Estate planning involves confronting some very sensitive topics, but there's no way around it if you are a practical person. With this in mind, let's look at the subject of remarriage, especially if you have children from a previous marriage. Being in love to the extent that you are willing to commit to marriage is obviously a profound feeling. When you are in this state of mind, you may naturally want to open your heart completely and display selfless generosity. At the same time, it is wise … [Read more...] about Prudent Planning Before Remarriage
Is DIY Trust Creation Wise?
There are a lot of things that can be accomplished online, but you probably want to think twice before planning your estate using a download or worksheet that you get off the Internet from one of the web-based marketers. These sites offer tools that you can use to create a revocable living trust. We can get into the details regarding why you may want to steer clear of DIY legal documents, but we would like to make a different point here. All trusts are not created equal. Different trusts are … [Read more...] about Is DIY Trust Creation Wise?
Autism Awareness
April was set aside as the month during which we raised awareness about autism. This developmental disorder is growing rapidly, and it impacts a significant percentage of Americans to one extent or another. There are some telling statistics on the Autism Society website, including eye-catching estimates on cost of care. On average, the cost of caring for someone with autism throughout his or her life runs somewhere between $3.5 million and $5 million. Most individuals simply do not have this … [Read more...] about Autism Awareness
Incapacity Component Adds to Appeal of Living Trusts
There are some estate planning devices that accomplish multiple objectives, and living trusts are among them. The primary reason why individuals decide to utilize revocable living trusts is because of the fact that these trusts enable future distributions of assets to the beneficiaries without the hindrances of probate. Probate is a legal process that can take a lot of time. There are also costs that go along with this process. When you use a revocable living trust rather than a last will to … [Read more...] about Incapacity Component Adds to Appeal of Living Trusts
Steer Clear of These Common Estate Planning Errors
We would like to suggest that our readers steer clear of these three common estate planning errors. Error # 1: The assumption that you will never be exposed to the federal estate tax As 2013 approached, the future of the estate tax was hazy. Unless some type of legislation was passed in the 11th hour, the estate tax exclusion was going to be reduced to $1 million in 2013, and the rate was scheduled to rise to 55%. At the last minute, the American Taxpayer Relief Act of 2012 was passed … [Read more...] about Steer Clear of These Common Estate Planning Errors
QPRT Can Provide Estate Planning Solution
If you are a homeowner who is exposed to the estate tax, you may want to consider reducing the taxable value of the property by placing it into a qualified personal residence trust. The funding of the trust with the home is going to remove the home from your estate, reducing your estate tax exposure. However, this is not the point of the strategy because when you fund the trust, you are giving a taxable gift to the beneficiary. The gift tax is unified with the estate tax, and it too carries a … [Read more...] about QPRT Can Provide Estate Planning Solution
Three Commonly Asked Questions About Revocable Living Trusts
If you decide to put the procrastination behind you and start to get serious about estate planning, you are going to want to obtain some answers. There are innumerable different legal devices that are used in the field of estate planning. Depending on your unique circumstances, various different courses of action may be appropriate. Many people assume that they should use a last will to direct future asset transfers, but in fact a revocable living trust may be a better alternative. With a … [Read more...] about Three Commonly Asked Questions About Revocable Living Trusts
Low Interest Rates Make Charitable Lead Trusts Appealing
We have an estate tax exclusion of $5.34 million in 2014, and this is a unified exclusion that encompasses taxable gifts that you give throughout your life as well as the assets that you are passing on after your death. It is worthwhile to emphasize the fact that you should not rest easy if your assets do not exceed this amount. Though you will hear the term "permanent" tossed around with regard to this $5 million exclusion with ongoing inflation adjustments, legislative changes are always … [Read more...] about Low Interest Rates Make Charitable Lead Trusts Appealing
How Will Large Inheritances Impact Younger Heirs?
When you examine your inheritance list, you may recognize the fact that you have some people who are in line for inheritances who have not yet reached their full potential. How will a large inheritance impact your younger heirs? Having a trust fund that provides you with everything that you need financially from a young age may actually hinder your growth as a person because you have no particular financial motivations. If you are a person of considerable means, you obviously have the ability … [Read more...] about How Will Large Inheritances Impact Younger Heirs?
Free California Living Trust Report Now Available
There is a lot of questionable information that circulates on the Internet about estate planning, and certain misconceptions can arise. We have noticed that this is especially true when it comes to living trusts. As a response, we have created an informative report to share with you, free of charge. To download your free report, follow this link and complete the brief form that you see off to the right so we can send you access to the information: California Living Trust Report One of the … [Read more...] about Free California Living Trust Report Now Available
