There are numerous different specific types of trusts that are used in the field of estate planning. You have the opportunity to “use the right tool for the right job” as it were, because you have options. From a very general perspective, there are two general classes of trust, and there are different variations that sit under these designations. These two classes would be irrevocable trusts, and revocable trusts. First, let's look at revocable living trusts. Creating a Trust That Is … [Read more...] about Are You Thinking About Creating a Trust?
Estate planning is an area of the law that the average person knows very little about; yet, estate planning is also something that is very important to the average person. Not surprisingly, this disconnect creates problems. Surveys tell us that despite understanding the importance of having an estate plan in place, over half of all Americans do not have one. One of the most common reasons people give for not yet sitting down and creating an estate plan is the simple fact that the concept of … [Read more...] about Los Angeles Estate Planning Attorney Answers 5 Common Questions
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
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
For many people, life insurance plays an important role in their estate plan. In fact, life insurance often serves several roles in a comprehensive estate plan. Each year, National Life Insurance Month is celebrated in September in the United States, making now an opportune time for you to review your life insurance needs and update your current estate plan. Taking the Mystery Out of Life Insurance Options A life insurance policy can help to accomplish a number of different goals within your … [Read more...] about September Is National Life Insurance Month — A Great Time to Update Your Estate Plan
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
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
For an estate plan to work as planned, it must be well thought out and encompass much more than simply deciding what will happen to your estate assets when you are gone. The most amazingly well drafted estate plan will fail, however, if that plan is not reviewed and updated on a regular basis and upon the occurrence of certain special events. One factor that should call for a review of your estate plan, but that people rarely realize is important, is gentrification. At this point you may be … [Read more...] about How Does Gentrification Affect Your Estate Plan?
Comprehensive estate planning requires you to do much more than simply decide who will receive your estate assets when you are gone. If you have a moderate to large estate, one of the most important additional goals of your estate plan should be tax avoidance. If you fail to plan for the impact of federal gift and estate taxes, for example, your estate could lose up to 40 percent of its value to Uncle Sam. The need to incorporate tax avoidance techniques into your estate plan is particularly … [Read more...] about When Is a Qualified Domestic Trust the Solution?
Creating a comprehensive estate plan is vital for everyone, without regard to the size or value of your estate. Although woman tend to be less likely to be involved in estate planning, there are reasons why having a plan in place is actually more important for women. At the top of the list of those reasons is the strong likelihood that a woman will outlive her husband by several years. Without a well thought out estate plan in place, this can cause financial havoc at best and financial … [Read more...] about Estate Planning for Women — Planning to Outlive Your Spouse