Trusts
Estate Planning; Having Faith in Your Legacy Sep 8, 2008
A trust may be one of the best options for ensuring your memory lives on. Here are two that may be right for you. Discussing death is never a pleasant aspect of financial planning, but it’s certainly one of the most important. While no one likes to discuss his or her own mortality, many of us wonder how we’ll be remembered. Perhaps you want your legacy to live on through the work of a charity, or maybe you’d rather bypass the probate that is associated with a will. Whatever the reason, a trust may be an option for you to consider. |
Asset Protection in Estate Planning
Sep 5, 2008
You're beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others.
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Bypassing Probate Sep 5, 2008
You may have heard about the horrors of probate, but in truth, probate has gotten an undeservedly bad reputation, especially in recent years. If you bypass probate, your estate will go to your beneficiaries without any court proceeding, and you may save a certain amount of time and expenses. However, there is usually little reason for most people to avoid probate today.
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Charitable Giving Sep 5, 2008
When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes.
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Facing Possiblility of Incapacity Sep 5, 2008
Incapacity means that you are either mentally or physically unable to take care of yourself or your day-to-day affairs. Incapacity can result from serious physical injury, mental or physical illness, mental retardation, advancing age, and alcohol or drug abuse.
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Gift and Estate Taxes Sep 5, 2008
If you give away money or property during your life, those transfers may be subject to federal gift tax and perhaps state gift tax. The money and property you own when you die (i.e., your estate) may also be subject to federal estate taxes and some form of state death tax. You should understand these taxes and when they do and do not apply, especially since the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (the 2001 Tax Act). This law contains several changes that are complicated and uncertain, making estate planning all the more difficult.
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