Plan Your Estate

Delaware law allows you to divide fiduciary and nonfiduciary responsibilities among various officeholders with names other than “trustee.” Suppose a trust is going to hold an interest in a family company, real estate, or an unusual asset. In that case, it may be better for someone other than a corporate trustee to have fiduciary responsibility. A trust protector or other trust advisor with the power to direct the trustee on investments and/or distributions and modify an irrevocable trust can help adapt to changed circumstances.

With so much focus on potential changes in estate and income taxation lately, it’s not surprising that basic estate planning has taken a back seat to tax planning.  But without a solid foundation in estate planning, you can’t take advantage of more advanced tax-planning techniques.

Trusts provide a versatile tool to achieve various estate-planning goals. They can help you reduce estate taxes, shield assets from creditors and distribute assets to your beneficiaries according to your wishes. But while trusts offer many benefits, they are also complex legal instruments with several potential negatives. It is important to consider your needs and goals carefully before creating a trust.

Did you know that 70% of high-net-worth families lose much of their wealth by the second generation? That number grows to 90% by the end of the third generation, as noted in an article by Money.

Estate planning is a process designed to help you manage and preserve your assets while you are alive and to conserve and control their distribution according to your goals and objectives after your death.

Since the late 1990s, the use of electronic documents has expanded to include almost every type of business and personal transaction. Financial statements, tax returns, real estate agreements, and business contracts can now be created, executed, and stored digitally.