Some of my prior posts have references to trusts. However, I have yet to give a basic explanation of how they work. Hopefully, this post will give those without experience with trusts some basic knowledge. One key feature of a trust is the division of the benefits and burdens property ownership. For example, trusts are often used when children inherit large sums of money and someone thinks it's unwise to allow a 13 year old to immediately use the money as they deem fit.Read More
Setting up, or even just updating, your estate plan will never be first on your to-do list when coming home with a new child. There are far too many things to do and there is never enough time to do them. Whenever you get a moment of downtime, you're likely going to want to spend it catching up on sleep and not thinking about the doom and gloom scenarios that make estate planning necessary for your family. The good news is estate planning does not have to be a difficult process and with a small investment of time and money you can have an estate plan that gives you peace of mind.Read More
It's been a while since something substantive has been posted here. I have not given up on blogging like many others have before me. On June 15th my wife, Becca, gave birth to our first son Arthur. Everyone is healthy and doing great. Let's just say this new arrival has made writing about the business forms, tax code, or anything for that matter seem a great deal less interesting.
I was going to use this as an opportunity to discuss why you should think about estate planning once you have children no matter how old you are. Alas, I'll have to add that to the list of things to talk about later.