For some reason, there is some misconception about the role that living trusts play in the taxation of estates, and taxes in general. While some living trusts can provide certain tax benefits, it is important to distinctly note that they do not outright avoid taxes. Taxes are still an important consideration for any living trust,
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Losing a loved one can be a traumatic experience, wrought with painful memories and regrets. However, that pain can be made even worse when finding out that there was no space made for you in your loved one’s estate plan. Finding out that the will completely excludes you can be both hurtful, and suspicious –
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For many families, probate is not ideal. It’s hard enough dealing with a loved one’s loss, but to then be inundated with a long and arduous legal process to eventually see their property be rightfully distributed can be frustrating, difficult, and expensive. While the California probate process isn’t as bad as it may be in
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Among estate planning tools, the two most common are wills and trusts. Both accomplish similar things, yet serve entirely different purposes, and can even be used in conjunction with one another. A simplified approach to the topic might lead you to believe that wills are easy and cheap, and trusts are more complex and expensive
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When it comes to real estate and estate planning, there are many different options available to you. In real estate, you could find land for a mobile home or rent a space. You could buy a home, or take out a loan for one. As well as using your home to finance other endeavors. You
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If you have been chosen as a trustee to one’s living trust, then understanding your responsibilities is crucial. The position of trustee places a considerable amount of work on your shoulders. It will be largely upon you to fulfill a trust’s purpose, over a indeterminate amount of time. In many ways, it’s an absolute honor
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The biggest estate planning mistake people make is to begin worrying estate planning concerns too late. It is never too soon to plan your finances, especially because people do not know the future. While financial planning is the key to maintaining wealth, not preparing in the matters of your own estate could mean that everything
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It’s impossible to predict how our lives will end – but careful planning can ensure that there’s always a plan in place, regardless of what is to come. While this might seem excessive, most Americans agree that planning for end-of-life care is important. However, few do what’s necessary to create a plan to begin with.
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While estate and living trust gifting is often put off because of the uncomfortable topic of death, it is one of the most significant gifts you will ever leave behind. Estate planning is about more than just protecting your own legacy – through a well-constructed and expertly crafted estate plan, you will have the
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A movement is growing to legalize electronic wills and trusts, which would allow people to complete the whole process online, without a lawyer or notary present. We live in a day and age where 81 percent of Americans possess a smartphone, and virtually everyone – 96 percent, as of 2016 – owns a cellphone
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