When you fund property into a Revocable Living Trust, you transfer ownership of property from your name into the name of the trustee. Typically, you serve as the trustee while you’re alive, so that you control the property and retain all the benefits of property ownership. And because the trust is revocable, you can cancel the trust and transfer the property back into your individual name at any time. Under IRS rules, the only way you can avoid being taxed on the property in a trust is to … [Read more...] about How Does A Revocable Living Trust Affect Your Income Taxes?
Taxes
Is a Life Insurance Policy Considered Part of My Estate?
With so much buzz about the estate tax returning in 2011, many people are taking a closer look at just what constitutes the value of their estate. Some items are obvious – your home for example, your cars and your personal belongings, but what about life insurance? Is that considered part of your estate as well? The answer is yes and no. If the life insurance policy is “owned” by you, then yes, the proceeds of the policy will be included in calculating the value of your estate. If … [Read more...] about Is a Life Insurance Policy Considered Part of My Estate?
