Some people are under the impression that all trusts are more or less the same. In reality, there are various different types of trusts, and they serve different purposes. A basic distinction between the types of trusts would be revocable trusts versus irrevocable trusts. On the surface, the difference between them is self-explanatory: You can revoke or dissolve a revocable living trust, and you cannot dissolve a trust that is irrevocable. Though the broad definition is self-evident, what … [Read more...] about Why You Need a Revocable Living Trust
Estate Planning
Wills and Trusts You Have Never Heard About
If you ask someone what a will is in an estate planning context, they are going to tell you that a last will is a document that you can use to state your final wishes. In the will, you name inheritors, and you arrange for your estate to be distributed among these inheritors in accordance with your wishes after you pass away. When it comes to trusts, you may have heard of the revocable living trust. This is the most commonly utilized type of trust, and it can be a good choice for a wide range … [Read more...] about Wills and Trusts You Have Never Heard About
Estate Planning in the Digital Age
You have to give a lot of thought to the estate administration process when you are engaged in your planning efforts. People often think of estate planning as an exercise in the creation of wills and trusts, but there is also a human element that enters the picture. Someone has to take action to bring your wishes to fruition. If you use a last will to state your final wishes, the estate administrator would be the executor or personal representative. When you create the document, you can … [Read more...] about Estate Planning in the Digital Age
Inheritance Law: Understanding the Importance
If you hear the term "inheritance law," the document called a last will may come to your mind. This is the most commonly used estate planning document, but the importance of inheritance law extends far beyond the ability to create a valid will. There are various different ways that you can facilitate asset transfers when you are planning your estate. You should certainly explore your options, because a last will is not going to be the ideal choice in many if not most cases. When a will is … [Read more...] about Inheritance Law: Understanding the Importance
Can You Give Large Tax-Free Gifts?
Financial success is the goal, and for the most part, it is very rewarding when you reach you accomplish your financial objectives. At the same time, there are some challenges that go along with wealth building. When you are planning your estate as a high net worth individual, you have to be aware of the potential imposition of the federal estate tax. This tax carries a 40 percent maximum rate, so your family can lose a significant amount of wealth if the estate tax is a factor for … [Read more...] about Can You Give Large Tax-Free Gifts?
Revocable Living Trust Checklist
One of the most important things to understand about estate planning is the fact that you have options. Even if you are not extremely wealthy, a last will may not be the best choice for you. There are different types of trusts that can provide various respective benefits. A trust that can be ideal for a wide range of people is the revocable living trust. You can take a look at this checklist to find out some of the steps that you would take if you decide to utilize a living trust. 1.) … [Read more...] about Revocable Living Trust Checklist
Do You Need a Power of Attorney If You Have a Living Trust?
A living trust is a versatile estate planning device that many people decide to utilize when they understand the hassles and limitations that go along with the creation of a last will. What are these drawbacks? For one, a will must be admitted to probate. This is a legal process, and the heirs to the estate do not receive their inheritances while the estate is being probated by the court. Depending on the circumstances, this can be a long wait. Some cases take longer, but a best case … [Read more...] about Do You Need a Power of Attorney If You Have a Living Trust?
Trust Attorneys Can Reduce Family Stress
As estate planning attorneys, a new client will sometimes come to us looking for solutions. In these cases, a loved one passed away, and a very difficult situation was left behind. The surviving family members are wondering if anything can be done to control the damage. In some cases, there are certain things that can be done, but it will depend upon the circumstances. Of course, with anything, if you take the right steps in advance you can prevent future problems. Trust attorneys help … [Read more...] about Trust Attorneys Can Reduce Family Stress
Wills and Trusts: A Primer
Wills and trusts are legal documents that are widely used in the field of estate planning. There are different types of wills and trusts, and there are intricacies that many people do not understand. In an effort to provide clarity, we will take a look at some of the basics in this blog post. Last Wills First, let's look at wills. There are different types of wills, but the will that most people have heard of is the last will or last will and testament. This document can be used to direct … [Read more...] about Wills and Trusts: A Primer
Indiana Does Not Have an Inheritance Tax Anymore
People sometimes hear bits and pieces about estate planning topics, and they go forward with certain misconceptions. We endeavor to clear up some of these misunderstandings from time to time, and we will address one of them in this blog post. Death Taxes Taxes can come into play after someone passes away when assets are being transferred. There are federal taxes, and there are also a state-level taxes. While there is no tax that is formally called a "death tax," this term is often used to … [Read more...] about Indiana Does Not Have an Inheritance Tax Anymore
