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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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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Retirement accounts can be a great way to ensure that you have a robust nest egg as you age, and if you happen to pass away with something left on the account, it will go to your loved ones. But which ones? That’s where assigning a retirement beneficiary to your various assets and accounts becomes
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There are things a living trust can and cannot do. While having a comprehensive estate plan is important, it’s also crucial to take note of the fact that a trust is not a form of magic, but a legal document with stringent rules determining how it may be used, and when it should be deployed.
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Death is a difficult subject, and every loved one’s passing is marked by a long period of mourning and remembrance – but when that period is mired by financial and legal complications in the form of lengthy, unnecessary, and intrusive probate issues, then the memory and legacy of a loved one can feel tarnished or
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When you begin planning your estate, you’ll likely come across the terms “will” and “living trust.” These estate planning options serve substantially different needs. While almost everyone has heard of a will, fewer people have heard of living trusts. Learn more about the differences between wills and living trusts to figure out which one best
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It is estimated that less than half of all Americans have documents in place for directing how affairs are to be conducted following their death. Even though death is a certainty in life, many of us somehow manage to push the idea aside, and continue to act as though the event is forever far away. For
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When considering end-of-life planning, very few of us relish the idea of our loved ones spending the days after our passing inside a courthouse, hashing out details of what goes to whom. This procedure is the matter of probate. Even with the proper preparation of a living trust or will, the probate courts maintain rules and
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For many, the subject of death is a taboo topic. Conjuring up images of scenarios where your loved one is no longer present can be traumatic. Due to the unpleasant nature of the idea, many put off making decisions to protect their financial future in the event of a loved one’s passing. They often realize,
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Many people include living trusts in their estate planning for the purpose of avoiding the probate process. That’s a wise goal; probate is the legal machinations by which the state decides how a person’s assets ought to be distributed after a person dies. The process is draining for the deceased’s loved ones, beneficiaries, and executor,
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