Can a Trust protect your identity? Let's say you win the lottery. Or you're a celebrity or have a high-profile job (like a politician, a judge, and/or a law enforcement officer). Perhaps you've got a lot of debt. Or maybe you're just a really private person. Whatever the reason, you want to disconnect your name from property that you own. So, can a Trust help you do that? The quick answer is probably not. Keep reading. The longer answer involves three primary considerations.
Read MoreFAQ: Is adding my adult children to my bank account(s) a good idea for estate planning?
Many clients wonder what to do about bank accounts for estate planning purposes. There are three (or four, see below) main options to consider:
Do nothing;
Designate a beneficiary for your bank account(s);
Add someone(s) else as owner(s) of your bank account(s); or
If you have a Revocable Living Trust, retitle the bank account(s) in the Trust's name.
The best option(s) for you may not be the best option for another person. And it might not be what your friend or family member did (or told you to do). Each option has pros and cons, and I always encourage clients to consider which option(s) meet their goals best. Keep reading for the basics on each option, along with some points of consideration.
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