Despite knowing that they should have an estate plan, many individuals give excuses for failing to create an Estate Plan. They may rely upon advice from seemingly well-intentioned individuals that if they do not have a taxable estate, they don’t need a plan, or that each state has its own set of rules regarding distribution that gives assets to beneficiaries upon death. Some folks go so far as to suggest methods to avoid probate without truly considering the impact of those suggestions. This article explores the most commonly cited reasons for failing to create an Estate Plan and addresses the invalidity of these excuses.
Estate Planning
Do You Pay Taxes on Living Trust Income?
We are going to address the subject of taxation on living trust distributions in this post. But first, we should explain some of the benefits that these trusts provide. Simple Will Drawbacks When you’re planning your estate, you obviously have to express your wishes with regard to the way you want your assets to be […]
Leaving a House to Heirs
Let’s face it, your heirs may have different ideas about whether to live in, sell, or keep the house you own. To prepare for a smooth and efficient transfer of your home, think about your goals and financial situation. Ask your family about their expectations. Anticipate that the conversation, though necessary, may be difficult. […]
The Five Must-Have Estate Planning Documents
When you plan your estate, you should cover all your bases, and this will require the execution of multiple estate planning documents. The optimal combination will depend on the circumstances, but there are five core components that should be part of every estate plan. Asset Transfer Vehicle Monetary asset transfers will come to mind first […]
Bridging the Past and Future
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education on selected topics designed to inspire excellence in its Members.
Grandchildren, Trusts and Estate Planning
One of the most preferred ways of leaving assets behind for your grandchildren is to name them as beneficiaries in your estate plan. Trusts are useful because they allow you to control your assets even after you die. Through a trust, you can state how you want the money you leave behind to be managed. […]
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