The revocable living trust is a very versatile and effective estate planning tool. One of the major advantages is the fact that asset transfers that are facilitated through the terms of a living trust are not subject to probate.This is a court proceeding that would enter the picture if you express your final wishes in a simple will. Inheritances are not distributed while the estate is being probated by the court, and it will take close to a year in most cases.Another drawback is the fact … [Read more...] about Is a Shared Living Trust Right for You?
Estate Planning
Inheritance Planning Can Be Laser Focused
Some people are very meticulous about the way they go about things, because they want the outcome to be perfect. This can apply to different aspects of life, and financial decision-making would be a good example.A lot of folks that always cross all their t’s and dot their i’s do not pay the same attention to detail when they are considering the estate planning process. This is a mistake, because there are focused approaches that can be taken.The right way to provide for one loved one may … [Read more...] about Inheritance Planning Can Be Laser Focused
IRAs and Inheritance Planning
Many people contribute into individual retirement accounts with an eye on their golden years. This is a smart move, but if you are enjoying a good bit of financial success, you may never need to tap into the account.When you come to that realization, you can look at your account as part of your estate plan. With this in mind, we will explain the guidelines that are in place for IRA beneficiaries in this post.But first, let’s take a look at these accounts from an overview.Individual … [Read more...] about IRAs and Inheritance Planning
Don’t Buy Into These Myths About Trusts
People sometimes hear bits and pieces about certain aspects of the estate planning process. They let this limited information guide their thinking, and this can lead to mistakes that negatively impact their loved ones.With this in mind, let’s look at some myths that circulate about trusts.A will is a better choice than a trust unless you are a multimillionaire.This may be the most commonly held misconception, and if you have been under this impression, you would do well to put it behind … [Read more...] about Don’t Buy Into These Myths About Trusts
Assignment and Nominee
What’s an “Assignment and Nominee” agreement and what does it do? Some attorneys use such an agreement as a belt and suspenders approach to funding.Read on to learn more. … [Read more...] about Assignment and Nominee
Leaving Assets Can Be Tricky
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky
Leaving Assets Can Be Tricky – Part 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. For example, if you have a beneficiary with special needs, you must take special care.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 3
Leaving Assets Can Be Tricky – Part 2
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky.Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 2
Estate Tax vs. Inheritance Tax
There is some confusion out there about the taxes that can come into play when assets are being transferred after someone dies. This is fully understandable, and we will provide some clarity in this post.Federal Estate TaxWe have a federal estate tax in the United States, and it is applied to the entire taxable portion of an estate before it is transferred to the heirs.If you have never thought about the subject, you may assume that everyone has to pay this tax. There are also those that … [Read more...] about Estate Tax vs. Inheritance Tax
An Incentive Trust Can Provide Dual Benefits
As a layperson, you are simply not going to know about all the different legal devices that can be used when you are planning your estate. This is understandable, because we do not have professional expertise outside of our field.When you discuss all of your options with an attorney, you can make fully informed decisions.Estate planning is a profoundly important endeavor, and it is not something that should be taken lightly. There is no reason to use guesswork, or settle for something … [Read more...] about An Incentive Trust Can Provide Dual Benefits
