Tag: Trusts
A will may be cheaper than a trust now. However, that may not be the case in the long run. Many people decide on wills instead of trusts to save time and money. The problem with that thinking is that a will is more expensive overall than a trust, according to the Times Herald-Record in “Trusts […]
An estate planning attorney is the right person to answer this question. The key to determining what the best estate planning option is for you, is for you to decide. However, you may want some advice, according to Madison.com in “Is a Living Trust Right for You and Your Family?.” Trusts do have many benefits over […]
Considerable assets found hidden in New Zealand. Many foreign trusts have failed to register under the new trust laws of New Zealand and may have fled the country, according to the Wills, Trusts & Estates Prof Blog in “Trust the Kiwis.” New Zealand has had lax laws and allowed foreigners to have tax-free trusts with […]
The state was attempting to collect tax without consideration for residency. A tax court has decided that Minnesota’s trust taxation is unconstitutional, according to the Wills, Trusts & Estates Prof Blog in “Tax Refunds for Trusts With Minnesota Grantors? Minnesota Income Tax Statute Ruled Unconstitutional.” Minnesota’s income tax statute makes 100% of a trust’s assets […]
The uncertainty of tax reform can make it challenging to plan. The uncertainty of proposed tax reforms moving through the Congress makes the possibility of a spousal lifetime asset trust into an attractive option, according to Wealth Management in “SLATs Provide Flexible Plans for Many Clients.” Like any other trust, SLATs do not have to […]
If you leave them a large inheritance, can they handle it? The goal of determining the correct amount of an inheritance that will help your children, yet not hinder them in creating their own careers, is a challenge, according to the Wills, Trusts & Estates Prof Blog in “New Focus for Estate Planning.” The key […]
If you are considering an estate plan, you need to take a close look at a trust. Trusts are not always better than wills. However, there are at least five scenarios that put trusts out front, according to Wicked Local Norwood in “Five Ways in which a trust is better than a will.” Those reasons […]
It is easy and simple to treat your children equally in an estate plan, but that may not be fair. It can be a difficult task in estate planning to figure out how to divide an estate unequally but fairly between children, according to the Wills, Trusts & Estates Prof Blog in “Dividing Your Wealth […]
Daughter sues her mother for wasting $13 million of inheritance. A trust set up for a young girl was originally overseen by Citibank. However, in 2003 the mother took over the trust creating a battle in the future, according to the Daily Mail in “Daughter sues her ‘self-involved’ mother for ‘frittering away more than $13m of […]
You can create your own will. However, mistakes can turn out to be costly. There are hidden dangers in creating your own will, according to The New York Times in “Wills Can Avert Family Warfare, but Have Their Own Hidden Traps.” Most Americans do not have a will but a greater percentage of Americans have them […]
