The Murdock Empire and the Irrevocable Trust
Murdoch’s succession plan sheds light on whether an irrevocable trust can truly be changed, revealing key insights for estate planning.
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Murdoch’s succession plan sheds light on whether an irrevocable trust can truly be changed, revealing key insights for estate planning.
Learn from a teen’s loss of a $250K inheritance and discover how inheritance trusts can protect and guide your family’s future financial decisions.
Few will argue that the most important time to have a will is when you are parents of young children.
Here are five critical mistakes to avoid when dealing with your beneficiary designations.
A spendthrift trust allows you to leave funds to a beneficiary without giving them full control over those funds.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
This legal document can also be beneficial in many situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.