Although you may have heard a lot about living trusts, you may not fully understand what a living trust is. There are a number of different types of living trusts, but the two basic forms are the revocable trust and the irrevocable trust. With the revocable trust, you will still remain in control of the trust and can add assets to the trust, or remove them, as you see fit. The irrevocable trust usually provides more protection from creditors and taxes, but you do lose some control of the assets … [Read more...] about What is a Living Trust?
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The Evolution of our Unified Estate and Gift Tax System
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your goals. Read on to learn more. … [Read more...] about The Evolution of our Unified Estate and Gift Tax System
Your Estate Planning To Do List
We understand that your estate planning isn’t necessarily the most fun thing on your to do list; it likely ranks right up there with going to the dentist. However, there’s good news. While you need to go to the dentist twice a year, you only need to meet with your estate planning attorney every three to five years. However, have your estate plan reviewed sooner than the three to five year mark if you have major changes in your life such as health changes, the death of a spouse or trusted … [Read more...] about Your Estate Planning To Do List
Can Probate Be Avoided?
When you think about estate planning, the execution of a last will may come to mind. People often think that a last will can facilitate asset transfers very simply. In fact, this is not entirely true because of the existence of the process of probate. Estate Administration If you maintain direct personal possession of your property and direct its distribution through the terms of a last will, the executor or personal representative must admit the will to probate. In the state … [Read more...] about Can Probate Be Avoided?
Double Your Gifting with Spousal Gift-Splitting
As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. Read on to learn more. … [Read more...] about Double Your Gifting with Spousal Gift-Splitting
