My Own Financial Blueprint by Ruben Ruiz

Author:Ruben Ruiz
Language: eng
Format: epub
Publisher: Morgan James Publishing
Published: 2013-07-14T16:00:00+00:00

Sit down with your advisory team members, which may include an attorney, an accountant and a financial advisor, to discuss the best entity for your business.

Trusts are the next level of protection.

Trusts can protect assets from creditors and lawsuits, and also protect your family from paying attorney fees and probate costs. Trusts may include ‘powers of attorney’ and ‘medical directives’, which can also protect your assets if you are no longer able to make legal decisions.

We will discuss two types of trusts which are probably the most used. That being said, bear in mind that there are many other trusts available, depending on your goals.

The Revocable Living Trust – A revocable living trust can provide you and your family with the following benefits:

•Allows the avoidance of probate

•Remains a private estate planning document in life and death

•Provides savings on estate taxes

•Control of your assets that are owned by your living trust

•Designate who will manage your affairs upon your incapacity

•Protects wealth for your loved ones from creditors & divorce

•Offers much flexibility & hard to contest

•Reduces the likelihood of having unintended heirs

•Is legal and enforceable in every state

•Avoids multiple states probate with a living trust

•Is easy to maintain

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