Divorce Advice for Men | Fathers Rights Divorce | Child Custody

Wills and trusts are two different types of estate planning devices that allow you to look into the future and determine how you can protect your children and your assets if something were to happen to you.

Financial adviser Dan Danford, CFP®, CRSP®, MBA, said many people use the terms wills and trusts interchangeably even though there are major differences between the two.

Danford explains the disparity and in what situations people are more likely to need a will or a trust. He also suggests that any asset protection estate planning document should be handled by an attorney. For a small fee you can ensure a lifetime of peace of mind, according to Danford.

There is a lot of misunderstanding about trusts.

Financial adviser Dan Danford, CFP®, CRSP®, MBA, answers this question from a DadsDivorce.com reader about bank CDs and trust accounts:

"How do I purchase bank CDs and make sure they are protected in my trust account? I purchased one already, thinking that because I used trust fund money to buy it, it would be held in the trust. It isn't and I don't want to make the same mistake twice. Also, is there a way that I can move the existing CD into the trust without penalty?"

Question:

I received a large sum of money through gifts and inheritance and have kept it in separate accounts.  They have not been co-mingled into the marriage so my spouse cannot touch it in the event of a divorce. I now have it in CD's but would like to invest the separate money into other investments, mostly into real estate with a little put into stocks and bonds. Can I do this and still be assured that the separate money I put up and any appreciation from the investments will still remain separate property and not subject to division in the event of a divorce? Would putting the separate property, gifts, inheritance, and real estate I owned before the marriage into a trust help in any way?

Joseph Cordell, JD, CPA, LL.M, explains creative ways to ensure the well-being of your loved ones after your death. The discussion hinges on understanding the differences between a will and a trust when it comes to protecting your assets from creditors and predators. Watch part 1.

by Joseph Cordell, JD, CPA, LL.M

In this episode, Joseph Cordell will explain to you the importance of correctly utilizing using properly configured trusts in an effort to protect your assets.  From our video series, Cache Counsel: Executive Asset Protection. Click "Read More" to see the video.