Many people who are under the impression that a last will is the right asset transfer vehicle are surprised when they find out that they are mistaken. There are a number different trusts that can be preferable, and the right choice will depend upon the circumstances. One type of trust that is ideal for a large percentage of the clients we see is the revocable living trust. In this post, we will look at five reasons why you may want to use this legal device as the centerpiece of your estate … [Read more...] about Cover All Your Bases With a Living Trust
Estate Planning
Estate Planning Conference Discusses SECURE Act and More
The Heckerling conference, the largest conference for Estate Planning in the country, occurred last week in Orlando, FL. Many of the thought leaders in Estate Planning and Elder Law got together and discussed recent developments and new strategies. The SECURE Act was the biggest topic this time. Read on to learn more. … [Read more...] about Estate Planning Conference Discusses SECURE Act and More
Consider a Life Insurance Trust
Before we share some details about life insurance trusts, we have to provide the necessary background information about taxation and how it can impact your legacy. Here in the United States, we have a federal estate tax that can have a huge impact, because it carries a draconian 40% maximum rate. It is only a factor for wealthy people, because there is an $11.58 million exclusion. You can transfer this much tax-free before the estate tax would become applicable. The federal estate tax can … [Read more...] about Consider a Life Insurance Trust
Planning for the SECURE Act
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. The first article in this series examined the SECURE Act. This article examines some planning strategies for dealing with the SECURE Act. Read on to learn more. … [Read more...] about Planning for the SECURE Act
What Is a QDOT?
There are many acronyms used in the field of estate planning, and one of them is “QDOT.” It stands for a legal device called a qualified domestic trust. Before we look into the value of qualified domestic trusts, we should examine the federal estate tax, because this type of trust would be used by some people who are exposed to it. The estate tax can pose a significant threat to your financial legacy, because it carries a very hefty 40 percent maximum rate. Everyone does not pay the tax, … [Read more...] about What Is a QDOT?
Pet Planning Questions Answered
In this post we will provide an explanation of pet planning possibilities through the utilization of a hypothetical question and answer session. Can you leave money to a pet in a last will? Animals are not allowed to own property, so the answer is no, you cannot bequeath property to a pet in a last will. Is it possible to leave a pet to someone when you create a will? Absolutely, a pet is considered to be property and a will can be utilized to state your wishes regarding the transfer of your … [Read more...] about Pet Planning Questions Answered
Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This fourth article in the series looks at testamentary capacity. Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is the third part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This article looks at fraud. Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
How Will You Age in Place and Be Able to Die at Home?
More and more, Americans are choosing to be cared for and are dying in their own homes. If you wish to be cared for and die in your own home, it’s especially important to have a plan in place to facilitate that choice. Read on to learn more. How Will You Age in Place and Be Able to Die at Home? … [Read more...] about How Will You Age in Place and Be Able to Die at Home?
What Steps Can I Take to Preserve My Legacy?
People often put estate planning on the back burner, but when you start to seriously consider your own mortality, the matter can take on a very profound level of importance. Clearly, you want to take care of practical matters, but you also may take stock of your broader legacy. If you feel as though you would like to shape the way you are remembered, you could engage in a more complete form of estate planning called legacy planning. There are various different steps that you can take to … [Read more...] about What Steps Can I Take to Preserve My Legacy?
