One of the primary objectives of estate planning is to position assets in an optimal manner in an effort to avoid asset erosion. One of the most significant sources of asset erosion is the estate tax, so it is important to understand whether or not you are exposed to it so that you can take the necessary steps to mitigate that exposure if necessary. This is a little bit easier said than done because the estate tax parameters are always changing, so we would like to take a look at the present … [Read more...] about A Look At Current Estate Tax Parameters
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Incentive Trusts: A Nudge Toward Success
As you take stock of the different people that you will be leaving inheritances to you are likely to feel perfectly comfortable leaving a lump sum inheritance with no strings attached to some of your heirs. However, there may be others who have not yet made their mark in the world, and you may be concerned that leaving them too much too soon may do more harm than good. You may also have people on your list who have personal problems, or a history of poor money management. One option that you … [Read more...] about Incentive Trusts: A Nudge Toward Success
Estate Planning for Beginners: 3 Easy Ways to Leave a Legacy
During the estate planning process, you will realize that you can leave a legacy. It’s an incredible feeling to know that your existence on this planet made a difference. Here is a guide for estate planning beginners: 3 easy ways to leave a legacy. 1. Leaving a Legacy: Start with your own family If you love music, leave a fund to pay for your grandchild’s music lessons. Pass along a specific gift that represents your time with a loved one (i.e. the wood working tools you used to teach … [Read more...] about Estate Planning for Beginners: 3 Easy Ways to Leave a Legacy
Is a Revocable Living Trust for Me?
When creating your estate plan, you may consider utilizing a revocable living trust. While this important estate planning document has many benefits, there are also some reasons why you may not decide to use a revocable living trust in your own planning. Take a look at some of the information below to help you better decide. If you have any questions or if you’d like to create a revocable living trust, meet with an estate planning attorney. You may wish to create a revocable living trust … [Read more...] about Is a Revocable Living Trust for Me?
Inheritance Planning For Small Business Partners
One of the reasons why it is a good idea to work with an estate planning attorney when you are planning for the future is because of the fact that every situation is unique. There is no one way to go about it, and estate planning attorneys are cognizant of all of the different financial instruments, vehicles of asset transfer, and contractual strategies that exist. With this in mind, partners in small businesses are faced with specific challenges that others are not. Many people who are … [Read more...] about Inheritance Planning For Small Business Partners
Estate Planning for Beginners: 9 FAQ (part two)
Your estate planning attorney welcomes your questions. And while he is not trying to turn you into an estate planning expert, he knows that you will feel more comfortable with your estate plan if you have your questions answered. To this end, we are providing the answers to four frequently asked questions. Please see “Estate Planning for Beginners: 9 FAQ (part one) for the answers to more questions. 1. Why do I see so much about avoiding probate? If you’re like most people you like to … [Read more...] about Estate Planning for Beginners: 9 FAQ (part two)
GRAT Can Enable Tax-Efficient Giving
One of the things you have to be aware of when you are planning your estate is the threat of asset erosion due to the estate tax. Some people assume that they can simply give away their assets as gifts before they pass away to avoid the estate tax, but there is a gift tax in place with a rate that mirrors the estate tax. There is a $5 million gift tax exemption, but because the gift and the estate taxes are unified the exemption is unified. As a result, if you used your $5 million exemption … [Read more...] about GRAT Can Enable Tax-Efficient Giving
Estate Planning for Beginners: 9 FAQ (part one)
Your estate planning attorney welcomes your questions. And while he is not trying to turn you into an estate planning expert, he knows that you will feel more comfortable with your estate plan if you have your questions answered. To this end, we are providing the answers to five frequently asked questions. Please see “Estate Planning for Beginners: 9 FAQ (part two) for the answers to more questions. 1. What is probate? Probate the court process by which the court determines the validity … [Read more...] about Estate Planning for Beginners: 9 FAQ (part one)
The Similarities and Differences between Wills and Trusts
If you’ve been thinking about starting your estate plan, you may be trying to choose between the use of a will or trust. They share similarities and have differences as well. This guide will help you better understand each estate plan device. If you have additional questions about wills or trusts, speak with a qualified estate planning attorney. Wills and trusts allow you to choose how your assets are distributed to beneficiaries. Wills and trusts allow you to appoint a trusted helper who … [Read more...] about The Similarities and Differences between Wills and Trusts
What to Expect When Creating Your Estate Plan
When you’re beginning your estate plan, you may have questions about how the entire process will work. It’s important to note that estate planning is not something that can be done overnight. You will work alongside an estate planning attorney to create a plan that fits all of your estate planning needs. Take a look at the information below to learn what to expect during the creation of your estate plan. Before starting your planning, your attorney will give you several planning sheets that … [Read more...] about What to Expect When Creating Your Estate Plan
