When it comes to estate planning, many people are familiar with trusts as a way to safeguard and transfer property such as real estate and investments. A gun trust is a separate entity all together and another valuable tool that offers tremendous advantages. Its benefits apply not only after your death, but also during your lifetime.
Many Americans spend a lot of time and effort in managing their finances. While most are worried about how the coronavirus (COVID-19) will impact their income—whether that’s because they are temporarily furloughed, find themselves suddenly without a job, or watching their investment and retirement accounts dwindle—there is another way COVID-19 can wreak havoc on American’s finances: lack of incapacity planning.
As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill.
Families with substantial wealth looking for fiduciary services may wish to consider forming a Private Single Family Trust Company as an alternate option. A Private Single Family Trust Company exists to provide fiduciary services to the family’s trust(s) and is a state-charted entity that is created by the family.
A conditional gift can be as simple as requiring a beneficiary to reach a certain age before he or she receives a gift from a will or trust. A conditional gift such as this can be important to ensure a young beneficiary has obtained a proper level of financial maturity so that an inheritance remains a blessing and not a curse.
As domestic self-settled spendthrift trusts (AKA Domestic Asset Protection Trusts, or DAPTs) become more popular as asset protection structures for those with increased assets or exposure to liability generally, more states are hopping on the band wagon and enacting legislation allowing these types of trusts to be established in their respective jurisdictions. Nineteen such states have now enacted such legislation, with the latest being Connecticut.
At the end of the day, the Executor or Trustee of your estate is going to need to know what asset you have, and more importantly, how to access these assets. Because Crypto and other electronic assets typically involve crypto keys, it is very important that you make these known and available upon your passing or incapacity.