A charitable trust is an excellent way to accomplish a number of estate planning goals all at once. If giving to a cause dear to you heart is important to you, then creating a trust allows you to do so even after you are gone. In addition, you can structure a trust to provide for both a charity and non-charitable beneficiaries by creating a lead or a remainder split interest trust. Both lead and remainder trusts may also offer tax and probate avoidance benefits as well. Whether you decide on a … [Read more...] about Charitable Trusts — Lead or Remainder?
If you have been fortunate enough to be in a position during your lifetime to donate to charitable causes, then you may wish to continue doing so long after your death. Just as you make plans to provide for your family members and loved ones after your death, you can include charitable giving in your estate plan as well. A thorough consultation with an experienced and qualified estate planning attorney is, of course, necessary in order to incorporate your charity into your estate plan; however, … [Read more...] about Estate Planning and Charitable Giving — Key Points
If you own a small business, make sure you include your interest in the business in your estate plan. Even if you plan to leave all your interest in the business to a family member, failing to structure the transfer of your interest in the business in the right way could subject the value of the interest to estate or gift taxes. With proper planning, you may be able to minimize or eliminate estate or gift taxes by using one of the numerous business succession options. Sale of Your Business: … [Read more...] about Estate Planning: Essential for Small Business Owners
We’ve put together a collection of estate planning tips for you and your family. If you’re like most people, there will be at least one thing on this list that you haven’t thought of yet. Others will serve as a gentle reminder to take action. 1. You need to name temporary guardians so that someone is authorized to care for your children in the event you are disabled (temporarily or permanently) and unable to care for them yourself. After all, your will, appointing permanent guardians, … [Read more...] about Handy Estate Planning Tips for You and Your Family
Trusts are often an important tool used in the creation of an estate plan given the versatility and variety offered by a trust. At their core, all trusts are the same. You, as the trustor, must name at least one beneficiary, appoint a trustee to manage trust assets and designate assets that you will use to fund the trust. Beyond the basics, trust can be as complicated, or as simple, as your needs require. The first decision you must make is whether to create a revocable or an irrevocable … [Read more...] about Trusts — Irrevocable Versus Revocable
Typically, charitable lead trusts and charitable remainder trusts are implemented when your estate exceeds the federal estate tax exemption. This qualifies both charitable trusts as “advanced” estate planning tools. Besides lessening or totally avoiding the federal estate tax, there are income tax, capital gains tax, and charitable intent benefits as well. Simply put, the charitable lead trust provides an income stream to your favorite public charity for a period of years (up to 20) or … [Read more...] about Let’s Talk About Charitable Trusts
Periodically, sit down and reevaluate your need for life insurance. It’s often an essential part of an estate plan. Life insurance can be used to: Replace income Fund a business buy – sell agreement Create an estate Pay federal estate taxes Equalize an estate Provide an inheritance for a child not in the family business General life insurance tips: Only pay premiums that won’t take food off your table. If you are insurance poor, you’ll end up dropping it. Term … [Read more...] about Do You Need Life Insurance?
Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate. If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney. Gift during your lifetime. If you’re able and willing … [Read more...] about Probate Avoidance Made Easy (part 2 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...] about Probate Avoidance Made Easy (part 1 of 2)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...] about Common Estate Planning Myths (part 2 of 3)