The best approach is to meet with an attorney who understands the Legacy Wealth Planning process. This will ensure you address the financial and non-financial assets of your family. The right attorney … [Read more...]
Can any attorney create a Family Wealth Trust?
YES, but you would be better off choosing an attorney whose practice is focused on estate planning. Members of the American Academy of Estate Planning Attorneys receive continuing legal education on … [Read more...]
Is a Family Wealth Trust only for the rich?
No. A Family Wealth Trust can help anyone who wants to protect his or her family from unnecessary probate fees, attorney’s fees, court costs and federal estate taxes. In fact, the Family Wealth Trust … [Read more...]
If I have a “bare bones” living trust should I go back to the attorney who drafted the trust?
You can certainly go back to the attorney you worked with before, however, few attorneys offer Legacy Wealth Planning. If you want Legacy Wealth Planning, contact a member of the American Academy of … [Read more...]
How do I know if I have a “bare bones” living trust?
Very few estate planning attorneys offer Legacy Wealth Planning. A “bare bones” living trust covers probate avoidance and usually ignores important issues to protect you, your spouse (if married) and … [Read more...]
Is the Family Wealth Trust some kind of loophole the government will eventually close down?
NO. The Family Wealth Trust has been authorized by the law for centuries. The government really has no interest in making you or your family suffer a probate that will only further clog up the legal … [Read more...]
Can I transfer real estate into a Family Wealth Trust?
YES. In fact, all real estate should be transferred into your Family Wealth Trust. Otherwise, upon your death, depending on how you hold the title, there will be a death probate in every state in … [Read more...]
Will a Family Wealth Trust avoid income taxes?
NO. The purpose of creating a Family Wealth Trust is to avoid living probate, death probate, and reduce or even eliminate federal estate taxes. It’s not a vehicle for reducing income taxes. In fact, … [Read more...]
If I set up a Family Wealth Trust, can I be my own trustee?
YES. In fact, most people who create a Family Wealth Trust act as their own trustees. If you are married, you and your spouse can act as co-trustees. And you will have absolute and complete control … [Read more...]
Why should I have a Family Wealth Trust?
Not only does a Family Wealth Trust provide for the disposition of your property (like a Will), but it also offers the following benefits:Provides for the immediate transfer or trust management … [Read more...]