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
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
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
Choosing The Right Representatives
People who are planning for the future have a lot of important decisions to make, and if you are going to use a last will to transfer your assets one of these decisions will involve the selection of an executor or personal representative. Stating your wishes in writing is one thing, but there are hands-on tasks involved in carrying them out. This is the job of the executor. Some people think about the role of executor as someone who breaks the news to the family regarding the wishes of the … [Read more...] about Choosing The Right Representatives
Why You Shouldn’t Leave Your Assets to Your Spouse
The “I love you” will is NOT a good way to leave assets to your spouse. An “I love you” will is as simple will that provides all assets to go directly to the spouse. If the spouse is not then living, the assets go to the children. Why you shouldn’t leave your assets to your spouse: Outright assets often never reach children. Children are often unintentionally disinherited by their parent and intentionally disinherited by a step-parent. Instead, pass the assets to your surviving spouse in … [Read more...] about Why You Shouldn’t Leave Your Assets to Your Spouse
