There is a tax on gift giving in the United States, but many people do not pay the gift tax because there are exclusions. You should understand the lay of the land when you are planning your estate, because the gift tax is unified with the estate tax. Annual Gift Tax Exclusion There is an annual gift tax exclusion. This allows you to give as much as $14,000 to any number of individuals within a calendar year without incurring any gift tax liability. We should point out the fact that you do … [Read more...] about What Are the Gift Tax Exclusions?
Doesn’t My Spouse Get Everything If I Don’t Have Will?
People who are unprepared from an estate planning perspective often have many different excuses or theories. Many individuals go forward with the idea that everything automatically falls into place, even if you do not have a will or a trust. If you were to pass away without any estate planning documents, you would die intestate. Property that was in your direct personal possession would become probate property, and it would be distributed in accordance with the intestate succession laws of the … [Read more...] about Doesn’t My Spouse Get Everything If I Don’t Have Will?
What Is a Self Proving Will?
You could potentially use a last will as the centerpiece of your estate plan. In order for a last will to be valid in the state of California, certain conditions must be met. The person who is creating the will is called the testator. The testator must be an adult who is of sound mind when the will is being created, and there must be no fraud or coercion involved. Two adults must witness the testator signing the will, and they also have to sign the will. Notarization is not necessary in the … [Read more...] about What Is a Self Proving Will?
What Is Digital Estate Planning?
A well constructed estate plan will leave behind a turnkey situation for the surviving family members. If you want to be comprehensively prepared, you need to consider every detail. With this in mind, we will look at digital estate planning in this blog post. More Than Documents Creating documents is part of the process when you plan your estate. At the same time, someone has to examine the wishes that you leave behind in the documents and bring them to fruition after your passing. You have to … [Read more...] about What Is Digital Estate Planning?
What Is an Incentive Trust?
You may have concerns when you are planning your estate. Leaving money to a loved one can seem like a completely satisfying thing, but a windfall of money can sometimes have a negative impact. This is especially true if the person receiving the inheritance has not reached his or her full potential. It is possible to be prepared for this type of situation through the creation of a legal device called an incentive trust. Stipulations When you create and fund an incentive trust, you name a … [Read more...] about What Is an Incentive Trust?
Why Would I Need a Trust if I Have a Will?
Estate planning is not a one-time event. Your initial estate plan is going to be devised based on the way that your life was at that time. It is like a snapshot, but life goes on after that day. As your life changes, your existing estate plan could become obsolete. As a result, estate planning should be viewed as an ongoing process. If you used a will when you put an initial estate plan in place because your family was small and your life was uncomplicated, this is understandable. At the same … [Read more...] about Why Would I Need a Trust if I Have a Will?
What Is the Difference Between a Living Will and a Living Trust?
The one estate planning document that most people have definitely heard of is the last will or last will and testament. This is a legally binding document that you can use to direct the way that your assets will be transferred after you die. Because people equate a will with monetary asset transfers, some confusion can arise when it comes to the document that is called a living will. A living will is not a vehicle that is used to transfer financial resources. You would use a living will to … [Read more...] about What Is the Difference Between a Living Will and a Living Trust?
Estate Planning & Elder Care Seminars
We do everything possible to provide educational opportunities to people in the greater San Jose area, because many people fail to plan ahead due to a lack of information. From an electronic perspective, we publish an ongoing stream of content on this blog, and we also have an electronic library of free special reports that you can access at any time. In addition to the written information, we also engage in community outreach. We consistently offer seminars that cover many different specific … [Read more...] about Estate Planning & Elder Care Seminars
Can My Spouse Use My Estate Tax Exclusion After I Die?
There is a federal estate tax exclusion that exists as the line in the sand that divides the people who are exposed to the tax from those who are exempt. If the value of your estate does not exceed the amount of this exclusion, you are exempt from the estate tax. During the current calendar year, the estate tax exclusion stands at $5.43 million. The portion of your estate that exceeds this amount would potentially be subject to the estate tax when it is transferred. This $5.43 million is a per … [Read more...] about Can My Spouse Use My Estate Tax Exclusion After I Die?
What Is Estate Administration?
There is a good bit of business that must be conducted after you pass away so that your estate planning wishes can become a reality. This is the process of estate administration, and you should take this process into consideration when you are devising your estate plan. Trust Administration If you use a living trust as your primary vehicle of asset transfer, trust administration will enter the picture. The person who administers a living trust is called the trustee. While you are alive and … [Read more...] about What Is Estate Administration?
