financial planning news & resources
News & Resources
Unbiased, independent financial planning news and resources to help guide you in your financial planning journey.
In the process of estate planning, one of the key decisions is establishing a revocable trust or a will that includes a trust. But what exactly is a trust? Like a will, a trust lays out instructions for the distribution of assets.
It may surprise a lot of people to discover how many individuals die without a will. In the not-too-distant past, this would include Prince, Michael Jackson, Howard Hughes, Salvatore Phillips “Sonny” Bono, and Jimi Hendrix, just to name a few.
Where do we begin with estate planning? At the beginning, of course, which is the probate process.
The starting point for any decision regarding the purchase of financial products by anyone, not just medical professionals, should begin with a written financial plan and analysis of personal cash flow.
A “Fiduciary Duty” is an obligation to act in the best interest of another party. A “Fiduciary” is a person acting in a fiduciary capacity and is held to a high standard of honesty and full disclosure in regard to the client and must not obtain a personal benefit at the expense of the client.