Estate planning involves many more details than most people realize at the start, and the process is unique because throughout your life most of the planning that you do is for your own benefit. However, when you are planning your estate, your efforts are largely for the benefit of your loved ones. The specific nature of your wishes does … [Read more...] about What Are Your Funeral Wishes?
Since the 2009 exemption was $3.5 million, the return of the estate tax with an exclusion amount of just $1 million in 2011 is leaving a lot more people vulnerable. For many, the value of their homes is what is going to drive the total worth of their estate over that figure, so this is the area that they need to focus on. An estate planning tool … [Read more...] about A Look At QPRTs
Because you don’t know what the future holds, asset protection is a great way to make sure you will have money for your retirement and still be able to leave an inheritance to your children. Asset protection can protect you from creditor judgments and lawsuits. Evaluate First, you must evaluate what your estate is worth and which of your assets … [Read more...] about How to Protect What You Have
Leaving a Legacy Basic estate planning is a must for those who wish to leave an inheritance to their loved ones and provide information about their final wishes. If, however, you are among those who prefer to leave more than just a basic inheritance, an advanced estate plan with a focus on legacy planning might be a better … [Read more...] about Leaving a Legacy
When you leave an inheritance for minor children, an Irrevocable Trust may be your best friend. These trusts offer benefits such as estate tax reduction and asset protection. Within the world of Irrevocable trusts there are many different types. Common pot trusts and individual trusts, two kinds of irrevocable trusts, are often used to leave an … [Read more...] about Choosing between a Pot Trust and an Individual Trust
Do you have a furry loved one who will need care after you pass away? If so, you can provide for your pet with a Pet Trust. This is an Irrevocable Trust that allows you to set aside money for your animal’s living expenses and medical care. Assistance to Pet The best way to help a loved one after you pass away is to leave an inheritance for him or … [Read more...] about Should You Use a Pet Trust?