Estate planning is both crucial and complicated. Having an estate plan in place is crucial for a variety of reasons that go beyond the need to know what will happen to your estate assets when you are gone. In fact, in the grand scheme of things, the distribution of your assets is often the least important goal of a comprehensive estate plan. The numerous interrelated goals that are frequently part of estate planning are what make the process complicated. To achieve all of those goals you will … [Read more...] about Common Uses for Irrevocable Living Trusts
Estate planning often encompasses more than simply deciding who will receive which assets when you die. Among the various components that you may decide to include in your comprehensive estate plan is funeral planning. Although you may not wish to think about planning for your own funeral and burial, there are a number of important reasons why you may decide to include funeral planning in your estate plan anyway. If you so, you may choose to establish an irrevocable burial account, also known as … [Read more...] about Do I Need to Name a Particular Funeral Home When I Make an Irrevocable Burial Account ?
For most people, a comprehensive estate plan includes numerous different strategies and incorporates a wide variety of estate planning tools. After a Last Will and Testament, which serves as the cornerstone of most estate plans, trusts are among the most common additions to an estate plan. Once used almost exclusively by the uber-wealthy, trusts have evolved to the point where even the average person can benefit from the addition of a trust or two in his or her estate plan. Of course you should … [Read more...] about What Is an Irrevocable Trust?
Trusts have become an increasingly popular addition to a comprehensive estate plan due in large part to the various estate planning benefits a trust offers. If you already include a trust in your estate plan, or are considering the addition of one, you should know how to revoke that trust if you decide to down the road. More specifically, you need to know if you will be able to revoke a trust at all should you change your mind in the future. Trusts have evolved to the point where even the … [Read more...] about How Can You Revoke A Trust?
If you are a philanthropist you have probably given some thought to how you can continue your philanthropic endeavors in your estate plan. Although they are numerous ways in which you can gift in your estate plan, a charitable trust is one way in which your gift can live on forever. The Sailors' Snug Harbor trust is an excellent example of how a charitable trust should work. The Sailors' Snug Harbor trust was created over 200 years ago, in 1801 to be exact. Captain Robert Richard Randall … [Read more...] about The Sailors’ Snug Harbor Trust – The Gift That Keeps Giving
For taxpayers who created an Irrevocable Life Insurance Trust, or ILIT, as a way to avoid estate taxes, questions about what to do with the trust are surfacing in light of the passage of the American Taxpayer Relief Act of 2013. The bottom line is that only a thorough consultation with your estate planning attorney can help you decide how to proceed with your ILIT; however, understanding the issues and the options may help. Prior to the recent changes in the lifetime exclusion limit for the … [Read more...] about What to Do with Your ILIT after the American Taxpayer Relief Act of 2013
An irrevocable trust can be a great way to give assets to your heirs now and avoid taxes on them. However, you might only have a limited amount of time to set one up as the law about how much you are able to give is scheduled to change next year. Many people are wary of giving money away now because they don't know if they might need it later in life. An estate planning attorney can help you with those fears. An estate attorney has many options in setting up a trust for you. In some states, the … [Read more...] about Don’t Wait Until Next Year to Plan Your Estate