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Estate Planning

Tuesday, February 12, 2019

How You Can Build an Estate Plan that Includes Asset Protection


How You Can Build an Estate Plan that Includes Asset Protection

 

Much of estate planning has to do with the way a person’s assets will be distributed upon their death. But that’s only the tip of the iceberg. From smart incapacity planning to legacy planning, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset protection. 

Asset protection is the process of positioning one’s assets in such a fashion that they are difficult to be reached by a judgment creditor or divorcing spouse.
Read more . . .


Monday, January 21, 2019

IRAs, Annuities and Guardianship: Providing for Your Minor Children after You Die


IRAs, Annuities and Guardianship:

Providing for Your Minor Children after You Die

Deciding on a guardian for your minor children may very well be the most vexing decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, if you have an IRA or an annuity that you wish to pass to your minor children, how can you ensure those funds will be used properly - especially if the person you trust most to raise your kids isn’t necessarily the best with finances?

This question is multifaceted, so let’s unravel one aspect at a time.

 

The Question of Guardianship

Here’s the good news: The person who raises your minor children and the person who handles their inheritance don’t have to be the same person. If necessary, you can appoint one guardian to serve each function, naming one as the guardian of the person and another as the guardian of the estate.
Read more . . .


Friday, January 11, 2019

3 Liability Planning Tips for Physicians


3 Liability Planning Tips for Physicians

 

The practice of medicine is a fulfilling and altruistic profession that is fraught with the risk of liability.  It’s not just medical malpractice claims either (although those are certainly scary enough), but it’s also the entire scope of risk from being in business, including employment-related issues, liabilities created by business partners and employees, and contractual obligations, as well as personal liabilities.

 

Below are three liability planning tips physicians can incorporate as part of their estate plan to protect their assets from creditors. 

 

Tip #1 – Insurance is Always the First Line of Defense Against Liability

 

Liability insurance is the first line of defense against a claim.  Liability insurance provides a source of funds to pay legal fees as well as settlements or judgments.


Read more . . .


Friday, December 28, 2018

Estate Planning...A must whether you have a little or a lot!


Estate Planning...A must whether you have a little or a lot! 

 

While everyone is celebrating during this holiday season, the manner of these celebrations can vary based on differing family traditions, religions, and geographic regions. Estate planning is no different - protecting your family’s future must be customized to fit you and your family’s unique needs. No matter your level of wealth, it is important to understand that the reasons for estate planning are universal.


Read more . . .


Saturday, December 15, 2018

Do You Really Need a Will?


Do you really need a will?
You May Not Think You Need a Will, But You Really Do.

 

It’s hard to believe, but most Americans do not have even a simple will. A common misunderstanding is that a will is only for the rich and famous, and not the average person with modest assets. It is also a common misunderstanding that a will is entirely unnecessary when assets are jointly owned or consist of life insurance policies or retirement accounts that pass by beneficiary designation. 

 

Wrong on both counts.
Read more . . .


Friday, December 7, 2018

Wills, Trusts & Dying Intestate: How They Differ


Wills, Trusts & Dying Intestate: How They Differ

 

Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. 

Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse:

  1. Intestate. If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and who got what. 


Read more . . .


Thursday, November 22, 2018

Three Tips for Talking About Your Estate Plan During the Holidays


Three Tips for Talking About Your Estate Plan During the Holidays

 

The holidays are right around the corner, bringing the joyous season of gathering with family and loved ones into full swing. It is the time to slow down, get caught up with loved ones, and enjoy the family and experience quality time around the dinner table. It is also a great idea to take this opportunity to review your estate plan and talk about the topic with your loved ones. 

 

Do Not Be Indifferent

While the entire topic of estate planning can be a touchy subject, covering your eyes about the issue is not good for you or your family. According to a Read more . . .


Monday, November 5, 2018

Reasons to Protect Your Retirement Accounts Now


5 Reasons to Protect Your Retirement Accounts Now

During your lifetime, your retirement account has good asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Your heirs could be left penniless.

Fortunately, there is a solution to this problem.  A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited retirement accounts from your beneficiaries’ creditors.


Read more . . .


Tuesday, October 23, 2018

What is an Inheritor’s Trust?


What is an Inheritor’s Trust?

 

When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help protect it: an inheritor’s trust. 

 

Purpose of an Inheritor’s Trust

An inheritor’s trust is a trust that has been established for the purpose of receiving a beneficiary’s inheritance in a way that is protected legally and financially.


Read more . . .


Wednesday, October 10, 2018

Trusts - The Swiss Army Knife of Estate Planning


Trusts - The Swiss Army Knife of Estate Planning 

 

To the general public, a trust may seem like an advanced tool only for the wealthiest among us. But, the reality is that trusts are a foundational estate planning tool with a solid history for being highly effective in ensuring a person’s wishes are carried out. The process begins with the maker of a trust – commonly referred to as the trust maker, grantor, settlor, or trustor – transferring his or her ownership of certain assets to the trust. A trustee is then appointed to manage these assets for the beneficiary (or beneficiaries) of the trust. In a “standard” revocable living trust, you are the trust maker, the trustee, and the beneficiary while you are alive.
Read more . . .


Monday, October 1, 2018

Roth IRA Conversions After Tax Reform...Still a good idea?


Roth IRA Conversions After Tax Reform...Still a good idea? 

What are the implications for your family if you don’t spend all the money?

 

Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement.
Read more . . .


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From our office in Gainesville, the estate planning firm of White, Crouch & Mills, P.A. advises and represents clients in communities throughout Alachua County, Marion County, Levy County, Putnam County, Clay County, Bradford County, Union County and Gilchrist County in North Central Florida. Call us at 352-372-1011 or contact the firm by email to arrange an initial consultation with us today.



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