Posted in Estate Planning, Trusts, Wills on Dec 12th, 2011
I offer clients the opportunity to sit down with me and review their estate plans at least once each year. However, this doesn’t mean you should wait until your next review if your circumstances change. This Estate Planning Checklist identifies events that could make a significant impact on your estate. If any of these events [...]
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Posted in Estate Planning on Mar 29th, 2010
MYTH: Estate planning is only for the wealthy. FACT: This is one of the most common estate planning myths. There are many other factors or objectives other than wealth that you should consider. For example, if you desire to do any one of the following, then you need a comprehensive estate plan: (1) providing for [...]
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Posted in Estate Planning on Mar 8th, 2010
Many people believe that estate plans are only for the wealthy and well-to-do. This is another common estate planning myth. More than 60% of all Americans die without an estate plan, leaving their state’s intestacy laws to determine who will inherit their property. Intestacy laws may also determine who will act as guardian of your [...]
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Posted in Estate Planning on Mar 1st, 2010
Many people believe (or are told) that a Revocable Living Trust can reduce estate taxes. This is a very common estate planning myth. A Revocable Living Trust does not reduce your estate taxes. The main purpose of a Revocable Living Trust is to avoid probate, plan for disability/ incapacity and to protect your privacy. A married [...]
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AB Trust Definition: AB Trusts are used by married couples to maximize the federal estate tax exemptions of both spouses. When the first spouse dies, that spouse’s estate plan (e.g., a Revocable Living Trust or Will) directs the division of their assets into two Trusts. The first Trust (Trust B) contains the amount of assets [...]
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Posted in Estate Planning on Feb 1st, 2010
If you have a Revocable Living Trust (RLT) make sure it is properly funded. Funding is the process of re-titling assets (changing ownership) to the name of your Trust or making your RLT the primary or secondary beneficiary of assets that require a beneficiary designation (e.g., retirement plans or insurance policies). Tweet
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Posted in Estate Planning on Dec 9th, 2009
In Part II, we discussed Wills and the advantages and disadvantages of having a Will. This issue will focus on the second of four estate planning tools – a Trust, and the advantages and disadvantages of having a Trust as part of your estate plan. What is a Trust? A Trust, generally, is a legal [...]
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