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Strategies to Build and Preserve Generational Wealth

Strategies to Build and Preserve Generational Wealth

POSTED ON: December 13, 2023 BY: Troy Werner
Generational wealth is a topic of immense importance. It represents the financial legacy one generation leaves for the next, enabling families to build a stable foundation for their descendants. However, preserving this wealth for future generations requires careful planning and management. This article delves into the intricacies of preserving generational wealth and the strategies wealthy families employ to ensure that their assets last for generations. What Is Generational Wealth? Generational wealth refers to assets passed down from one generation to the next. This can include property, money, stocks, businesses and other valuable resources. Many wealthy families aim to grow their…
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Pitfalls of Do-It-Yourself Estate Planning: Should I Use a DIY Trust?

Pitfalls of Do-It-Yourself Estate Planning: Should I Use a DIY Trust?

POSTED ON: December 12, 2023 BY: Troy Werner
Estate planning is a critical component of financial stability, ensuring that your wishes are honored in life and after death. In this digital age, online platforms offering do-it-yourself legal documentation have gained popularity, tempting many to wonder, "Should I use a DIY trust?" While these services seem convenient and cost-effective, they often fall drastically short of a reliable estate plan created by a seasoned attorney. Using a DIY trust can lead to numerous legal complications, emotional distress and financial loss. Do You Need a Will or a Living Trust? Understanding the Difference A living…
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Reasons to Review Your Will: Ensuring That Your Estate Plan Reflects Your Current Wishes

Reasons to Review Your Will

POSTED ON: December 11, 2023 BY: Troy Werner
Reviewing your will is something that many people know they should do but often put off. However, various life circumstances and legal changes can significantly impact your estate planning needs. Ensuring that your estate plan, including your will and other estate planning documents, reflects your current situation is essential for peace of mind and securing your beneficiaries’ future. Why Is it Crucial to Review Your Will Regularly? Your will is not a static legal document. As your life changes, so also might your wishes regarding how your assets are distributed after your death. It’s common for relationships, financial circumstances and…
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Select Estate Planning for High-Net-Worth Individuals Estate Planning for High-Net-Worth Individuals

Estate Planning for High-Net-Worth Individuals

POSTED ON: December 8, 2023 BY: Troy Werner
Navigating the complexities of estate planning is particularly crucial for those with substantial assets. High-net-worth individuals and families often face unique challenges in securing their legacy, managing estate taxes and ensuring that their wishes are honored. Understanding high-net-worth estate planning strategies can make a significant difference in preserving wealth for future generations. In this article, we delve deep into the nuances of estate planning for high-net-worth individuals, emphasizing why it’s indispensable and how proper estate planning can secure one’s financial future and intentions. Why Is Estate Planning Crucial for High-Net-Worth Individuals? High-net-worth individuals often have diverse investment portfolios, real estate…
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Top Tips for Estate Planning

Top Tips for Estate Planning

POSTED ON: December 7, 2023 BY: Troy Werner
There’s a lot to keep up with when estate planning. These tips could help, from updating beneficiaries after changing your plan to understanding will-substitute options, like transfer on death.
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Do Heirs Pay Credit Card Debt?

Do Heirs Pay Credit Card Debt?

POSTED ON: December 6, 2023 BY: Troy Werner
It's a morbid yet common worry: What happens to credit card debt when you die?
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How Does a Living Trust Protect Your Legacy

How Does a Living Trust Protect Your Legacy

POSTED ON: December 5, 2023 BY: Troy Werner
A living trust won't be for everyone. However, it can provide big benefits for some. Many people use a living trust for one big reason: avoiding probate. However, there are other reasons you should seriously consider.
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Why You Should Put Your House in a Trust

Why You Should Put Your House in a Trust

POSTED ON: December 4, 2023 BY: Troy Werner
Putting a home into a trust has several benefits, from avoiding the lengthy probate process to providing potential tax advantages. This article discusses some of the intricacies of trusts and the importance of consulting with an experienced estate planning attorney. What Is a Trust and Why Is It Important? A trust is a legal arrangement where one person (the grantor) transfers ownership of their assets, like a house, to a trustee. The trustee holds and manages these assets on behalf of the named beneficiaries. One main benefit of putting property in a trust is to avoid probate, which can be…
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Should You Gift Kids Inheritance Now, or After You’ve Passed?

Should You Gift Kids Inheritance Now, or After You’ve Passed?

POSTED ON: December 1, 2023 BY: Troy Werner
Are you better off giving money to children now when you can see the results or doing it through your estate after shuffling off this mortal coil?
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The Difference Between Power of Attorney and Guardianship

The Difference Between Power of Attorney and Guardianship

POSTED ON: November 30, 2023 BY: Troy Werner
Navigating the intricate landscape of elder law can be daunting, especially when faced with the decision between guardianship and power of attorney for elderly parents. This article sheds light on the difference between guardianship and power of attorney, providing clarity on which approach might be the best fit for your family's unique situation. What Exactly Is a Power of Attorney? A power of attorney is a legal document that empowers an individual, often referred to as the agent; or attorney-in-fact; to act on behalf of another, known as the principal.
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. See full disclaimer here.
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