People often have questions about Estate Planning. This is the third in a series of articles addressing those questions. This third article addresses “when” to do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 3: When … [Read more...] about The Questions of Estate Planning, Part 3: When
Estate Planning
The Questions of Estate Planning, Part I: Who
People often have questions on Estate Planning. This is the first in a series of articles addressing those questions. This first article addresses “who” should do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part I: Who … [Read more...] about The Questions of Estate Planning, Part I: Who
Inheritance Balancing for Family Business Owners
You should discuss your unique personal situation with an estate planning attorney to gain insight into the options that are available to you. Unfortunately, there are people that conform to constraints that they apply to themselves unnecessarily because they are not aware of alternative approaches. With the above in mind, in this post, we will look at a widely embraced solution for small business owners that face inheritance balancing situations. Keeping It Fair To explain by way of … [Read more...] about Inheritance Balancing for Family Business Owners
Estate Planning Demystified
People all too often put estate planning on the back burner because they view it as some type of huge, complicated endeavor that seems intimidating. It is true that arranging for the transfer of everything that you have accumulated throughout your life to the people that you love the most is a profound action. However, when you understand the basic structure, this seemingly gargantuan proposition shrinks down to size. With this in mind, let’s look at the basic framework of a typical estate … [Read more...] about Estate Planning Demystified
Four Reasons to Engage an Estate Planning Attorney
There are companies on the Internet that sell downloads and worksheets that you can use to create legal documents, including estate planning devices like last wills. This can make it seem like you really don’t need a lawyer to plan your estate. Is this true? Since we are in the profession, you may assume that we cannot answer this question objectively, but you don’t have to take our word for it. Several years ago, three legal professors that were enlisted by the magazine and website … [Read more...] about Four Reasons to Engage an Estate Planning Attorney
When Does a Living Trust Terminate?
A living trust as an estate planning tool that is the ideal choice for a wide range of people. Unfortunately, many individuals harbor some misconceptions about trusts, and one of them is the notion that you lose all control of assets that you convey into any type of trust. In reality, this is not the case at all, because there are two different classes of trusts. It is true that there are irrevocable trust that cannot be dissolved, and generally speaking, the terms cannot be changed although … [Read more...] about When Does a Living Trust Terminate?
Don’t Forget a Letter of Final Instructions
When you plan your estate, there will be a legal document at the core that you use to state your wishes regarding the distribution of your monetary assets. For most people, it will be a last will, and there are others that use trusts of various kinds. Making your decisions known can seem like the long and short of it, but you should certainly take the estate administration process into account. If you use a will, you would name an executor to act as the trust administrator after you are … [Read more...] about Don’t Forget a Letter of Final Instructions
Estate Taxes 101
Many people have questions about the way that taxes come into play when an estate is being distributed. It may be natural to assume that an inheritance would be looked upon as taxable income by the Internal Revenue Service. In a rare instance of good news as it applies to the tax man, generally speaking, direct inheritances are not subject to regular income taxes. Another positive is the way that appreciable assets are treated when they are changing hands after someone dies. If you were to … [Read more...] about Estate Taxes 101
Make Your Own Plan
Planning is important. If you don’t plan, your assets go pursuant to the state’s default plan, which may be very different from what you want. If you plan, you can be sure your assets go exactly to whom you want and in a manner that can benefit them the most. Make Your Own Plan … [Read more...] about Make Your Own Plan
Income Tax Basis in Estate Planning
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
