According to recent reports on the financial situation that American college students face, it's not looking too good for them. They have in excess of $1 trillion in debt. While not all of that debt comes from student loans, they're the main issue.
While both men and women need to do proper estate planning, it is especially important for women because they tend to live longer than men. This means that the odds are higher that the last surviving spouse in an opposite-sex marriage is going to be the woman. Even if she simply gets her husband's assets when he passes away, it is then up to her to pass those on to the rest of the family.
With your business, passing it down in the family has always been your plan. You built this for them. You want to do more than just provide for them when they're young. You want to give them a way to earn and find financial security for the rest of their lives.
The internet revolutionized how we store our valuables; instead of photo albums or safety deposit boxes, we save our family photos on Facebook, and our bank information is encrypted online.
Your estate plan probably starts with a will. It's the most basic document expressing what you want to happen with your estate after you pass away.
Are you considering creating a trust? There's a lot that goes into drafting and funding a trust. As a trust grantor, you will need to understand how the law governs trusts. You need to determine who the beneficiaries of the trust will be, what resources you want to put in the trust and much more. Let's take a look at the different types of irrevocable trusts available for you to create in your trust.