There are people that are under the impression that the government will step in and take care of everything if you fail to put an estate plan in place. Many of these individuals intend to execute some type of strategy in the future, but they are in no hurry, because they feel as though there is a safety net. If you were to die without a will or a trust, in a legal sense, the condition of intestacy would exist. Under these circumstances, it is true that the state would step in to provide … [Read more...] about Who Gets Your Assets If You Don’t Have an Estate Plan?
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Advantages of Using a “Grantor Trust” in Planning
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Taxation of Nongrantor Trusts
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Tax Reporting with Trusts
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more. … [Read more...] about Tax Reporting with Trusts
Dangers of Do-It-Yourself Estate Planning
Occasionally, those who are not Estate Planning attorneys will attempt to do their own Estate Planning. Perhaps they’ll go online and get a document to use. Unfortunately, Estate Planning is about far more than a cookie-cutter document. Read on to learn more. … [Read more...] about Dangers of Do-It-Yourself Estate Planning
Jim Morrison’s Estate Planning Mistake Remembered on Anniversary
You can sometimes learn from the mistakes of others when it comes to estate planning, and the estate of Jim Morrison is a case in point. The 50th anniversary of his passing took place on July 3, 2021, so many people are remembering his life and his career achievements. Complicated Family Situation Every family is not big and happy, and this can create some messy estate situations. Simply put, Morrison did not like his parents at all, but they would be his next of kin if he was to predecease … [Read more...] about Jim Morrison’s Estate Planning Mistake Remembered on Anniversary
Do You Avoid Probate With a Will?
There are some misconceptions that are circulated about certain aspects of the estate planning process. One of them revolves around the simple will and the probate process, and we will provide some clarity here. Intestacy If you die without a will or a trust to direct asset transfers, the condition of intestacy will be the result. Under these circumstances, the probate court would provide supervision during the estate administration process. They would designate a personal representative to … [Read more...] about Do You Avoid Probate With a Will?
Longevity Statistics May Surprise You
Elder law attorneys help clients address the eventualities of aging from a legal and financial perspective. It is difficult to make projections about the future, but you should understand the cold hard facts so you can make informed decisions even though it is an imperfect science. When you are planning for your active retirement years, the picture may start to come into focus eventually, but there is another dimension that people sometimes overlook. Life Expectancy The overall life … [Read more...] about Longevity Statistics May Surprise You
Estate Planning for Millennials
The millennial generation, which is sometimes called Generation Y, is comprised of people that were between 1981 and 1996. They are in the 24 to 40-year-old range right now, so they are mature adults. Some people think that estate planning is something that you do when you are old and gray, but in fact, millennials should have plans in place. There are younger adults that understand this, but they procrastinate because they do not know where to begin. With this in mind, we will provide … [Read more...] about Estate Planning for Millennials
Five Things You Should Know About Living Trusts
The revocable living trust is a very popular estate planning device, and some of the benefits are widely understood. You avoid probate when you use a living trust, so there is no court involvement, and this streamlines the administration process. Another benefit is the ability to include spendthrift protections because there is asset protection after you pass away, and you do not have to provide lump sum inheritances all at once. In addition to the major advantages, there are some other … [Read more...] about Five Things You Should Know About Living Trusts
