The last will and testament is a very important part of an estate plan, and everyone should consider having one. Anyone who does not have a comprehensive estate plan, should at the very least, have a will. Yet, only 30% of Americans have an executed will. If you are wondering who should have a will, then at least you are considering planning for your future, and that is a good thing.Wills are for everyone – not just the richIf it matters who receives your money and property after you die, … [Read more...] about Who Should Have a Will?
Considering the time and expense the probate process, many people choose to include a living trust in their estate planning, as opposed to simply relying upon a will. However, before making the decision to include a living trust in your estate plan, it is important to be familiar with the advantages and disadvantages of a living trust. There are other options available.What is a living trust?A trust is basically a fiduciary arrangement that allows a third party, referred to as the “trustee,” … [Read more...] about A Living Trust: The Good and the Bad
While it might seem like a quick way to accomplish your estate planning goals, do-it-yourself trust forms are not really the way to go. Essentially, these “bare bones” living trusts are sold more as a way to avoid probate, but they can create more problems than they actually solve. There are many disadvantages to using a bare bones trust that you should be aware of, before you settle for the quick, one-size-fits all form.Appropriate estate planning requires time and moneyYou can cut costs … [Read more...] about Free Report: The Disadvantages of a Bare Bones Trust in California
LA Probate Law Estate Planning for Seniors What is estate planning? This is the process of making plans for after your death that makes sure all of your assets are distributed to the beneficiaries that you want to have receive them. The ultimate goal is to have this done with the least amount of taxes and fees as possible. LA probate law also covers a person making arrangements that include planning for the possibility of disability. You want to make sure that all of your affairs are … [Read more...] about LA Probate Law Estate Planning for Seniors
Estate planning provides a way to provide for your loved ones, both financially and emotionally, after your death. If you plan properly, you can minimize the financial burden left behind for your family to handle. In order to ensure this purpose is realized, you need to build sufficient liquidity into your estate plan. This means, having sufficient financial resources to cover estate settlement costs and estate taxes.What does “liquidity” mean?The term “liquidity” refers to the ability to … [Read more...] about Estate Liquidity Planning
Real estate, stocks and bonds, are a few examples of investments we choose to make in the hope of gaining some profit at some point in the future. When you sell those stocks or real estate, however, the federal government will be waiting to take its share. This is known as the "capital gains tax." Understanding the capital gains tax, and how the IRS calculates it, can be helpful in finding ways to lower the amount of capital gains tax you might own when you sell those valuable investments or … [Read more...] about What is the Capital Gains Tax?
Actually, there are many good reasons why having a living trust as part of your estate plan is a great idea. One of the most common reasons is avoiding, probate. However, there are many more important benefits of a living trust. For instance, including a living trust will allow you to protect property for your beneficiaries, while reducing estate taxes and planning for possible incapacity. If you are trying to decide whether a living trust should be included in your comprehensive estate … [Read more...] about Why Have a Living Trust?
A common concern among estate planning clients is whether a certain planning tool will take away control of their property, during their lifetime. Basically, if a certain estate planning tool is irrevocable, then it cannot be changed. This means that once it is created and goes into effect, your control over the property affected by that instrument ends. If the tool is revocable, or able to be modified, then you still have control during your lifetime. Maintaining control with a living trust … [Read more...] about Maintaining Control with a Living Trust
Most comprehensive estate plans include a trust. If you have created one and added it to your estate plan, the need may come for changes. Whenever certain aspects of your life changes, such as finances or additions to your family, it becomes necessary to reconsider the terms of your trust and make necessary changes to its terms. The need to make changes may arise more than once during your lifetime. As long as the trust you created is revocable, it can be amended or revoked at any time. A … [Read more...] about How Do I Revoke my Trust?
Probably the most commonly used estate planning tool is the will. Yet, there are so many other choices available. Among them is the revocable living trust, which is beginning to gain popularity. Not only are living trusts a good way to avoid the lengthy probate process, but living trusts provide other advantages, both before and after death. What you need to know about living trusts is that they are very useful estate planning tools.The definition of a revocable living trustA revocable … [Read more...] about What You Need to Know About Living Trusts