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December
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End of Year Estates and Trusts Planning
End-of-Year Estates and Trusts Planning:
Keep it Simple and Get it Done!
The do-it-yourself approach may work for some jobs, but providing for your family after you’re gone is too important to risk making mistakes -- mistakes that could put your loved ones in the legal weeds just when they need the most support and ease of mind. Here are some top reasons NOT to be an estate plan “do-it-yourselfer”: • While internet sites can provide you with boilerplate documents, they do not reflect specifics of your financial and personal life and may be questioned or disputed later. • The requirements for a validly written document(s) vary from state to state. • A valid estate plan...
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With tax season upon us, we thought March would be a good time to share a brief overview of some tax benefits that come with the main types of trusts. In general, one of the main tax benefits of trusts is that the beneficiary is not subject to a large amount of inheritance or estate taxes. Family Trust (Revocable Living Trust) You don’t have to be among the super-wealthy to take advantage of a Family Trust, also known as a revocable living trust. Even if you have ordinary assets, such as owning your own home, this type of trust can be a...
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There are two basic types of trusts: living trusts and testamentary trusts. A Living Trust or an “inter-vivos” trust is set up during the person’s lifetime. A Testamentary trust is set up in a will and established only after the person’s death when the will goes into effect. Living trusts can be either “revocable” or “irrevocable.” Revocable trusts allow you to retain control of all the assets in the trust, and you are free to revoke or change the terms of the trust at any time. With irrevocable trusts, the assets in it are no longer yours, and typically you can’t make changes without the beneficiary’s consent....
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Written by Sussan, Greenwald & Wesler Alex Hilsen is an attorney and Certified Financial Planner at Sussan Greenwald & Wesler. In the following interview, he answers some of the most common questions he has fielded lately from his parents. Q: Who needs to think about estate planning and special needs trusts – everyone, or just parents who have children whom they expect will not live independently as adults? A: Everyone with a child should have an estate plan. It lays out or directs how your money will be distributed and who should care for your children in case of emergency or death. If...
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