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Reena Gulati Blog

Simple wills will likely not be sufficient to address the goals of your current spouse and children from a prior marriage or stepchildren. A trust will be the better option. However, the specifics of your family fact pattern will determine the kind of trust and what is included in the trust that should be in keeping with the financial goals for your family. Although it requires a little bit more time and attention, it can avoid many misgivings and acrimony with your loved ones and plan for an easier transition.

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If avoiding probate is your primary goal, then you can achieve that simply by having a living trust, the most effective way to avoid probate.  With a living trust, you control how your estate will be distributed, how it will be managed if you do not have the capacity, and finally what happens to your estate when you pass on. 

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Most people have a fear of the unknown. However, if you a have plan in place, it helps settle your mind. In the case of an estate plan, it also can ensure you take care of your family. These tough times present the perfect opportunity to review your existing estate plan or if there is no plan, to put one in place for the following six reasons:

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I can’t tell you how often I ask my clients and they don’t remember when the last time was, they checked their beneficiary designations on their assets or their “Transfer On Death” and “Paid On Death” designations on the bank accounts and their brokerage accounts.

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Most people form a limited liability Company to shield their personal assets from liability and debts of the LLC. Did you realize that most single member LLC's are at risk to pierce the corporate veil? You can avoid that outcome by taking certain steps. These small steps if done right can be very beneficial in avoiding liability that you never intended to take on but can be devastating for any business, particularly for a small business owner.

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