A living trust is a very effective estate planning device that is ideal for many people because of the across-the-board advantages. One of the benefits is the fact that you maintain control of the resources while you are alive and well, because you retain the right revocation and you can act as the trustee. On the other hand, since you retain incidents of ownership in this manner, the assets would be part of your estate for tax purposes, and they would be available to litigants if you are … [Read more...] about What Happens to Assets Not Included in Your Living Trust?
A lot of people that do not have estate plans fail to take action because they do not have a significant store of resources to pass along. If you are single and no one is depending on you, this is understandable, but there are reasons why everyone should have a plan in place. This being stated, if you are married, an income replacement vehicle is a must. The necessity is magnified if you have children, and life insurance can fit the bill. Term Life Insurance One of the two most commonly … [Read more...] about An Overview of Estate Planning With Life Insurance
You can take two different approaches to the estate planning process. There is a bare-bones, unemotional perspective that involves nothing more than expressing how you want your pie to be sliced and distributed. The other option is more comprehensive in nature, and it will take the feelings of your loved ones into consideration. A more holistic orientation will also give you the ability to attend to details with your own preferences in mind, and this can enter the picture when it comes to … [Read more...] about Share Final Arrangement Preferences in Your Estate Plan
Sometimes people overlook estate planning tools that can be very useful for them, because they harbor certain misconceptions. One of them is the notion that you lose control over assets that you convey into any type of trust. This is not the case when it comes to revocable living trusts. Ongoing Control If you convey assets into a revocable living trust, you do not lose control. The person creating the trust is referred to as the grantor, and the grantor will typically act as the trustee and … [Read more...] about Do You Still Control Property in a Living Trust?
A trust is an estate planning device that is often misunderstood. Many people are under the impression that you can never change a trust, and you lose control of the assets. This is not entirely true, and in this post, we will provide some clarity. Irrevocable Trusts There are some trusts that you cannot revoke once they have been established. Generally speaking, you would not be able to change the terms of this type of trust. The trustee is the administrator of a trust, and the person … [Read more...] about Can You Change a Trust?
Most people do not give the subject of estate planning much thought, so they go forward with some rudimentary ideas that are not entirely true. One of them is the notion that a trust is a document that is used by multimillionaires who have very complicated objectives. In reality, there are many types of trusts that serve diverse purposes. Yes, there are trusts that provide estate tax efficiency, and we can help you devise a plan if you have these concerns. At the same time, a different … [Read more...] about What Is a Testamentary Trust?
A little bit of good advice can go a long way when it comes to estate planning. With this in mind, we will share five very useful suggestions in this post. Don’t wait until you are a senior citizen. Estate planning preparedness studies that are conducted find that the vast majority of American adults do not have any estate planning documents in place. Obviously, most people do not pass away before their time, but why should you gamble with the well-being of your family? When you buy car … [Read more...] about Words to the Wise: Five Estate Planning Suggestions
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
If you are getting remarried as a parent, you have a lot of things on your plate on more levels than one. Inheritance planning may not be on the top of the list at first, but when the date gets closer, you should certainly make some decisions. In this post, we will provide four tips that can help you see the picture more clearly if you are in this position. A simple will is a risky choice. You may be tempted to let your fiancé know that you are changing your will to make them the sole … [Read more...] about Four Inheritance Planning Tips for Blended Families
There is an expression about a little bit of information being a dangerous thing, and this definitely applies to certain estate planning approaches. Some people hear bits and pieces, and they pass along ideas that sound good on the surface, but there are hidden dangers. Probate These notions often revolve around the concept of probate avoidance. Probate is a legal process that takes place under the supervision of a court. If you use a simple will to direct asset transfers after you are … [Read more...] about Beware of These Probate Avoidance Ideas