Although a Last Will and Testament remains the most common estate planning document, a trust agreement isn’t far behind in terms of popularity. One reason trusts have become so common within the average estate plan is that there are numerous different types of trusts that are each geared to help achieve a specific estate planning goal. One thing all trusts have in common, however, is the need for a Trustee to administer the trust. If you recently learned that someone named you as the Trustee of … [Read more...]
What Is a Trust and How Can It Enhance My Estate Plan?
Estate planning can be an exciting process, but there’s no denying that it can be complex and confusing too. For many people who lack familiarity with estate planning techniques, various tools like powers of attorney and trusts can often seem like foreign concepts. Still, those tools can often mean the difference between an inefficient plan and one that can resolve a wide variety of different planning needs. And since the trust is one of the most important tools in any estate planning arsenal, … [Read more...]
Key Facts About the Medicaid Special Needs Trust
Long-term care is something that large numbers of us will eventually need at some point in the future. Unfortunately, nursing home costs have been rising for many years now, and current forecasts for future costs suggest that there’s likely to be little relief for those retire in the next few decades. And with most Americans having less than $10,000 in retirement savings, it’s fair to assume that many of us will struggle to come up with viable ways to pay for our long-term care needs when they … [Read more...]
Read Our Report to Learn About Trust Administration
Postmortem planning is something that you must take into consideration if you want to leave behind a self-actualizing estate dynamic. Working with an estate planning lawyer to construct legally binding documents is part of the process, but you also have to plan ahead with the eventual administration of the estate in mind. Certain steps must be taken after your passing to get the wheels in motion. If you utilize a last will to express your final wishes you choose an executor or executrix, and … [Read more...]
Obtain Our Report Examining DIY Last Wills
There are various options available to you when you are looking ahead toward the inevitable, and you really should not automatically assume that a last will is the best choice for you. However, many individuals make assumptions and they go forward without professional advice. As a result they sometimes choose courses of action that yield unintended negative consequences. You should certainly discuss your unique situation with a good estate planning lawyer before you decide on a last will as a … [Read more...]
Estate Planning as a Grandparent
Estate planning as a grandparent can include providing educational opportunities if you have grandchildren who are still of school age. People who are exposed to the federal estate tax can gain tax efficiency by doing this, and of course providing your grandchildren with the opportunity to help themselves is certainly a good investment. Why would paying for education provide tax benefits? This is because of the fact that you may pay the college tuition of students without incurring any gift … [Read more...]
Providing for Individuals With Disabilities
Deciding how you will arrange for asset transfers for the benefit of those that you love is part of the estate planning process. You don't have to give direct inheritances to each individual, and in many cases this is actually not the best course of action. Every family is unique, and this is why it is important to discuss your future with a good central New Jersey estate planning lawyer. Experienced professional guidance is the key to a well constructed estate plan that covers all your bases … [Read more...]
Living Trusts, Asset Protection, & Medicaid Eligibility
People sometimes make inaccurate assumptions about various estate planning instruments. With this in mind we would like to take a look at a couple of misconceptions that are harbored by some individuals about revocable living trusts. The perception is that you are divesting yourself of personal ownership of the resources that you place into the trust. This can lead some people to believe that assets that have been placed into the trust are not subject to attachment by creditors or … [Read more...]
Actor Hemsley Passes; Will Challenge Underway
We often hear about scenarios playing themselves out after the deaths of celebrities that are relevant to those who are interested in the field of estate planning. Along these lines a somewhat sad situation has emerged around the estate of the recently deceased actor Sherman Hemsley. There are few if any sitcom characters that have become etched into the public consciousness as firmly as that of George Jefferson. Sherman Hemsley brilliantly animated this character and initially presented it as … [Read more...]
As New Year Approaches QPRT May Provide Solution
At the beginning of next year the estate tax exclusion is being reduced from $5.12 million to just $1 million. At that time the maximum rate of the tax is going to change as well under currently existing laws. Right now we're looking at a 35% top rate; in 2013 it goes up to 55%. When you are calculating your total assets in an effort to assess whether or not you are in taxable territory you must include the value of your home. Using 2009 figures the median cost of a freestanding residence in … [Read more...]
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