Some people think that you surrender complete control of assets that you place into any type of trust. They go forward with this assumption, and as a result they ignore the possibility of creating a trust. Do you lose control of assets that you place into a trust? This is going to depend on the type of trust that you are utilizing. Let's look at revocable living trusts. Incidents of Ownership Revocable living trusts are commonly used by people who want to avoid … [Read more...] about Do I Lose Control of Property I Place Into a Living Trust?
Wills and Trusts
Why Would I Need a Pour-Over Will?
You may want to consider the use of a revocable living trust to serve as a vehicle of asset transfer instead of a last will. Let's look at some of the reasons why this may be a better choice. Trust vs. Will When you state your wishes regarding the transfer of personally owned property through the terms of a last will, the heirs to the estate don't receive their inheritances right away. The will must be admitted to probate first. The estate must be probated before the inheritances will be … [Read more...] about Why Would I Need a Pour-Over Will?
Estate Planning FAQ: What Happens If I'm Single When I Die?
People tend to take estate planning more seriously when they have a number of loved ones depending on them. This may be human nature, but estate planning is important for single people as well as married individuals and those with children. If you do not have an estate plan in place you will die intestate, and this can yield some negative results. Condition of Intestacy If you die without executing the appropriate estate planning documents as a single person the condition of … [Read more...] about Estate Planning FAQ: What Happens If I'm Single When I Die?
How Long Does the Probate Process Take?
If you want your loved ones to receive their inheritances in a timely manner, you should be aware of the process of probate. The executor that you choose must admit your last will to probate if you do in fact use a will to record your final wishes. Probate is a legal process, and it takes place under the supervision of a court. The process of probate takes time. The exact length of time will vary depending on the circumstances. State laws allow creditors a certain amount of … [Read more...] about How Long Does the Probate Process Take?
February Living Trust Seminars Scheduled
The last will is the most commonly executed estate planning document. It may be natural to assume that a last will is going to facilitate a very simple and direct transfer of assets to the heirs. There are even websites on the Internet that will sell you do-it-yourself last will downloads. You fill in the blanks and go forward with the assumption that everything will go smoothly after you pass away. As they say, a little bit of information is a dangerous thing. There is nothing inherently … [Read more...] about February Living Trust Seminars Scheduled
What Is a Qualified Personal Residence Trust?
When you are planning your estate as a person who has been financially successful you should be well aware of the looming specter of the federal estate tax. This death levy carries a 40 percent maximum rate. The amount of the exclusion in 2014 is $5.34 million. The exclusion or credit is the amount that you can transfer free of taxation. If you intend to transfer more than $5.34 million to your heirs you should consider tax efficiency strategies. When you are calculating the overall … [Read more...] about What Is a Qualified Personal Residence Trust?
Consider Estate Plan Review in 2014
Many people procrastinate before they put an initial estate plan in place. Once they do take action, they put the documents in a lock box somewhere and forget about them. Inertia sets in, and that pattern of procrastination resumes. Estate planning should actually be viewed as an ongoing, dynamic process. Estate planning is a form of financial planning. It is an extension of the financial planning that you have done throughout your life. When you are managing your … [Read more...] about Consider Estate Plan Review in 2014
What Is a Supplemental Needs Trust in Indianapolis?
The ideal way to arrange for the transfer of monetary assets to your loved ones after you die will vary on a case-by-case basis. This is one of the reasons why you should discuss everything in detail with a licensed Indianapolis estate planning attorney before you make any decisions. When it comes to someone with a disability, you have to consider the matter of government benefit eligibility. In Indianapolis, many people with disabilities rely on Medicaid. Medicaid is a … [Read more...] about What Is a Supplemental Needs Trust in Indianapolis?
Does Probate Present Any Difficulties?
The process of probate is something to consider when you are planning your estate. To understand probate, look at your estate as a business entity of sorts. There are various different parties that have an interest in this entity. Probate gives these parties the opportunity to conduct business with the estate. When you think about parties that have an interest in an estate, the heirs to the estate are certainly going to come to mind. However, they are not the only … [Read more...] about Does Probate Present Any Difficulties?
What Is an Estate Executor?
Planning for the inevitable involves the execution of legally binding documents. Most people use a last will to state their final wishes. However, you should also consider the human element. Someone has to gain an understanding of these written wishes and implement a plan of action. This individual is the estate executor. Probate Process The executor of an estate has a lot of real-world tasks to complete. One of them will be the admittance of the will to … [Read more...] about What Is an Estate Executor?
