The legal device known as the revocable living trust can provide many different estate planning advantages. In this post we will provide an explanation so that you understand why you may want to consider the creation of a living trust. Incapacity Planning Many people become incapacitated late in their lives. Alzheimer's disease is a leading cause of incapacity, but it is not the only cause. Once you reach your eighties, you may well become unable to make sound decisions on your own. If …
Estate Planning FAQs: Is There More Than One Type of Will?
There are many different legal devices used in the field of estate planning. The most common estate planning tool is the last will or last will and testament. In the past, the will was used to transfer real property, and the testament was used to transfer personal property. During the current era, a last will is typically used to transfer both types of property. A last will can be a suitable choice for some people, but there are other vehicles of asset transfer that you should take into …
What Is a Totten Trust?
Estate planning involves the facilitation of asset transfers. You take steps to make sure that your loved ones receive their inheritances after you pass away. There are a number of different ways to accomplish this objective, and you should explore all of your options so that you make the optimal choices. There is no one-size-fits-all estate plan. The best way to transfer assets is going to vary on a case-by-case basis. We like to educate people about the various different ways that …
What Is the Most Important Estate Planning Document?
The process of estate planning should be viewed in a comprehensive light. It is important to see the big picture, and you should make sure that your estate plan is custom crafted to suit your individual needs. There is no universal one-size-fits-all estate plan, because different people have different objectives. In this post we will look at estate planning documents in general and provide some explanations. Transferring Assets While there is no one estate planning document that is …
How Is Property Distributed If There Is No Last Will?
If you did not have a last will or any other estate planning documents expressing your wishes regarding asset transfers, what would happen to your property? This is a good question, and the answer is a multifaceted one. Basically, it all depends on the circumstances. Property that is in your direct, sole personal possession at the time of your death would be subject to the probate process. The condition that results from a total lack of planning is called intestacy. The probate court would …
Can I Be Held Responsible for a Parent’s Nursing Home Bills?
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What Is the Uniform Probate Code?
The probate process is something that a lot of people overlook when they are engaged in their estate planning efforts. You may assume that the heirs to your estate will receive their inheritances right after you pass away, but this may not be the case because of the process of probate. Estate Administration There is an estate administration process that must run its course before the heirs can receive their inheritances unless you take steps to avoid probate. Most people assume that a last …
Educate Yourself During National Estate Planning Awareness Week
We would like to draw your attention to the fact that the week of October 20th through the 26th is National Estate Planning Awareness Week. This week is very important, because most people in the United States are unprepared for something that is definitely going to happen. There are various different reasons why so many individuals are unprepared. A lack of understanding is one of the primary causes. Too many people simply don't understand why estate planning is important, and this is why …
Is There a National Organization of Elder Law Attorneys?
The field of estate planning is intimately intertwined with the elder law niche. You want to make sure that you facilitate effective postmortem asset transfers, but you should simultaneously prepare yourself for the eventualities of aging. Right now, the elder law field is very important, because the baby boomers are getting older. There are some 10,000 people applying for Social Security every day. An unprecedented number of people are attaining senior citizen status at the same time, so …
What Is a Qualified Personal Residence Trust?
A qualified personal residence trust can be useful when you are exposed to federal transfer taxes. There is a federal estate tax, and there is also a federal gift tax. These taxes are said to be unified by the Internal Revenue Service. Unification of Gift and Estate Tax When the estate tax was first enacted in 1916, there was no federal gift tax. As a result, people could just give gifts while they were living to avoid the estate tax. To close this loophole, a gift tax was put into place …
What Is the Generation-Skipping Transfer Tax?
You have to be concerned about preserving your wealth if you have been financially successful throughout your life. There is a federal estate tax that carries a hefty rate, and it can significantly erode the wealth that you are passing along to your loved ones. In 2014, the maximum rate of this tax is a robust 40 percent, so we are talking about a rather large bite. This is not the only federal transfer tax. If it was, you could give gifts while you are living to avoid the estate tax. To …
Estate Planning for Small Business Partners
There is no one size fits all estate plan, because everyone is in a different situation. It is not always as simple as drawing up a last will splitting up a pie that is going to be easily divisible. For example, if you are a small business partner, you will naturally have a number of concerns that company employees will not have to address. As a small business partner you must decide what will happen to your share of the business after you pass away. You may want to spread the value of …
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