Should your vehicle be in your living trust? A living trust gives you more control over the distribution of your assets when you're gone. But sometimes, determining which assets to include in your living trust can be confusing. Fortunately, the Phelps LaClair team can help...
You’ve begun taking steps toward planning your estate. And rather than creating a will, you’ve decided to establish a trust fund, which, if funded properly, will enable your assets to be privately distributed to your loved ones without the delay or expense of probate court....
Estate planning aims to ensure that your assets are distributed exactly according you your wishes. However, achieving this goal can be complex. “Do you need a trust if you have beneficiaries?” is a common question we get. While naming beneficiaries for your accounts is a...
Yes, a trust can own an LLC. In fact, placing your LLC in a trust is often a smart move. When you put your LLC in a trust, you can combine the protections that both entities offer. For example, an LLC will keep your personal assets...
Choosing a beneficiary for your 401K is an important decision. Even though retirement accounts do not have to go through probate, they can still be subject to taxes and fees. And when it comes to inheriting a 401K account, different rules apply for charities, spouses,...
You don’t have to be rich to set up a trust fund for your child. In fact, it’s a move every parent should make. Setting up a trust fund can help secure your child’s financial future by protecting their inheritance from taxes, probate, and creditors....
There’s one crucial step that many people skip after signing their trust document—actually funding the trust. If you forget to complete this step, your assets will remain subject to probate and be vulnerable to creditors after you’re gone. No matter how detailed the instructions you...
Have you recently created a living trust? That’s fantastic! Trusts are wonderful tools for protecting estate assets like bank accounts, money market accounts, properties, businesses, cars, boats, and more. Another big benefit of living trusts is that they keep your estate out of probate court....