The federal estate tax can dramatically reduce the financial legacy that you are leaving behind to succeeding generations. As of this writing the top rate of the tax is 40%, and the exclusion is $5.25 million. What do you do if you have resources that exceed this $5.25 million exclusion amount? This is something that you're going to want to discuss with an experienced estate planning attorney who has a background assisting high net worth clients. There are various different courses of action … [Read more...] about The “Wait a While” Trust
If you were to come into a significant sum of money for a charitable cause that you are operating you would obviously be happy and grateful. This is how Susan Babbitt felt when she was informed of the fact that the animal shelter that she operates in Collinsville, Oklahoma had been bequeathed nearly $189,000. Babbitt was not aware of the donor, Mary Kay Thomas, having any relationship with the shelter in the past, but she was certainly pleased to see the influx of money. The no-kill shelter is … [Read more...] about Confusion Ultimately Benefits Oklahoma Animal Shelter
Estate planning can include contemplating your broader legacy. There are those who are very much committed to giving something back, and some choose to create private family foundations. We have all heard of some of the more famous ones that were started by people who have names that we all recognize. These would include the Ford Foundation, the Rockefeller Foundation, the Bill and Melinda Gates Foundation, and many others. When you think about the above families the word "rich" is … [Read more...] about Creation of Private Foundation Possible for Some
There are some advanced estate planning techniques that can be implemented to great benefit when certain circumstances exist. People who are looking for a way to give something to charity while enjoying an ongoing stream of income simultaneous to realizing tax benefits may want to consider funding a charitable remainder unitrust. The grantor of the trust is usually going to act as the non-charitable beneficiary because this beneficiary will be receiving annuity payments either annually or on a … [Read more...] about Advanced Estate Planning With Charitable Remainder Unitrusts
There are various reasons why people are interested in philanthropic efforts when they are engaged in the process of estate planning, and in many cases they intersect. Obviously it can make you feel good on a personal level to think that you are actually doing some good for others in a general sense and of course some individuals are passionate about a certain cause or institution for personal reasons. And truth be told, there can be tax advantages that go along with acts of charitable … [Read more...] about Interested In Charitable Giving?