One of the things about planning your estate that is profound on a personal level is the realization that a time will come when your loved ones will never again have a chance to come to you for assistance. So, your legacy is going to have to provide for them in times of need. Part of effective inheritance planning is to identify the needs and the proclivities of those will be receiving bequests from you so that you can transfer assets to your loved ones in an optimal manner. People that you … [Read more...] about What Is A Spendthrift Trust?
The Purpose of the Living Will
Whenever you delve into any financial or legal discipline you're going to run into many different terms, and when you are new to these areas some of them will seem foreign and confusing at first. Of course estate planning is this type of field because it involves the utilization of so many different types of financial instruments, and some of them are different forms of the same essential vehicle. But even if it is your first day exploring the realm of estate planning there is one term that you … [Read more...] about The Purpose of the Living Will
Charitable Remainder Trusts: Mutually Beneficial
There are those who have a tendency to identify the ills of our society and point fingers, exclaiming that "someone has to do something!" In many cases, you may be able to find that "somebody" looking back at you when you look into the mirror. No one individual can do it all, but we can all do our part. When you are planning your estate you will invariably travel the highway of introspection in your mind's eye and consider the totality of your legacy. This leads many people toward a desire to … [Read more...] about Charitable Remainder Trusts: Mutually Beneficial
Dependent Children & Estate Planning
People who have small children for the most part have not had the opportunity to accumulate a significant store of financial assets. When you think about this from an estate planning perspective it can be somewhat disconcerting because you have a combination of dependents with long term financial need and limited resources in reserve. Should both parents pass away together in an accident of some kind the children will need to be cared for personally and financially. On the personal side young … [Read more...] about Dependent Children & Estate Planning
Save Time & Money With Living Trusts
When you retain personal ownership of your property through the time of your death and use a will as your vehicle of transfer your estate is going to have to go through the process of probate. During this period the court will examine your will to determine its validity, and if it was to be contested the probate or surrogate court would be the venue. Any creditors who have claims against the estate must be notified and satisfied, and the assets in the estate must be inventoried and readied for … [Read more...] about Save Time & Money With Living Trusts
What is a QTIP?
Statistics vary on the subject and it is hard to find a hard and fast number but it would be safe to say that upward of 40% of marriages ultimately end in divorce, and it is estimated that about 75% of these people remarry and most of them form blended families. Estate planning can be a sensitive and somewhat complex matter even when the family dynamic is simple, but when you have a blended family it can become even more complex. When you are in love to the point of asking someone to marry you … [Read more...] about What is a QTIP?
Respond To The Estate Tax With A QPRT
There are those who are working with the idea that the estate tax only applies to the wealthy, and it would be fair to say that whether or not this is true depends upon your definition of wealthy. The estate tax exclusion in 2011 is going be $1 million, so any portion of your total estate that exceeds this amount is subject to a tax with a top rate of 55%. No, that is not a typo, the maximum rate of estate taxation in 2011 will be 55% Many would say you don't have to have been born with a … [Read more...] about Respond To The Estate Tax With A QPRT
Assuage Your Concerns With An Incentive Trust
You may find that there are seemingly countless details to concern yourself with when you are planning your estate as one thing keeps leading to another. When you get the numbers in line and position your assets optimally, you then have to consider the human element. After all, your heirs are all unique individuals and providing each of them with a proper inheritance may take more that simply placing a number next to their names. Leaving someone a large inheritance can have a number of … [Read more...] about Assuage Your Concerns With An Incentive Trust
State Your Wishes With Three Wills
There is so much to consider when you start to get serious about planning your estate it can be difficult to know exactly where to start. Taking the time to state your wishes through these three different types of wills is a good way to have all or most of your bases covered in one fell swoop. Ethical Will When you think about estate planning the distribution of your assets is probably going to be the first thing that comes to mind, but there is more to your legacy than that. The life lessons … [Read more...] about State Your Wishes With Three Wills
Drawing Up A Will On Your Own
When you are considering the question of whether or not it is advisable to draw up your own will, it is wise to draw some lines. There are some activities that can be engaged in at every level, from beginning to intermediate to advanced and everything in between. You start out at a very rudimentary level and build on the things that you learn, and people often learn best through initial failure. This is as it should be; incremental improvement through trial and error is part of the learning … [Read more...] about Drawing Up A Will On Your Own
