Before we get into the subject of trust administration, we will share some information about the value of revocable living trusts. First, it is important to understand the fact that this type of trust can be the best choice even if you are not extremely wealthy. Secondly, since the trust is in fact revocable, you don’t have to worry about surrendering control of the assets that you convey into it. You could act as the trustee and the beneficiary throughout your life, so you would control the … [Read more...] about Things to Know About Living Trust Administration
Estate Planning
Life Insurance Can Provide Planning Solutions
There are some estate planning situations that can be addressed through the purchase of life insurance. In a broader sense, life insurance coverage can serve many different underlying purposes, but we will look at three specific uses in this post. Estate Planning for Young Adults The vast majority of Americans are going through life without any estate planning documents at all, and people that are under the age of 50 are the biggest culprits. Obviously, the overall life expectancy is close to 80 … [Read more...] about Life Insurance Can Provide Planning Solutions
Estate Planning: Avoid Coronavirus Procrastination
The coronavirus pandemic has brought life as we know to a standstill in many ways, so it is easy to put certain responsibilities on the back burner. Though this is absolutely understandable under the circumstances, an estate plan is a must during these uncertain times. It is important to state your wishes with regard to monetary asset transfers, but that is only part of the equation. A well-constructed estate plan will also addressed medical related issues that can arise at a time when you are … [Read more...] about Estate Planning: Avoid Coronavirus Procrastination
Are All Asset Transfers Subject to Probate?
Probate is a legal process that an estate must pass through under certain circumstances. When a will is used as the asset transfer vehicle, it would be admitted to probate, and the court would supervise the administration process. The same thing is true with someone passes away without any estate planning documents at all. When this happens, the court would appoint a personal representative to act as the administrator. It is possible to proactively implement a probate avoidance strategy, and … [Read more...] about Are All Asset Transfers Subject to Probate?
Planning Technique for People With Special Needs
If you are going to leave an inheritance to someone with a disability, you would do well to discuss the situation with our attorney. We have a great deal of expertise in this area, and we would be more than glad to gain an understanding of your situation and advise you appropriately. Legal counsel is extremely important under these circumstances, because a great deal can be lost if mistakes are made. What are these potential losses? One of them would be a forfeiture of health care … [Read more...] about Planning Technique for People With Special Needs
Estate Planning for Single Parents
When you are a single parent, you must take action to put an estate plan in place. There is absolutely no way that you can responsibly go through life without making provisions for the well-being of your children if you were to pass away. This is true regardless of your age. Of course, we all expect to watch our children become adults in their own right, but there are no guarantees. Individuals pass away in accidents and due to sudden catastrophic health conditions each and every day. As sad … [Read more...] about Estate Planning for Single Parents
When Should You Accept Retirement Benefits?
The Social Security program is extremely important to a significant percentage of American senior citizens. However, you should certainly recognize the limitations, because benefits are often quite modest. At the same time, the income will help. You may hear that you could start to collect a monthly Social Security benefit when you are 62 years of age. This is true, assuming you paid into the program sufficiently during your working career. The FICA or self-employment taxes that you pay go … [Read more...] about When Should You Accept Retirement Benefits?
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read on to learn more. Best Places to Retire: State Taxation … [Read more...] about Best Places to Retire: State Taxation
Digging Into the Estate Planning Toolkit
There are many different tools in the estate planning toolkit, so there is an ideal solution for every situation that can arise. With this in mind, multiple different types of trusts can be established to satisfy advanced estate planning goals. We will look at two of them here, and we will elaborate with a second installment in the near future. Medicaid Trusts A lot of people go through life assuming that the Medicaid program will never be relevant to them. They have health insurance … [Read more...] about Digging Into the Estate Planning Toolkit
Joint Tenancy Pros and Cons
Joint tenancy is a commonly used form of ownership between two or more people. It can be an easy solution. However, it can have drawbacks. Read on to learn more. Joint Tenancy Pros and Cons … [Read more...] about Joint Tenancy Pros and Cons
