Many people are remiss when it comes to estate planning because they do not have enough information. When you do not know exactly how to proceed, procrastination can set in, and this is understandable. At the same time, you are taking a risk when you go through life without an estate plan, and the risk is compounded as you get older. Knowledge Is Power We do everything possible to provide a steady stream of information on this website. Our blog is updated with fresh information, and we also … [Read more...] about Attend an Estate Planning Seminar in June

Many people contribute into individual retirement accounts while they are working. There are essentially two different types of IRAs that are typically utilized: traditional IRAs, and Roth individual retirement accounts. With a traditional individual retirement account, the contributions are made before you pay taxes on the income. This tax deferral is one of the advantages, because you pay taxes each year on a lesser amount of income. Because of this arrangement, you do have to pay taxes when … [Read more...] about Can an IRA Be Used for Estate Planning Purposes?

You should educate yourself about estate administration when you are devising your estate plan. When you create your estate planning documents, you leave behind instructions regarding how you want your assets to be transferred. However, a representative must handle the business of your estate after you pass away. When you use a last will as your vehicle of asset transfer, you name an executor. This is the person who will handle the estate administration tasks after you are gone. The executor … [Read more...] about What Is Estate Administration?

When you think about the legal document called a last will, you may assume that it is a very simple document. You jot down your final wishes regarding the desired distribution of your property, you set aside the document for safe keeping, and that's the end of it. It can seem as though anyone can create a valid last will, and in fact, someone who is not an attorney could indeed create a last will that is valid in the eyes of the law. To create a valid will, you must be a legal adult, and you … [Read more...] about Who Is Competent to Create a Last Will?

There are various different legal devices that are used in the field of estate planning. Sometimes people are confused because the terms sound similar. With this in mind, we will look at the differences between living trusts and living wills is in this post. Revocable Living Trusts A revocable living trust is a very useful estate planning tool. With this type of trust, you retain control of the assets throughout your life. It is possible to dissolve the trust entirely, and the person who … [Read more...] about What Is the Difference Between a Living Trust and a Living Will?

Some people take a wait-and-see approach. They procrastinate because they think that they can act later on. And they reason that things will probably take care of themselves if they never take action.  This enters the realm of estate planning, and as a result, some people fail to create a last will. In reality, the outcome probably would not be consistent with your wishes if you pass away without a last will. There are laws in place for distribution of your estate, but the way that "things take … [Read more...] about How Will My Property Be Distributed If There is No Last Will?

The federal estate tax has always been controversial. There are those who look at the death tax as an instance of double taxation. After all, the assets that are being taxed are the resources that you were able to retain after paying taxes all of your life. While some question the fairness of the tax, it is a reality that you have to react to if you are exposed. The tax carries a 40 percent maximum rate that can significantly erode the wealth that you have been able to accumulate throughout … [Read more...] about Can I Give Gifts to Avoid the Estate Tax?

The process of estate planning is not a cut and dried affair. Many people are under the impression that you create a last will, and that is the end of it. This can lead to the assumption that anyone can effectively create an estate plan. From a purely legal perspective, you do not have to be a lawyer to create a last will. Any adult who is not being coerced and is of sound mind can technically create a last will. In the state of North Carolina, for the will to be valid, the testator ordinarily … [Read more...] about Do I Need a Lawyer to Create a Last Will?

A revocable living trust is a very flexible estate planning tool. By its name, you see that the trust is revocable. This means that you can rescind or "revoke" the trust at any time, and it would no longer exist. You would take back personal possession of the property that you conveyed into the trust. The flexibility does not stop there. In addition to the power of revocation, you can also change the terms of a living trust at any time. If you want to make a relatively small change, you could … [Read more...] about How Do I Change My Living Trust?

People who are not fully informed often reduce estate planning to the creation of a last will. While it is true that a last will can be used to facilitate postmortem asset transfers, this leis not always the best choice. Let's look at some of the reasons why you may want to consider an alternative to a last will. Estate Tax Savings High net worth individuals may be exposed to the federal estate tax. In 2015, the estate tax exclusion is $5.43 million. Asset transfers that exceed this amount … [Read more...] about Is a Last Will Always the Right Choice?