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Estate Planning Basics

Ramifications to Insurance when Property is Deeded to a Business

Property is moved into a company by simply deeding the property from the owner to the company. You should always use a warranty deed when moving property to a company, but that’s another story. What happens to the property and casualty insurance when property is moved into […]

Putting Bank Accounts into Your Living Revocable Trust

Assuming you are using your living revocable trust to avoid probate, the assets (which require your signature to transfer or sell) need to be “owned” by the trust. This includes checking and savings accounts, plus safe deposit boxes. You should have a “Certification of Trust” or a […]

Putting Cars Into Living Revocable Trusts

Cars and other vehicles (motorhomes, boats, motorcycles, etc.) each have a title and require your signature to transfer the vehicle to another person. That means they are subject to probate after your death UNLESS you have the vehicle “owned” or titled in the name of your living […]

Discount for Lack of Marketability

Discount for Lack of Marketability

There is a concept in estate and tax planning called Discount for Lack of Marketability. Basically, it says that assets in a company are not as valuable as assets owned directly by a person.  This can save a family a ton of money in estate taxes if […]

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We wish everyone in America had the means to obtain the knowledge that Attorney Lee Phillips is attempting to impart in the Accumulation and Preservation of Wealth course. We are thankful that there is a legal system that is designed to protect people’s assets, no matter how little or how much.
~ Ed, Dallas Texas

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