Posts filed under 'Estate Planning Strategies'
Tip! Meeting estate planning objectives. If an estate is going to be big enough to tax, a will is just the beginning.
In a nation consumed with wealth-building, it’s easy to forget that earning money is only half the financial security battle. Equally important is protecting our hard-won financial security with a well-designed estate plan. For women, the importance of planning is paramount, because most often women must cope when loved ones become disabled or die.
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Why Estate Planning (Estate planning documents) Is a Woman’s Issue
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January 28th, 2008
Tip! To avoid making mistakes, people need professional advice from a qualified attorney, trust officer, accountant or other financial advisors. Estate planning has helped countless numbers of people reduce their estate tax liabilities and prevent the needless loss of business and other assets.
Benjamin Franklin famously said, “In this world, nothing is certain but death and taxes.”
Unfortunately, you can’t avoid death. But a carefully-drafted estate plan can help avoid taxes, family conflicts and a lot of unnecessary heartache. The following provides a general overview of the estate planning process, and what to expect.
Why do I need an Estate Plan?
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Common estate planning strategies – Estate Planning Basics
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January 26th, 2008
Tip! Young people just starting out in life may think that estate planning is not a high priority. However, according to a leading expert in the field, it’s never too early to consider how vital this step is to prudent financial planning.
One of the biggest areas of dispute in estate planning is with second marriages. Here is a question I received. I’ve changed the facts around so that I am not giving specific legal advice.
Phil,
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Second Marriages – Estate Planning Concerns (Estate planning attorneys)
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January 20th, 2008
Tip! Even, if you learn that your estate is not likely to be subject to federal estate taxes, estate planning is a wise choice to be assured that your wishes are carried out just the way you want them after you are gone and that your wishes are carried out in a professional manner for all those involved.
According to Plan-My-Estate.com – With a Revocable Living Trust, you transfer the title of any of your assets (such as a house) from yourself as an individual, to yourself as Trustee of the Trust. Then you, as the Trustee of the Trust, manage the assets of the Trust for the benefit of the beneficiary, which is you. In this manner, you keep complete control over the assets. Once you pass on, a Successor Trustee takes over the management of the asssets for the benefit of the beneficiaries that you named in your Trust. Your assets do not have to pass through Probate because the assets are no longer titled in your name as an individual, but are now titled in the name of the trust. Upon your death, the Successor Trustee simply transfers your assets directly to your beneficiaries without the need for court or attorney’s fees or costs.
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Estate planning law – Estate Planning And The Revocable Living Trust
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January 14th, 2008
Tip! The good news is that there are ways to not only reduce your estate tax liability in the future, but to minimize income and capital gains taxes now. Estate planning can help uncover opportunities to preserve your legacy for loved ones, not the government.
Greek philosopher Heraclitus had remarked that
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January 13th, 2008
Tip! The good news is that there are ways to not only reduce your estate tax liability in the future, but to minimize income and capital gains taxes now. Estate planning can help uncover opportunities to preserve your legacy for loved ones, not the government.
You have diligently outlined what should become of your children in the event of your death or disability. You’ve planned your estate, appointed guardians and possibly even shared your estate plan with family members and trusted caretakers. But doesn’t something feel as if it’s missing? Perhaps you need to plan provisions for what should become of your pets once you are no longer able to care for them.
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Estate Planning and Your Pets (Covenant elder estate planning)
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January 4th, 2008
Tip! If you own real estate it is critical that you take care of it with carefully crafted estate planning early on. This can help you to anticipate economic changes without being hit with severe economic impacts later on.
The life estate is something every first year law student learns about when they study the arcane and often bizarre history of property law that harkens back to the days of English knights, lords and serfs, and the transfer of property through the ceremonial throwing of dirt clods with oaths of duty to accompany. The life estate is about as old as they come as instruments of wealth transfer go and students love it, because it is relatively easy to understand. Apart from what students love and what is easy to remember, however, the life estate still has practical value today in your estate planning and assets management schemes.
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Estate Planning – The Life Estate (What is estate planning)
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December 29th, 2007
Tip! It is very important to identify the real definition of the term ‘estate’ before someone can really perform estate planning. Estate means all the properties a person owns or has control of.
Wills and trusts have an interesting history in a culture as heavily influenced by British common law as our own. The bequests of wills have been the pole star around which a great deal of mystery fiction has been written where furtive and anxious relatives wait around a long imposing table to hear what is to become of the family fortune and thus; what is to become of them. As usual, fiction and the media give one side of what something has been or is, while the other side of the tale exists behind the scenes or on an obscure back page of a newspaper.
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Estate Planning – (Estate planning questionnaire) Capacity Challenges
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December 23rd, 2007
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