With the largest spike in mortality in the United States in a century, following the onset of the pandemic, providing for one’s pets after death has become a growing topic of conversation for many animal lovers across the country.
Whether you are trying to protect your assets from possible creditors, prevent young heirs from spending their inheritance or minimize estate taxes, there is likely a trust for you.
Upstream basis planning is a trust strategy that can save wealthy people on their capital gains taxes and income taxes associated with highly appreciated assets.
What investment powers does a personal representative in a probate or a trustee in a trust administration have to manage the decedent’s assets?
Some people draft wills or trusts to ensure that the loved ones they will eventually leave behind own a piece of the properties the former will be leaving behind in case of their death.
Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
Many well-off pet owners have left millions of dollars to their cats, dogs and even chickens—perhaps most notoriously Leona Helmsley, who left US$12 million when she died in 2007 to her white Maltese dog Trouble.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
What happens if you are named an heir in an estate but you don’t want it? Does it go the person’s children if you reject the inheritance?
If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.