Estate Planning in Preparation for Marriage: Prenuptial Agreement vs. Irrevocable Trust

Getting married is generally a romantic event.  However, with more than 50% of marriages in the US ending up in divorce, it is crucial for a young, wealthy individual to consider premarital estate planning.  Many wealthy celebrities and entrepreneurs have blissfully entered into marriage only to come out losing significant amounts of their wealth.  For example, Rupert Murdoch paid divorce settlements of more than $1 billion each to two of his three ex-wives.

Smart Estate Planning: Using an LLC to Buy a Home

While some young and wealthy people spend their wealth recklessly, others make prudent investments, such as buying a home.  However, homeownership comes with some risks that a buyer should consider, such as loss of privacy or liability for personal injuries that occur on the property.

Estate Planning to Prevent Wealth Depletion

Annually, Forbes publishes a list of 100 highest paid celebrities in the world.  In 2016, over 20% of the celebrities on the list were under the age of 30.  In fact, three out of the top ten were in their twenties.  More and more younger people are gaining wealth, whether it is through selling tech startups, inheritance, or other means.  Accumulating wealth is important, but a big payday especially at a young age can (and often does) lead to reckless behavior.