A fiduciary is an individual, a business or even an association that holds property or power for another party with the legal duty and authority to make decisions regarding finances and other matters on their behalf. A fiduciary is expected to act with good faith and honesty and is normally chosen with the premise that they have either knowledge and/or expertise about the particular matters being handled. In the estate planning process, there are several types of fiduciaries that you will … [Read more...] about Four Types of Fiduciaries in Estate Planning
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What are Credit Shelter Trusts?
Credit shelter trusts are often used by married couples to maximize estate tax savings. By combining the unlimited marital deduction, in which a spouse can leave an unlimited amount of property tax free to the surviving spouse, with a trust containing the amount of property that can pass free of Federal estate taxes, a family can lighten the load of estate taxes. How does it work? A "credit shelter trust" of the amount of the Federal tax exemption, which is currently in a state of flux, in the … [Read more...] about What are Credit Shelter Trusts?
Five Items That do not Transfer by a Will
A will is a cornerstone of estate planning - it not only distributes your assets to named beneficiaries, but it also names an Executor to your estate and names a Guardian for minor children. But there are several items that do not transfer by will, and these include: 1. Joint Tenancy Property: Any property, such as real estate, that is co-owned in joint tenancy with rights of surviviorship is not transferred to a beneficiary within a will. Married couples often own their homes in joint … [Read more...] about Five Items That do not Transfer by a Will
Estate Planning Tips for Blended Families
At least one third of the children living in the U.S. are expected to live in a blended family before the age of 18, and that number is growing. With this in mind, estate planning for blended families faces a set of unique challenges, and makes working with an estate planning attorney all the more critical. Some of the tips and facts you may not be aware of when it comes to creating a will or planning an estate if you are a parent with stepchildren: 1. A stepchild has no inheritance … [Read more...] about Estate Planning Tips for Blended Families
Five Ways to Use Life Insurance in an Estate Plan
Life insurance is not only a means to provide for your family in the event of an untimely passing, but it can also be used to accomplish other goals within an estate plan. 1. Paying for funeral and estate expenses – A life insurance policy can be used to pay the costs of funeral expenses. There are several ways to accomplish this, including having a policy designated for these costs or making your estate the beneficiary of the policy. A life insurance policy can also be used to cover the … [Read more...] about Five Ways to Use Life Insurance in an Estate Plan
