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Advanced Asset Protection Planning
Asset protection planning aims to provide an incentive for settling a claim, improve your bargaining position, and, ultimately, deter litigation. You may think that only wealthy people need to do estate planning focused on asset protection. However, anyone who has accumulated any amount of wealth can be sued. The only way to fully protect yourself…
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Traditional Asset Protection Planning
Asset protection planning is the positioning of assets to protect your property before a claim or the threat of a claim arises. Several types of traditional asset protection planning have been around for years. The most common is liability insurance-automobile, homeowner’s or renter’s, personal property, umbrella, officers’ and directors’, malpractice, and the like. Another common…
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Creative Ways to Use SNT Funds-Part 2
In addition to the expenditures discussed last week, an SNT can purchase the following. Therapeutic services and programs-Nontraditional medicine, aromatherapy, reiki, yoga, and massage therapy, as well as spa treatments and grooming services. Pets and pet care-The costs of pet adoption, veterinary care, food, grooming, pet supplies, and training. Education and skill-building-Educational programs, classes, or…
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Creative Ways to Use SNT Funds-Part 1
As long as expenditures do not break the Special Needs Trust (SNT) distribution rules, a trustee is free to put money toward purchases that enrich the beneficiary’s life. The following are a few ideas. Vacations-Airfare, hotel accommodations, cruises. Entertainment and hobbies-Movies, concerts, theater tickets, arts and crafts supplies, photography equipment, musical instruments, and physical and…
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Adding an Irrevocable Life Insurance Trust
You may decide that you need life insurance—or more of it—to provide for your loved ones. If the value of your life insurance is high, you may want to add protections for the funds in your estate plan using an irrevocable life insurance trust (ILIT). Once you create the ILIT, you fund it either by…
Category: Irrevocable Trust
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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