Tag: Revocable Living Trust
“What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.” The Covid-19 pandemic has brought estate planning front and center to many people who would otherwise dismiss it as something they would […]
“This type of trust can be established to benefit your spouse, children, grandchildren and other descendants. However, it may be more appropriate in some situations than others. Getting to know the details of what an IDGT is and how it works can help you decide if it makes sense for you.” Using trusts as part […]
“It’s never too early to start working on how your things will be handled, once you pass away.” Estate planning is an all-encompassing term that refers to the entire process of gathering and organizing assets and making preparations for when you die, including caring for minor children and heirs. It also includes putting protections into […]
“Certain types of trusts, however, may only be used in very specific situations and a constructive trust is one of them.” Trusts are useful in estate planning to avoid probate or minimize estate taxes. A commonly used trust is a revocable trust, often used to pass on assets to beneficiaries and keep them outside of […]
“In other words, family members who are not named to inherit anything in the will may still see the list of all of the assets. If you don’t want that result, you can avoid it by establishing a trust.” Privacy is just one of the benefits of having a trust created as part of an […]
“Every adult should have a will in order to determine property distribution after death. However, a will is limited in what it can do. Too often, a will cannot accomplish what you need or even expect it to do.” A last will and testament is an important part of an estate plan, and every adult […]
Planning ahead can make the problem easier to handle. When parents have passed away, there are many challenges that heirs could face, including the condition of the home to the pain of selling the family homestead, according to The Washington Post in “With proper planning, selling a parent’s house can be a relatively painless process“. […]
If you decide on a trust, which one is best? The question of whether you need a trust or not in your estate plan is best answered after a discussion with an estate planning attorney. However, here is some preliminary guidance from U.S. News & World Report in “8 Things to Know About Trusts“. Revocable […]
Titling assets through joint tenancy works well, until it doesn’t. Going without an estate plan and relying on titling assets through joint tenancy to a surviving spouse can be a workable plan but then again, it can become a nightmare, according to the Santa Cruz Sentinel in “After husband’s death, wife needs to create revocable […]
Tax liabilities can lead to a severe financial misstep. If you are likely to inherit the family farm, it would be wise to pay especially close attention to your estate planning attorney and CPA, according to Capital Press in “The family farm is coming to you: What’s next?“. If you receive the property as a […]
