If you are fortunate enough to be a grandparent, then you understand the joy grandchildren bring into your life. Becoming a grandparent may also prompt you to want to include your grandchildren in your estate plan to make sure they are provided for in your absence. The Ashland trust attorneys at Potter Law Firm discuss how best to make gifts to your grandchildren in your estate plan. Is Making Gifts in Your Last Will and Testament Wise? The Last Will and Testament you executed when you … [Read more...] about How to Gift to Your Grandchildren in Your Estate Plan
The revocable living trust is an effective alternative to a simple will. When you have a living trust, you act as the trustee while you are alive so you have access to the assets and nothing really changes. You name a successor trustee to step into the administration role after your passing. You have the ability to decide how the assets will be distributed after you are gone. If you would like the trustee to pay out a certain amount each month for a number of years, you could include that … [Read more...] about What Happens If I Leave Property Out of My Living Trust?
The federal estate tax is not a factor for most people because there is an exclusion that is pretty high relative to most estates. This is a set amount that can be transferred tax-free -- the tax is only levied on any portion of an estate that exceeds it. There are annual adjustments to account for inflation, and we have experienced a significant level of inflation this year. The 2022 exclusion amount has been announced, and we will take a look at it here. 2022 Federal Estate Tax … [Read more...] about 2022 Estate Tax Exclusion Has Been Set
Though the divorce rates have been getting lower over the last couple of decades, it is still relatively common. If you decide to get remarried after having been divorced, and you have children from your previous marriage, you may have some estate planning concerns. You want to leave suitable inheritances to your children so you are reluctant to leave everything to your spouse. The situation is amplified if you are marrying someone who is significantly younger and you are bringing a good bit … [Read more...] about How Can You Protect Your Children’s Inheritances If You Get Remarried?
Probate is a legal process that some estates must pass through before the assets are transferred to the heirs. A will is admitted to probate, and the probate court also provides supervision when someone passes away without any estate planning documents at all. Each respective state has its own probate laws, but 18 states utilize the Uniform Probate Code (UPC). It was created by the National Conference of Commissioners on Uniform State Laws, and the first completed version came out in … [Read more...] about Are There Any Probate Shortcuts in North Carolina?
There are different ways to arrange for the transfer of property ownership when you are planning your estate. You should be aware of your options, and you should weigh the potential negatives that go along with some courses of action that sound promising on the surface. With this in mind, we will look at the device called a life estate in this post. Estate Administration and Probate Some background information is important to understand why people use life estates, and probate is at the … [Read more...] about What Is the Purpose of a Life Estate?
For some, estate planning can be looked upon as an exercise in letting the chips fall as they may. You create a will or a trust and the beneficiaries will receive whatever happens to be left after you are gone. This is one perspective you can take, but there is an alternate approach. You can proactively endeavor to bolster your legacy through the use of life insurance. Whole Life Insurance There are a number of hybrid forms of insurance, but the two most commonly used forms are whole life … [Read more...] about Life Insurance Can Bolster Your Inheritance Plan
You will invariably see references to “probate avoidance” if you poke around on the internet looking for information about estate planning. Before you make any decisions, you should have an understanding of the matter, and we will provide an explanation here. Court Supervision When a will is used to transfer assets, the person that creates the document (the testator) names an executor. This is the person who will complete the hands-on estate administration tasks after the testator’s … [Read more...] about Why Do People Avoid Probate?
An estate plan should be comprehensive in nature, and many people do not take the time to learn about the components that should be included. With this in mind, we will look at the specific documents that should be part of the plan. Living Trust A lot of people assume that you should use a will to facilitate asset transfers. In reality, though, for many people a living trust should be at the core of their estate plans. When you have a revocable living trust, you are taking a holistic … [Read more...] about Are These Documents Included in Your Estate Plan?
You may assume that a trust is a trust. In fact, there are different types of trusts, and a major dividing line is the matter of revocability. Irrevocable Trusts Generally speaking, an irrevocable trust cannot be dissolved after it has been created, but there are some rare exceptions. When you establish an irrevocable trust, you often cannot act as the trustee. Why would you want to surrender control of your assets? This can be beneficial under a few different circumstances. The federal … [Read more...] about Can You Dissolve a Trust?