When you decide that you are going to dig into the estate planning process in earnest, it can be hard to know where to begin. Of course, you are well aware of the fact that you must state your wishes in writing with regard to the distribution of your resources after you are gone. But how should you go about it, and is there anything else to consider? We fully understand this dynamic, and we will share a basic outline in this post to provide some clarity. Inventory Your Assets The first … [Read more...] about Things to Consider When You Are Planning Your Estate
Estate Planning
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...] about Nongrantor Trusts Can Be Very Useful in Certain Situations
Prevent Estate Disputes Among Siblings
When you are planning your estate, you are doing so with the knowledge that you will not be around to see how things unfold when the assets are being distributed. This being stated, you should certainly consider the consequences of your decisions. If your estate plan allows for uneven distributions among siblings, it can cause serious problems that damage relationships. Communication is key on this level. Some people find it difficult to discuss very sensitive topics, and this is … [Read more...] about Prevent Estate Disputes Among Siblings
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...] about Grantor Trusts Provide Flexibility and Ease
An Overview of the Trust Administration Process
A revocable living trust is a very versatile estate planning tool that can be a better choice than a last will. There are a number of reasons why a living trust will be preferable for most people, and we will look at them at another time. In this post, we will explain the anatomy of a living trust and provide a basic outline of the trust administration process. If you were to establish a revocable living trust, you would be called the grantor or settlor of the device. Some people that do not … [Read more...] about An Overview of the Trust Administration Process
Selecting an Agent
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent … [Read more...] about Selecting an Agent
Last Will vs. Living Trust: Weighing the Differences
Many people think that a last will is the only logical choice as an estate planning vehicle of asset transfer if you are not extremely wealthy. In reality, this is not the case at all. A last will could be the right choice for someone with a straightforward family dynamic and very little to pass along. However, most people that have enjoyed even a moderate level of success would be better served through the utilization of a revocable living trust. Last Will Problems and Limitations There are … [Read more...] about Last Will vs. Living Trust: Weighing the Differences
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...] about Turning the Page on 2018 and Looking Forward to 2019
Why Would I Use an Irrevocable Trust?
There are different types of trusts that are used in the field of estate planning. A living trust is a commonly utilized device that can be revoked or rescinded by the person that establishes the trust at any time. It can be comforting to know that you maintain control of the assets that you convey into a trust, but there are reasons why you may want to use a trust that cannot be revoked. We will look at some situations that would call for the creation of an irrevocable trust in this … [Read more...] about Why Would I Use an Irrevocable Trust?
Explore Estate Planning Options
A living trust is a very versatile, useful estate planning document that is actually the right choice for most people. Contrary to popular belief, a last will is not necessarily the simplest, most effective device for people that are not extraordinarily wealthy. The primary reason for this is the fact that a will must be admitted to probate. This is a costly and time-consuming process, and it is an open proceeding that allows the general public to find out the terms of the will. With a living … [Read more...] about Explore Estate Planning Options
