Informed planning is a must if you want to take all the right steps to provide for your family after you are gone. You have to look into the subject of estate planning rather deeply if you want to make the right choices. This may seem self-evident because you do research before you make any big financial decisions during your life. In spite of this, a remarkable percentage of people have spent no time at all planning ahead for this inevitable event that has enormous financial implications. A … [Read more...] about Is a Living Trust Right for You?
Estate Taxes Can Damage Your Legacy
Your legacy is something that your loved ones could potentially draw from after you pass away if you have been very successful from a financial standpoint. There are some families that have made very important contributions to society because they had opportunities that that were provided by their ancestors. If you have been able to build wealth, your family members could be the beneficiaries at some point in time. However, you have to be aware of the fact that estate taxes can severely damage … [Read more...] about Estate Taxes Can Damage Your Legacy
So You Think You Don’t Need an Estate Planning Attorney?
You may get a bright idea when you decide that it is time to put an estate plan in place so you can be sure that your family is protected and your final wishes will be carried out. There are websites you can go to that will sell you boilerplate documents so you may assume that you can whip up a quick last will and your wishes will be carried out after you are gone. This "microwave" approach can sound appealing in this instant gratification society, but there are some reasons why you may want … [Read more...] about So You Think You Don’t Need an Estate Planning Attorney?
Can a Surviving Spouse Use Two Estate Tax Exclusions?
The estate tax exclusion or exemption is the amount of property that can be transferred before the federal estate tax would become applicable. Most people are not in possession of property that exceeds the amount of the exclusion so the majority of American families will not be exposed to the federal estate tax as the laws currently stand. However, if you are exposed to this death tax, your legacy can take a heavy hit if you do not take steps in advance to position your assets in a tax … [Read more...] about Can a Surviving Spouse Use Two Estate Tax Exclusions?
How Long Does a Living Trust Remain in Effect?
There are choices to make when you are devising your estate plan. There are a number of different asset transfer vehicles you can use, and you should understand them fully so that you can provide for each of your loved ones in the optimal manner. A trust can be a good choice for a wide range of families. There are those who assume that trusts are only useful for the extremely wealthy, but this is really not true. There are multiple different types of trusts that are used in the field of estate … [Read more...] about How Long Does a Living Trust Remain in Effect?
Estate Administration: See the Entire Picture
If you decide that you are going to state your final wishes in a last will, you may not see the entire picture. Yes, you have to state your wishes in writing, but what will happen after you pass away? Who will make sure that your wishes come to fruition? The process of estate administration is a very significant factor to take into consideration when you are devising your estate plan. When a will is used as the centerpiece of an estate plan, the estate administrator is the executor or personal … [Read more...] about Estate Administration: See the Entire Picture
What Happens to Assets That I Never Put Into My Living Trust?
A living trust is an estate planning device that can provide a host of benefits. When you find out about all of the advantages, it is easy to understand why these trusts are so popular. There are people who are reluctant to consider creating a trust because they are under the impression that trusts are complicated and confusing. It is true that there are complex legal devices that are used by people whohave advanced estate planning aims. However, revocable living trusts are rather simple and … [Read more...] about What Happens to Assets That I Never Put Into My Living Trust?
Gift Tax Exclusion to Remain Unchanged in 2016
The federal gift tax is in place to prevent people from giving gifts while they are living to avoid the estate tax. These two taxes are unified under the tax code. Before we explain some of the details, we should touch upon the marital gift/estate tax deduction. If the people involved are American citizens, unlimited assets can be transferred between spouses free of taxation. However, leaving everything to your spouse tax-free is not an estate tax efficiency strategy in and of itself, because … [Read more...] about Gift Tax Exclusion to Remain Unchanged in 2016
Can I Change My Living Trust Beneficiaries?
Many people become hardwired to the idea that a last will is the only logical estate planning document to use if you are not extraordinarily wealthy. In reality, this is not the case at all. Yes, there are trusts that are used by high net worth individuals who are exposed to estate taxes, but there is another type of trust that can be ideal for "the rest of us." The type of trust that we are referring to is a revocable living trust. Another misconception that people harbor about trusts is the … [Read more...] about Can I Change My Living Trust Beneficiaries?
What Happens If I Die Without a Will or Trust?
Estate planning is something that everyone should take seriously. Of course, as you are going through life, this is a delicate subject. At the same time, you have to make sure that your loved ones are provided for after you are gone. The statistics about estate planning preparedness are not encouraging. Studies consistently show that most American adults are not properly prepared for something that is definitely going to happen to each and every one of us. Intestacy If you die without a … [Read more...] about What Happens If I Die Without a Will or Trust?
