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
According to a recent survey, most people without estate plans think that it is important, and they know they should take action. Many of them procrastinate because they don’t know how to proceed. With this in mind, let’s look at five questions you can consider to jumpstart your estate planning efforts. Are you concerned about the money management capabilities of your heirs? It can be disconcerting to leave a significant inheritance to someone that is inexperienced or irresponsible with … [Read more...] about Consider These Five Estate Planning Questions
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?
Most people do not have estate plans in place, and many of them are well aware of the fact that they should take action. The reason why they procrastinate is because they really do not know where to begin. With this in mind, we will provide a brief outline in this post so you can start to think about the structure of your plan if you have not done so already. Create an Inheritance List Clearly, some people have very straightforward inheritance planning intentions. For example, you and your … [Read more...] about Estate Planning: Where Do You Begin?
What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust. Read on to learn more. … [Read more...] about Dynasty Trusts
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?
Sometimes people use Joint Tenancy as an easy, simple way to do Estate Planning. However, this can have serious, unexpected drawbacks. Read on to learn more. … [Read more...] about Joint Tenancy Problems in Estate Planning
If you ask a sampling of people to explain what estate planning is all about, most of them would say that you draw up a will. Of course, you can use a will to express your final wishes, but there are some good reasons why you may want to consider utilizing a trust instead. We will look at five of them in this post. Special Needs Planning You have to consider benefit eligibility if you are going to be leaving an inheritance to a loved one with special needs. Many people with disabilities rely … [Read more...] about Five Reasons to Use a Trust
Before we address the subject that serves as the title of this post, we will provide some general information about living trusts. When you understand the benefits, you will see why a living trust may be the ideal centerpiece of your estate plan. Asset Consolidation for Streamlined Estate Administration When a will is used, the executor that is named in the document would be forced to identify and inventory the assets that comprise the estate. Since there is no consolidation of the assets, … [Read more...] about Do You Need a Will With Your Living Trust?
Runoff Elections in Georgia resulted in a Senate controlled by Democrats. Could this impact your Estate Planning? It’s possible. Read on to learn more. … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion