There are numerous different types of legal devices that can be used in the field of estate planning. It is unrealistic to expect a layperson to be aware of all of them. This is one of the reasons why it is important to work with a licensed estate planning attorney when you are making preparations for the future. Different circumstances will call for different courses of action, and there is the "right tool for the right job." With this in mind, let's look at the QTIP trust. Protecting … [Read more...] about What Is a QTIP Trust?
Do I Maintain Control of Property I Convey Into a Revocable Living Trust?
You may take pause before creating a trust because you are concerned about losing control of the assets that you convey into it. It is important to understand that there are different types of trusts. There are revocable trusts, and there are irrevocable trusts. When you create an irrevocable trust, generally speaking you are surrendering personal control of the assets. These trusts are used by those who want to gain tax or asset protection. Because you do relinquish incidents of ownership, … [Read more...] about Do I Maintain Control of Property I Convey Into a Revocable Living Trust?
What If I Create a Joint Tenancy With My Child?
There are various different ways that you can transfer property to someone else, either while you are living, or after you pass away. To create an effective estate plan you should consult with an estate planning attorney, gain an understanding of all of your options, ask questions, and make informed decisions. If you buy into some easy answers that you hear people talking about around the water cooler, negative consequences could result. One of these notions is the idea that joint tenancy is a … [Read more...] about What If I Create a Joint Tenancy With My Child?
Does a Revocable Living Trust Protect Family Wealth?
People often harbor certain misconceptions about trusts. They paint with a broad brush without recognizing that there are a number of different types of trusts that serve different purposes. With this in mind, let's look at what a revocable living trust can and cannot accomplish. Revocable Living Trusts Revocable living trusts are very useful, but they have limitations. A primary reason why you may want to utilize a revocable living trust would be to facilitate the transfer of your assets … [Read more...] about Does a Revocable Living Trust Protect Family Wealth?
When Does a Power of Attorney Go Into Effect?
A power of attorney is a document that is used to give someone else the ability to make legally binding decisions on your behalf. The document is meant to serve your needs, and you can shape it to do just that. Incapacity Planning The type of power of attorney that is used for incapacity planning purposes is the durable power of attorney. This type of POA will remain active if you become incapacitated. When you have a durable power of attorney in place, your hand-picked representative will be … [Read more...] about When Does a Power of Attorney Go Into Effect?
What Is a POD Account in Charlotte North Carolina?
There are so-called "simple solutions" that some people buy into when it comes to estate planning. One of them involves the creation of something called a POD account. What Is a POD Account in Charlotte North Carolina? A POD account is a bank account or a brokerage account that has a beneficiary. The acronym POD stands for "payable on death." These accounts are alternately referred to as transfer on death accounts or TOD accounts. While you are alive, the beneficiary that you select does not … [Read more...] about What Is a POD Account in Charlotte North Carolina?
Special Needs Trust in Charlotte North Carolina: When Would I Need It?
There are different methods available to you when you are planning your estate when it comes to asset transfers in North Carolina. You should certainly explore your options in an intelligent and informed manner so you don't wind up doing more harm than good. With this in mind, let's look at when you might want to consider the creation of a special needs trust in Charlotte North Carolina. People With Disabilities & Government Benefits A lot of people have someone in the family with a … [Read more...] about Special Needs Trust in Charlotte North Carolina: When Would I Need It?
Will My Heirs Face Inheritance Taxes?
There are different types of taxes that can enter the picture when you are transferring assets. Many people have heard of the estate tax, and they assume that an inheritance tax and an estate tax are the same thing. In fact, these are two different types of transfer taxes. Estate Tax An estate tax is levied on the entirety of an estate before it is distributed among the heirs. There is a federal estate tax that is applicable in all 50 states. The maximum rate of the federal estate … [Read more...] about Will My Heirs Face Inheritance Taxes?
What Is the Annual Gift Tax Exclusion in Florence Kentucky?
There are taxes on gifts in the United States. Technically, you should be keeping track of your gift giving so that you can report taxable gifts to the Internal Revenue Service. The reason why most people don't bother doing this is because of the gift tax exclusions that exists. In this post we will look at the annual gift tax exclusion in Florence Kentucky and briefly touch upon the unified estate and gift tax exclusion for clarification purposes. Unified Gift & Estate Tax The federal gift … [Read more...] about What Is the Annual Gift Tax Exclusion in Florence Kentucky?
Incapacity Planning in Charlotte: What Is a Guardianship or Conservatorship?
Your first thoughts when the you think about the subject of estate planning are probably going to revolve around the transfer of monetary assets. This is certainly part of the process, but you should also consider contingencies that you may face during your twilight years. With this in mind, let's look at guardianship and conservatorship proceedings in Charlotte, North Carolina. Court-Appointed Representatives A guardian or conservator is someone who is appointed by a court to act on behalf of … [Read more...] about Incapacity Planning in Charlotte: What Is a Guardianship or Conservatorship?
