The process of estate planning is not strictly about getting assets into the hands of your loved ones after you are gone. It is also very important to preserve your resources, because there are sources of legacy erosion looming that can have a significant negative impact on your legacy. Estate Taxes Generally speaking, inheritances are not subject to taxation unless the estate is particularly valuable. Inheritors are not required to pay regular income taxes on bequests, but estate taxes can … [Read more...] about Trusts Can Protect Assets in Different Ways
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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
