Estate Planning

In the field of estate planning, there are many different documents that can be utilized. Sometimes people look for simple answers when it comes to priorities, but in reality, there is no one estate planning document that is going to be most important for everyone. It will all depend upon the circumstances, but there is a basic framework. Asset Transfers The facilitation of postmortem asset transfers is at the core of the estate planning process. Some type of asset transfer vehicle will … [Read more...] about What Is the Most Important Estate Planning Document?

If you have always thought that you should use a last will as the document that will serve as the centerpiece of your estate plan, you may want to look into the benefits that you could gain if you use a living trust instead. You do not necessarily have to be a millionaire to create this type of trust, and you do not lose control of the assets while you are living. A living trust is revocable, so you can dissolve the trust entirely if you ever want to do so and walk away with the assets in … [Read more...] about Should I Use a Corporate Trustee?

You pay many different taxes throughout your life. The assets that comprise your estate are the resources that you were able to hang onto after paying all of these taxes. It would be logical to assume that the event of your death should not be a taxable one. However, whether it is fair or not, there is an estate tax in place. This tax can have a very profound impact on the future of your family. The maximum rate of the federal estate tax is 40 percent, and this can significantly erode the … [Read more...] about How Much Can You Transfer Free of the Estate Tax?

If you have been particularly successful from a financial standpoint, you may be in a position to make things more comfortable for your loved ones now and into the future. However, accumulating wealth is not enough. You must also preserve your wealth, because the federal estate tax looms large as a source of asset erosion. This tax carries a 40 percent maximum rate, and this is an attention-getting figure. Without question, a 40 percent death tax on the taxable portion of your estate can take … [Read more...] about What Is the Estate Tax Marital Deduction?

When you look into the subject, you find that the majority of American adults are unprepared when it comes to estate planning. This is a perplexing phenomenon, because everyone is going to pass away, and estate planning is something that you do for the benefit of the people that you love the most. If you were to die without a will or trust, the condition of intestacy would be the result. There are certain types of property transfers that would take place organically if you did not have a will … [Read more...] about What Happens If I Die Without a Will or Trust in California?

Whether it is fair or not, there are taxes on large asset transfers in the United States. Those who speak of unfairness point out the fact that you are transferring assets that you have left after you paid taxes throughout your life, but apparently, the tax man sees things a different way. One tax on asset transfers is the generation-skipping transfer tax. This tax is potentially applicable on large asset transfers to family members who are more than one generation younger than you are. It can … [Read more...] about What Is the Generation-Skipping Transfer Tax?