It’s common for “high net individuals” to set up trusts as part of tax shelter, wealth protection measures, and estate planning, but that presents a unique set of challenges when it comes to divorce. A trust is a legal agreement in which the trustor (the person who creates the trust) gives the trustee (the person in charge of the trust) the right to hold title to assets or property for the benefit of a beneficiary (the person for whom the trust is created). The trust is usually given a different … [Read more...]
Archives for April 2021
7 Myths About Social Security and Divorce
Several misconceptions surround Social Security and divorce, even though the program has been around for over 85 years. To get things straight, here are 7 common myths about Social security and divorce and the facts that disprove them. Myth #1: A Claim Will Reduce the Ex’s Checks Up to 52% of adults surveyed said they believe that claiming social security based on an ex-spouse’s record could influence their benefits. The truth is, claiming Social Security benefits based on an ex’s record … [Read more...]