Estate Planning

The federal estate tax is a looming threat for people who have been able to accumulate significant wealth. If you are exposed to the estate tax, a qualified personal residence trust could help you gain estate tax efficiency. Before we provide an explanation, we should look at the federal transfer tax parameters so that you can determine the extent of your liability. Federal Estate Tax There is a federal estate tax credit or exclusion. This is the amount that you can transfer to others … [Read more...] about The Federal Estate Tax: Take Steps to Reduce Your Exposure

Before we explain the value of planning ahead with trust administration in mind, we should provide some background information so that you understand why you may want to use a trust when you are planning your estate. There are numerous different types of trusts used in the field of estate planning, and they provide varied advantages. Let's look at the facts. Estate Tax Efficiency The federal estate tax is a very big factor for people who have been able to accumulate a great deal of wealth. … [Read more...] about Address Trust Administration at Point Zero

You should gain an understanding of the estate administration process when you are devising your estate plan. There are certain tasks that must be completed to bring your final wishes to fruition, so there is a human element that is an important part of the equation. If you are like most people, you want your heirs to receive their inheritances in a timely manner after you are gone. Though a last will can seem like the simplest and most efficient asset transfer device to utilize, there is a … [Read more...] about The Revocable Living Trust: Versatile, Efficient and Effective

People often have misconceptions about living trusts. When you speak with a living trust attorney, you can come away with a clear picture. In this post, we will share some basic information a living trust attorney would provide for a typical client, with an emphasis on asset protection. Protecting Resources A revocable living trust is a very versatile and useful estate planning tool. Contrary to popular belief, you don't have to be enormously wealthy to benefit from a revocable living … [Read more...] about A Living Trust Attorney Can Provide Answers

If you sit down to discuss your family dynamic, your objectives, and your financial situation with a living trust attorney, you may decide that this type of trust is the ideal estate planning tool for you. To gain an understanding of the value of living trusts, let's look at a hypothetical conversation with a living trust attorney. Client:  I have been successful financially, but I'm not a multimillionaire. A last will would be the right choice for someone like me, right? I've always been under … [Read more...] about A Compelling Conversation With a Living Trust Attorney

Before we get into the specific topic of living trust termination, we should explain some things about living trusts in general. The first thing that you should know is that a living trust is a versatile legal document that can be effective for people who are in many different situations. You do not have to be very wealthy to realize the benefits. A living trust is a revocable trust, so you would have the power of revocation if you establish this type of trust. If you ever choose to do so, … [Read more...] about When Does a Living Trust End or Terminate?

Estate planning is not a one-size-fits-all, cookie-cutter affair. There is no one estate plan that is going to be suitable for every family, because each situation is unique. The best way for one family to proceed may not be appropriate for the next. This is why it is important to work with an estate planning attorney who will provide you with personalized attention. When you feel comfortable working with an attorney who understands your situation thoroughly, you can ultimately craft a … [Read more...] about LGBTQ Estate Planning: The Current State of Affairs

People sometimes assume that everything will just fall into place naturally if you pass away without any estate planning documents, especially if you are married. In fact, this is a misguided assumption. Many negative consequences can come about if you do not take the time to construct a personalized estate plan that ideally suits your needs. The Condition of Intestacy If you were to die without an estate plan, the condition of intestacy would be the result. This would be true if you are … [Read more...] about What Happens If I’m Single When I Die?

The federal estate tax is not applicable on all postmortem asset transfers. One type of transfer that is not subject to taxation is a transfer between citizen spouses. If you are legally married in the eyes of the law, you can use the unlimited marital deduction to transfer any amount of property to your spouse free of the death tax. There is also a federal estate tax exclusion that allows you to transfer a certain amount to others before the estate tax would kick in. Since 2011, the … [Read more...] about Estate Tax Exclusion Will Rise Slightly in 2016

There are numerous different ways that assets can be transferred after someone passes away. Some of them are more effective than others, and you have to be careful when you are making choices so that you do not make mistakes that yield unintended negative consequences. With this in mind, we will look at joint tenancy with right of survivorship in this blog post. Co-Ownership of Property The term "joint tenancy" can sound like something that is complicated, but in reality, it is a simple … [Read more...] about Is Joint Tenancy a Good Estate Planning Solution?