in the economy, most people tend to panic. Financial resilience isn’t about avoiding all those bad things that can happen to you (for example, a pandemic, or getting laid off) because, inevitably, those things will happen. Instead, financial resilience is about being able to deal with those things when they do happen. In this post, we’ll detail how to build up your financial resilience.
One Love: Bob Marley’s Legacy
Bob Marley did not create a will, believing that such a document showed an inappropriate concern with earthly matters. He died at the age of 36, May 11th, 1981. The legal battles over his estate lasted for four decades.