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...] about Living Trusts, Asset Protection, & Medicaid Eligibility
Wills and Trusts
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...] about Actor Hemsley Passes; Will Challenge Underway
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...] about As New Year Approaches QPRT May Provide Solution
Creating a Trust? You Still Need a Will
As you engage yourself in the process of estate planning in earnest you would do well to recognize the fact that there are choices that must be made with regard to vehicles of asset transfer. Depending on your resources, your intentions, and your family dynamic any number of different approaches may be appropriate. This can sometimes get complex for some individuals. However, the ideal solution exists regardless of your circumstances, and putting together the perfect packages for high net worth … [Read more...] about Creating a Trust? You Still Need a Will
Do-It-Yourself Estate Planning Examined By Experts
When you hear estate planning lawyers advise against do-it-yourself inheritance planning you may think that attorneys are obviously going to make this recommendation because their profession involves drawing up Last Wills, trusts, and the like. However, the actual truth is that attorneys are licensed and required to give sound advice. Do-it-yourself estate planning is not universally condoned because there are no guarantees that the documents will be drawn up correctly if you don't engage … [Read more...] about Do-It-Yourself Estate Planning Examined By Experts
Self-Settled Alaska Trust Can Be a Good Choice
Anyone can be the victim of a lawsuit, and certain business dealings can result in creditors seeking to attach your personal resources. People who are in particular fields such as physicians and those who invest in real estate are especially vulnerable. Given the above, asset protection is something to take seriously if you are in possession of a significant store of financial resources. If you have access to assets that you put into a trust they are usually going to be unprotected because you … [Read more...] about Self-Settled Alaska Trust Can Be a Good Choice
Transferring Policies Into an ILIT
Central New Jersey estate planning attorneys are always going to emphasize the importance of planning ahead even as a relatively young adult. One of the reasons is because of the fact that there are no guarantees and you never know exactly how long you will live. Unfortunately, people of all ages pass away every day and they leave families behind. But in addition to protecting your family in the event of an unexpected catastrophic accident or illness planning ahead can provide certain logistic … [Read more...] about Transferring Policies Into an ILIT
New Jersey Estate Planning Information
Addressing estate planning and elder law issues is something that every responsible adult is going to have to do, and the sooner you get started the better. If you procrastinate your family will be left behind to sort everything out on their own if you were to pass away unexpectedly. And if the resources are not there for them to maintain their quality of life a devastating family tragedy becomes all the worse. And, with regard to elder law matters such as the need for long-term care you could … [Read more...] about New Jersey Estate Planning Information
Top Three Reasons to Consider a Living Trust
You may feel as though a living trust is something that is only useful for people who have extraordinary means. Indeed, if you are in possession of a considerable amount of wealth such a trust could be a useful part of a comprehensive estate plan. However, you do not have to be a Hollywood movie star or a titan of industry to benefit from a living trust. Below are three reasons why such a vehicle may be the right choice for you. Control & Flexibility The individual who creates the … [Read more...] about Top Three Reasons to Consider a Living Trust
Supplemental Or Special Needs Trusts
Obtaining personalized attention from an experienced professional is the key to crafting an estate plan that is ideally suited to fit the needs of your family. There is no universal course of action, and this is something to keep in mind when you hear entities claiming that estate planning is something that you can do for yourself with the benefit of some generic template documents. Depending on the specifics of your situation any number of approaches may be optimal. One specialized … [Read more...] about Supplemental Or Special Needs Trusts
