There are a lot of things that you should know when you are devising your estate plan. If you do not act in a fully informed manner, you could make mistakes that negatively impact your loved ones. When you discuss things with a licensed estate planning attorney, you can go forward in a fully informed manner. Ultimately, you can emerge from the interaction with a personalized estate plan that ideally suits your needs. In this post we will look at some questions that you may want to ask your … [Read more...] about What Questions Should I Ask an Estate Planning Attorney?
Do I Pay Taxes on Living Trust Income?
When you understand some things about estate administration, you can see why so many people decide to use revocable living trusts. If you hold on to your property throughout your life and arrange for its distribution through the terms of a last will, the heirs to the estate will have a significant waiting period on their hands. The estate administration process takes place under the supervision of the probate court. After your passing, the executor or personal representative would be required … [Read more...] about Do I Pay Taxes on Living Trust Income?
Why Is Estate Planning Important?
Studies indicate that the majority of American adults are not prepared from an estate planning standpoint. This is a somewhat strange phenomenon, because these individuals are failing to plan ahead for something that is definitely going to take place. Some people do not take action because they don't understand why estate planning is important. In reality, estate planning is important for numerous different reasons. Avoiding Intestacy If you pass away without any estate planning documents, … [Read more...] about Why Is Estate Planning Important?
What Benefits Do Trusts Provide?
If you are interested in learning about the estate planning benefits of trusts, you should be aware of the fact that there are different types of trusts, and they serve varying purposes. First, we will look at the value of revocable living trusts, because they are useful for a wide range of people. Efficient Asset Transfers People often assume that you can facilitate fast and efficient asset transfers if you use a last will, because it seems like a simple estate planning tool. In reality, … [Read more...] about What Benefits Do Trusts Provide?
How Do You Fund a Living Trust?
If you take the right steps, you can secure your own financial future as you simultaneously craft a suitable legacy to leave behind to your loved ones. There are various different legal devices that you can use to facilitate future asset transfers. One of them is the revocable living trust, and these trusts are very useful for a wide range of people. Value of Revocable Living Trusts Efficiency is an important factor to consider any time you are trying to make a decision. Revocable living … [Read more...] about How Do You Fund a Living Trust?
Can Estate Tax Laws Change?
Wealth preservation is a serious consideration for high net worth individuals. Reaching your goals is only part of the equation. There are forces of asset erosion out there that can significantly reduce the financial legacy that you are leaving behind for the benefit of succeeding generations. Taxation There is a federal estate tax in place, and it carries a very hefty 40 percent maximum rate. At the time of this writing in 2014, the estate tax credit or exclusion is $5.34 million. If the … [Read more...] about Can Estate Tax Laws Change?
What Is a Totten Trust?
Sometimes legal documents are referred to by multiple different names. This can be confusing, and we try to clear things up on this blog. With this in mind, we will look at the Totten trust in this post. Transferring Assets When you hear about a trust in an estate planning context, you may assume that the device is going to be very complicated. This is why many people who are not fully informed turn away from viable solutions. There is a type of trust called a Totten trust that is actually … [Read more...] about What Is a Totten Trust?
When Does a Trust Terminate?
A trust can be a very useful estate planning tool. There are a number of different types of trusts that can accomplish varying objectives. Sometimes people assume that trusts are only useful for very wealthy people, and it is true that high net worth individuals can benefit from the creation of certain types of trusts. There is a federal estate tax, and it carries a $5.34 million credit or exclusion in 2014. This is the amount you could transfer to people other than your spouse tax-free. … [Read more...] about When Does a Trust Terminate?
Can I Provide for My Dog in My Estate Plan?
When you are creating an estate plan, you are naturally going to provide for the people that you love. At the same time, you may love animals as well. Can you provide for your dog in your estate plan? Let's look at the facts. Senior Citizens and Pet Ownership Since humans have much longer lifespans than dogs, younger dog owners may not be particularly concerned about predeceasing their pets. However, this can be a very real issue for elders. Dog ownership is an absolute joy for many people. … [Read more...] about Can I Provide for My Dog in My Estate Plan?
Should I Have a Durable Power of Attorney?
Should I Have a Durable Power of Attorney? from Roy W. Litherland Powers of attorney are often used within the legal field. Learn more about durable power of attorney in california in this presentation. … [Read more...] about Should I Have a Durable Power of Attorney?
