You are working hard – building wealth, utilizing retirement accounts, and maybe already talking with financial advisors. You have a clear path to the goals you set for yourself long ago – even if they may have changed a bit as life ebbs and flows. So, what happens next? We hear a lot about planning for retirement, but estate planning is equally important. The latter requires foresight, but it also ensures that your loved ones are taken care of and that your hard work now can still benefit them later. To efficiently protect your well-cultivated retirement assets from creditors, and distribute them to your chosen beneficiaries, a See-Through Trust should be explored and created. See-Through Trusts are a key estate-planning tool, but there are a few things you should know before moving forward.
Now that tax season is wrapping up, we can all take a deep breath. With the pandemic looming over all of us in 2020, change has become the only thing we can consistently count on these days.
With the COVID-19 pandemic at large and death rates continuing to rise, the US now has more known cases than both China and Italy. During this current crisis, it’s best to remain calm and use this “stay well at home” time to do things you’ve been putting off. One such thing that may be worth considering during this unprecedented situation is setting up an estate plan.
The legendary rivalry between superstars Prince and Michael Jackson apparently extends beyond the grave in terms of whose estate is more difficult to navigate. While Michael Jackson had a valid will when he died, controversy surrounded the appointment of an executor, and there remains an ongoing battle between the Jackson family and government agencies regarding the actual value of the estate. Meanwhile, Prince, notoriously shrewd in business and control of his art and image, didn’t even leave a will. Having died unmarried with no children (despite the numerous claims of a variety of pretenders to his throne), his statutory heirs comprise of siblings and half-siblings, and up to half of his estate will be paid to state and federal tax agencies. Of course, the federal government and state of Minnesota are claiming the Purple One’s holdings are worth much more than the heirs claim, meaning his tax bill will be greater as well. Moreover, the famous vault of unreleased material might double the value of his estate. Had Prince done some basic estate planning, he could have selected specific beneficiaries and avoid probate altogether.