Planning a will can seem like the simplest way to proceed when you decide to put an estate plan in place. Under very simple circumstances, a will could be an acceptable choice, but you should understand all the facts before you make any final decisions. In this blog post, we will look at three things that you should think about when you are planning a will. 1.) Beware of do-it-yourself estate planning notions. There are websites on the Internet that sell generic legal downloads and … [Read more...] about Three Things to Think About When You Are Planning a Will
If you have never put an estate plan in place, in the back of your mind, you may feel as though you can create a last will at some point in time and you will be prepared. Indeed, many people equate estate planning to the creation of a will, and that's the end of it in their minds. This is a very shortsighted perspective, and you should understand all the facts before you decide that a last will is right for you. A living trust can satisfy many different objectives that a last will cannot … [Read more...] about A Living Trust Can Satisfy Multiple Objectives
There are questions that are naturally going to be asked about taxes when the subject of inheritance planning is being discussed. In this post we will look at them, and there is some good news to report, as well as some bad news. Regular Income Taxes Since the IRS wants you to report virtually every source of income, you may naturally assume that an inheritance would be taxable income. Surprisingly, you do not have to claim an inheritance when you file your annual tax returns. An inheritance … [Read more...] about Are Inheritances Subject to Regular Income Taxes?
Children are naturally inquisitive, and they tend to ask a lot of questions. When you are a youngster and you engage your curious nature, your parents invariably answer many of the questions by saying "it all depends." This is the answer to many questions that people have about inheritance planning. In many cases, what would happen under various different circumstances will depend upon the actions that you take when you are involved in your inheritance planning efforts. With this in mind, let's … [Read more...] about Can My Son’s Creditors Take His Inheritance?
The legacy that you leave behind to your loved ones will be largely defined by the actions that you take along the way. If you have clear-cut objectives with regard to the things that you would like to be able to do for your loved ones, you have to take the right steps to make your legacy vision a reality. When you are thinking about the money that you will need for yourself when you are a senior citizen, you may envision the active years at first. Without question, you need to position … [Read more...] about Three Facts of Life That Can Impact Your Legacy
People who have not looked into the subject very deeply often make general assumptions about estate planning that are not accurate. There are those who think that you have two choices: a will, or a single type of trust. This is one misconception, and the other misconception is the notion that a trust can only be useful for extraordinarily wealthy people. In fact, there are numerous different types of trusts. One major distinction is the power of revocation. There are trusts that you can revoke … [Read more...] about What Type of Trust Should I Use?
Living trust attorneys help clients on a number of different levels. Before we get into the matter of estate administration, we should first explain why you may want to utilize a living trust as an alternative to a last will. Spendthrift Protections Most families are not perfect. You may have someone in your family who is not good at handling money. Plus, people who are generally levelheaded can sometimes make bad decisions when they experience a significant improvement in financial status. They … [Read more...] about Living Trust Attorneys & Estate Administration
Your estate is the property that you will be leaving behind after you die. To provide a very general definition, estate planning is the process of arranging for the distribution of this property. In this blog post we will look at the anatomy of a basic estate plan. Transferring Assets You have to utilize some type of legally binding document or documents to state your final wishes regarding the distribution of your assets. You should be aware of the fact that you have a number of different … [Read more...] about Estate Planning Demystified
Asset protection is very important for many people. Anyone can be the target of a lawsuit, and we do live in a litigious society. However, people who are involved in certain fields are inherently more vulnerable than others. These would include physicians who are subject to malpractice suits, and landlords who can be sued by injured tenants. You want to protect assets for your own sake, but asset protection can also be important when you are planning your estate. Revocable Living Trust People … [Read more...] about Are Assets in a Living Trust Shielded From Legal Judgments?
The process of New Jersey estate planning can involve some added complexities when there is a considerable amount of wealth involved. For high net worth individuals, estate planning is better described as legacy wealth planning. Let's take a look at this type of planning and examine some of the components of a legacy wealth plan. Estate Tax Efficiency Estate tax efficiency is going to be a primary concern for high net worth families. Accumulating wealth is difficult, but retaining this wealth … [Read more...] about New Jersey Estate Planning: Your Wealth And Your Legacy