For larger estates, a revocable trust is generally the most effective tool for avoiding probate. It involves some setup costs. However, it allows you to manage the disposition of all of your wealth in one document, while retaining control and reserving the right to modify your plan.
Even though it is critical for your assets, family and legacy, estate planning tends to fall to the bottom of people’s to-do lists. What new parent wants to draft a will, while finalizing a nursery paint color?
There is a general understanding that every adult should have a last will and testament. However, for most people, exactly how that will is used remains a mystery.
If you have a mortgage, you might worry about what that means for your heirs and loved ones. Will they be able to keep your home, and who will be responsible for paying for it?
Right now, gifts to trusts can take advantage of high tax exemptions and remove future appreciation of assets from taxable estates. One example available to spouses is making a gift to a trust that allows for a qualified terminable interest property (QTIP) election.
Due to the debilitating nature of Alzheimer’s and related forms of dementia on your loved one’s ability to make sound financial decisions, the sooner you can get financial matters in order the better.
How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?
When you hear the word trust fund, you might think of the uber-wealthy giving their kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich.
As if losing a loved one weren’t hard enough, you might also have to add ‘death tax’ on the property that you receive from the estate—depending on where you live—in addition to all the other costs of death.
The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.