One of the main reasons why it is important to work with an attorney to devise your estate plan is because as a layperson, it is unlikely that you would understand all of your options. There are many different ways to proceed, and the optimal course of action will depend upon the circumstances. A major misconception that often enters the picture is the idea that trusts are only used by very wealthy people. The above statement could potentially be true, but you would have to remove the word … [Read more...] about Are There Different Types of Trusts?
If you have been successful from a financial standpoint, you are in a favorable position when you are crafting your legacy. On the other side of the ledger, you have to address looming forms of asset erosion. There are death taxes that can take a toll on your family, and they can be considerable. Why do we use the term “taxes” in the plural? There is a federal estate tax that can impact people all over the country. At the time of this writing, it carries a whopping 40 percent maximum … [Read more...] about 2019 Estate Tax Change Can Affect Albany Residents
In the field of estate planning, there are trusts that can be revoked, and others that cannot be dissolved. If you are thinking about the possibility of creating a trust, you would probably feel more comfortable if you knew that you could revoke it if you change your mind. This makes sense on the surface, but there are some very good reasons why an irrevocable trust would be the better choice under some circumstances. Incidents of Ownership To gain an understanding of this subject, you have to … [Read more...] about Why Would You Use an Irrevocable Trust?
There are many trusts, each with its own distinctions. Not only that, but it’s not uncommon for trusts to be called something entirely different, depending on which state you’re in. Is it any wonder, then, that many aren’t sure if a trust – however it’s defined – will serve their purposes? This week, we take a look at trusts of all kinds and each with the goal of helping you in all of your estate planning purposes. Our goal is to lift that confusion over the sheer volume of them and present … [Read more...] about Trusting Trusts in Estate Planning