If you decide to use a trust such as a revocable living trust to transfer assets to your loved ones after you pass away you are going to have to select a trustee. The trustee will be charged with the responsibility of administering the resources contained within the trust. While you are still alive you can actually serve as both the trustee and the beneficiary so that you retain complete control. But when you are deciding on a trustee who would take over after your passing you should take this … [Read more...] about Select A Solid Trustee
Wills and Trusts
Shortcuts Can Lead To Nowhere
It is no secret that millions of dollars are essentially thrown away each year as people momentarily demonstrate lapses in judgment and make purchases based on sales pitches that sound too good to be true. This is something to be very much aware of when you come into contact with websites and advertisements concerning do-it-yourself estate planning notions. Technically you can state your final wishes in any number of ways. You can write out your will in your own handwriting and there are people … [Read more...] about Shortcuts Can Lead To Nowhere
Some Canines Carry Financial Clout
It is no secret that many people pamper their pets, and perhaps they deserve it. Our dogs and cats provide us with a unique brand of love and companionship. They make no judgments and simply brighten your day, and this can subtly but profoundly improve your quality of life. The above being stated you have to make sure that you remember your pets when you are planning your estate. There are those who fail to do so because they are under the impression that they'll outlive their pets, but you … [Read more...] about Some Canines Carry Financial Clout
Zuckerberg, Moskovitz Planned Wisely
Financial success is supposed to be a purely positive thing that we are all encouraged to strive for throughout our lives. But the fact is that you have to pay the price for your success in the form of some rather harsh Federal taxes. This is one of the first things to keep in mind if you should find yourself in possession of a significant amount of money, and it certainly crossed the minds of Facebook founders Mark Zuckerberg and Dustin Moskovitz. According to Forbes magazine the Facebook … [Read more...] about Zuckerberg, Moskovitz Planned Wisely
Living Wills And Organ Donation
One of the many reasons why it is advisable to work with a good Central New Jersey estate planning lawyer when you are planning for the future is because of the fact that there are things to consider beyond the distribution of financial assets. There are various contingencies that you may face at some point in time while you're still alive, and one of these is the possibility of falling ill and becoming unable to communicate. For this reason it is important to state your wishes about medical … [Read more...] about Living Wills And Organ Donation
Take Legal Steps To Protect A Free Spending Heir
On the one hand it is important to analyze the form that your assets are in as you are inventorying them in preparation for eventual distribution to your heirs after your death. There are various different ways to transfer assets and the best way will vary depending on the nature of the resources in question and any exposure to the estate tax that you may have. With the above having been stated, the transfer is a two-way street. You as the giver have to prepare the assets optimally, but you … [Read more...] about Take Legal Steps To Protect A Free Spending Heir
Opting For A Trust Could Provide Advantages
There are a lot of misconceptions that circulate with regard to estate planning and it is understandable because the typical individual really has no experience with it. One of the ideas that gets into the heads of some people is that the creation of a trust for the benefit of your loved ones is out of reach unless you are extremely wealthy. In fact, revocable living trusts have become very popular and they are a viable alternative to a last will even if you consider yourself to be a person of … [Read more...] about Opting For A Trust Could Provide Advantages
Zeroing Out A Grantor Retained Annuity Trust
You may want to transfer some assets to your loved ones while you are still alive as part of what could be considered to be a comprehensive estate plan. The thing is, you have to be aware of the threat that is posed by the federal gift tax. The gift tax is unified with the estate tax, so although there is a $5.12 million exemption right now this includes both gifts and the value of your estate. So if you want to preserve your estate tax exclusion you do not want to use it giving gifts while you … [Read more...] about Zeroing Out A Grantor Retained Annuity Trust
Charitable Giving With Positive Tax Implications
If your estate is valued in excess of the estate tax exclusion amount, you are going to have to consider ways to reduce the taxable value of your estate. At the present time this figure is $5.12 million, but it is scheduled to be reduced to just $1 million at the end of the year. Many people who must seek estate tax efficiency are also interested in contributing to charitable causes. One way to achieve both aims would be to create a charitable remainder unitrust. With these trusts you name a … [Read more...] about Charitable Giving With Positive Tax Implications
Accounting For Those Remaining Assets
A lot of people choose to utilize revocable living trusts to arrange for the eventual transfer of their assets to their heirs. There are numerous advantages to doing so, and one of these would include the ability to include an incapacity component. If you were to become incapacitated at some point in time without making any advance preparations, interested parties could petition the court to appoint a guardian to act in your behalf. You may not have a choice with regard to who this individual … [Read more...] about Accounting For Those Remaining Assets
