TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.How Are Trusts Taxed? … [Read more...]
Basics of Estate Planning: IRAs
IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read this article to find out more. Basics of Estate Planning: IRAs … [Read more...]
Incentive Trusts Can Provide Guidance
It is a good feeling to recognize the fact that you will be able to provide significant financial resources to your loved ones after you pass away. However, coming into a large sum of money when you are not fully developed as a human being is not always a good thing.People who are in a position to bequeath life-changing amounts of money to their family members have had these concerns for generations. One solution is to make an heir the beneficiary of an incentive trust.As the name would … [Read more...]
Concerned About Money Handling Ability of an Heir?
The process of estate planning is a two-way street. On the one hand you as the individual doing the planning have to evaluate your assets, decide who is on your inheritance list, and make decisions regarding what everyone will be receiving.That's the side of the giver, but you also have to consider each recipient. There will probably be people on your inheritance list who are established and perfectly capable of handling any inheritances that they may receive. Giving someone who fits this … [Read more...]
Three Common Estate Planning Misconceptions
It is important to go forward with the benefit of accurate information when you are planning your estate. If you harbor misconceptions you may make errors of commission or omission that can negatively impact your family members.With the above in mind let's take a look at three of the most common estate planning misconceptions.1.) I am too young to worry about estate planning.This is a very commonly held notion, but in truth every self-supporting adult should have an estate plan in place. … [Read more...]
Estate Planning & Elder Law: Separate Facts From Fiction
One of the reasons why you would do well to get information from a licensed attorney is because there are some inaccurate notions floating around out there. You have to separate facts from fiction, and with this in mind we would like to look at two common estate planning and elder law mythsMyth #1: I don't really need an estate plan.This is patently false. There are innumerable reasons why virtually all responsible, self-supporting adults should have an estate plan in place.The probate … [Read more...]
Providing for Children After Remarriage
Sometimes you have to confront delicate subjects head-on, and with this in mind we would like to look at estate planning techniques for people with children who are getting remarried.It takes a lifetime to accumulate the assets that comprise your estate. In many cases it takes more than one lifetime because you may have inherited money from your own grandparents and/or parents by the time you make this decision to remarry.While you may be very much in love you probably accumulated these … [Read more...]
Elders Must Watch Their Money
Elder law attorneys help people plan ahead for the eventualities of aging and some of the challenges that seniors may face. One of these is possible exposure to elder financial abuse.This is a very complicated situation. When you think about financial abuse of elders you may picture a scam artist somehow fast talking a senior citizen out of money. This of course does take place, and it is part of the problem.However, studies are showing that a significant percentage of the elder abuse that … [Read more...]
Home Value Can Push Estate Into Taxable Territory
The federal estate tax carries a $5.25 million exclusion in 2013. It is important to understand that the value of your home or any other type of real property that you own will count toward this figure.There are those who would be within the estate tax exclusion amount if the taxable value of their homes could be reduced. And even if your resources were such that a reduction to the taxable value of your home would still result in some estate tax liability reducing its value for tax purposes … [Read more...]
