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, you … [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 benchmark … [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?
There are some assumptions made about trusts that are not entirely accurate, so you should certainly discuss the facts with a licensed estate planning attorney so that you can be appropriately prepared. One misconception that circulates is the idea that you are completely separating assets from your possession when you convey them into any type of trust. This can lead to the belief that assets in a trust would be protected if you were to become the target of a lawsuit. In fact, this is not … [Read more...] about Are Assets in a Trust Protected From Lawsuits?
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?