You can reduce the taxable value of your home by placing it into a qualified personal residence trust. There are different types of trusts that are used in the field of estate planning, and they satisfy varying objectives. Topics covered in this whitepaper include: Federatl Estate Tax Federal Gift Tax Qualified Personal Residence Trusts Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is a Qualified Personal Residence Trust in North Carolina?
What Is an ILIT?
In the field of estate planning the acronym ILIT stands for an irrevocable life insurance trust. This type of trust can be useful for those who are exposed to estate taxes. There is a federal estate tax that is applicable in all 50 states, and some states have state-level estate taxes. We have offices in Kentucky and North Carolina. These states do not impose state-level estate taxes. Federal Estate Tax Parameters Before we examine the value of an ILIT, we should provide some background … [Read more...] about What Is an ILIT?
Why Would I Want a Revocable Living Trust?
You may shy away from the notion of creating a trust because you do not consider yourself wealthy. It is true that certain types of trusts are used by high net worth individuals for tax savings and asset protection. However, trusts can also be useful for people of ordinary means. One of these is the revocable living trust. In this post we will look at the benefits that you gain when you create this type of trust. Probate Avoidance If you decide to use a last will to record your final wishes, … [Read more...] about Why Would I Want a Revocable Living Trust?
What Is a QTIP Trust?
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?
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?
Can You Contest a Trust in Ashland?
Most people have heard about will challenges, but many wonder if it is possible to contest a trust in Ashland Kentucky. Let's look at the answer to this question. Will Challenges Before we get into trusts, let's look at will challenges first. When you use a last will to arrange for the transfer of assets that were in your personal possession when you died, the executor must admit the will to probate. The way that the process is set up allows for will challenges. The probate court is charged … [Read more...] about Can You Contest a Trust in Ashland?
Trusts in Charlotte NC: Can a Trust Protect Family Wealth?
When you have been financially successful throughout your life, you need to measure your level of success as it compares to the amount the estate tax exclusion. In 2014, the federal estate tax credit or exclusion in North Carolina is $5.34 million. This is the amount that you can pass on to your heirs before the estate tax would become a factor. If you are exposed, you may wonder if a trust could protect your family wealth. Trusts in Charlotte NC Revocable and Irrevocable Trusts Some people … [Read more...] about Trusts in Charlotte NC: Can a Trust Protect Family Wealth?
Income, Security, & Savings With Alaska Trusts
Many individuals will choose to avoid probate through the use of a revocable living trust rather than a last will. Since you are placing personal assets into a trust you may think that you are removing these resources from your estate for tax purposes. You may also make the assumption that these resources are out of the reach of litigants or creditors. Unfortunately this is not true. Assets that you placed into a revocable living trust are indeed subject to attachment and they are considered a … [Read more...] about Income, Security, & Savings With Alaska Trusts
Is A Last Will Really The Simple Solution?
There is nothing wrong with looking for simple solutions. Why make things more complicated than they have to be? In fact, even in science and math it is widely accepted that the simplest solution is generally the most elegant and therefore the best one. With this in mind you may see the value in looking for simple solutions when you are planning your estate. This makes a lot of sense, and because the last will is the most commonly understood estate planning document, you may think that this is … [Read more...] about Is A Last Will Really The Simple Solution?
