Estate Planning

You have certainly heard of the legal device called a last will or last will and testament, and it is likely that you are also aware of the existence of trusts. Many people assume that all trusts are created equally, but in reality, different trusts serve very different purposes. Let's look at some of the details. Revocable Living Trusts A revocable living trust is a type of trust that can be useful if you want to facilitate timely asset transfers to your loved ones. The transfers would …

A power of attorney is a legal instrument that is used to name someone else to act on your behalf. Our firm is focused on estate planning and elder law matters. Within our realm of the law, durable powers of attorney are often utilized. You would use a durable power of attorney to name someone to act on your behalf in the event of your incapacitation. This could seem like an unnecessary step to take, but when you look at the facts, you see that incapacity is quite common among …

If you have not looked into the subject thoroughly, you may automatically assume you should use a last will as an estate planning device. Many people do go this route, but you should be aware of the fact that you have other options. A last will is not going to be the best choice in many instances. Let's look at some of the reasons why you may want to use a trust instead of a will. Probate Avoidance A last will must be admitted to probate. This is the legal process of estate …

If you have an individual retirement account (IRA), you may have every intention of using the assets in the account to fund your senior years. There is certainly nothing wrong with this, but if you are so inclined, you may be able to use your IRA for estate planning purposes. There are essentially two different types of individual retirement accounts that are widely utilized: traditional individual retirement accounts, and Roth IRAs. With a traditional IRA, you can start to take penalty …

A revocable living trust can be a very viable solution for a wide range of people who have enjoyed some modicum of financial success. You receive a number of different benefits when you utilize this type of trust as a vehicle of asset transfer. Efficient Control of Resources When you create a revocable living trust, you name a trustee and a beneficiary, or multiple beneficiaries. The trustee is the trust administrator, and the beneficiary is the individual who can receive monetary …

A lot of people procrastinate when it comes to estate planning. The notion is that you can draw up some documents when you get old and gray, so there is no hurry. In truth, there is a lot more to the equation if you want to be appropriately prepared as a mature, reasonably successful individual. This is a pretty vast subject, and there are many facets to it. However, in this blog post, we will limit ourselves to the subject of estate administration and the value of a corporate trustee. The …

Estate planning should be viewed as an ongoing process. The estate plan that you initially create is going to be based on the circumstances at that time. As the years pass, your own life situation can change, and relevant laws can change as well. Federal Estate Tax The federal estate tax carries a 40 percent maximum rate, so it can significantly reduce the value of your estate if you are exposed. In 2015, the federal estate tax exclusion is $5.43 million. This is the amount that can be …

The process of estate planning is something that is often overlooked by younger adults, but in reality, this is a mistake. Of course there is a clear-cut life expectancy. At the present time, the life expectancy is right around 78 years. However, this does not mean that you should wait until you are in your seventies to plan your estate. You never know what the future holds, and it is better to be safe than to be sorry. We all carry insurance even when we don't think that we will ever use …