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Understanding How the Probate Proceeding Works
[ Fri, 03 Sep 2010 01:10:59 -0500 ]
Although the probate proceeding varies, all estates must be settled according to state probate laws. Every estate must have an estate administrator who is either appointed within the decedent's last Will or confirmed through the court.... More
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What Financial Advisors Need to Know About Due Diligence and Real Estate Property
[ Thu, 02 Sep 2010 11:15:06 -0500 ]
One of the biggest challenges for any financial advisor seeking new clients is how to stand out in a marketplace that is flooded with competition. Today it's not enough to offer the minimum required services. The professionals who are thriving in this economy (and in any economy for that matter) are the ones who go above and beyond to look after the interests of each and every client and provide superior service. ... More
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Planning for Inheritance Taxes Eases the Minds of Beneficiaries
[ Wed, 01 Sep 2010 18:32:53 -0500 ]
Tax laws in the United States can be confusing when it comes to estates, inheritances, probate, and gifts. There are tax forms that must be submitted and paid to the United States federal government as well as the state in which the recipient lives. Each state has their own tax regulations in regards to inheritance and estate taxes.... More
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Living Trusts - Do You Need a Will Too?
[ Tue, 31 Aug 2010 13:42:15 -0500 ]
The sad truth is that studies prove that approximately 70% of Americans die without leaving behind as much as a Will, also known as a Last Will and Testament. The way I see it, this means that there are many financial advisors, insurance agents, estate planning attorneys, and other financial professionals who are either not doing their job very well, or have a fantastic opportunity to help a large number of families out there.... More
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Estate Planning Importance and Affordability
[ Tue, 31 Aug 2010 11:49:56 -0500 ]
One of the most important legal services to consider is estate planning, this is something you should take into consideration regardless of ago. Planning for an estate is important to do because death is often an unexpected and sudden occurrence. In the event that you pass away suddenly, the planning of an estate that you have done will become very important.... More
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Estate Planning 101 - A Simple Easy Guide to Understanding Wills, Trusts, and Estate Planning
[ Tue, 31 Aug 2010 07:59:45 -0500 ]
There are many people today who have not started, completed, or updated their estate plan. There are many reasons for this, but the most common reasons are because this process is time consuming, deals with dying (which most people don't like to think about or plan for), and it is very complicated. This article is designed to make it very easy for everyone to get their all-important Will or Trust accomplished.... More
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Insane Delusion
[ Mon, 30 Aug 2010 16:34:58 -0500 ]
In creating a will or trust, it is important that the mental state of the testator, or the person drawing up the will, fulfills the standards of the law. However, there are certain circumstances in which the testator may have drafted an estate plan under a problematic mindset. Known as insane delusion, an entire will or trust can legally fall apart if it is proven that the testator wrote the will without a sane mind. There are other ways in which a will can collapse regarding the mental states of those involved in its creation, namely in cases of fraud.... More
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Can I Leave Anything To My Special Needs Child Or Grandchild?
[ Fri, 27 Aug 2010 20:36:38 -0500 ]
If you have a special needs family member who is receiving government benefits such as social security or medical assistance, you may be concerned about the effect the receipt of an inheritance would have on their eligibility for such benefits. Government benefit programs for disabled persons such as Supplementary Security Income (SSI), Medical Assistance, and Medicaid consider the resources and income of an individual for purposes of determining eligibility for such assistance and the amount of assistance that will be provided.... More
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Why Should I Have a Will?
[ Fri, 27 Aug 2010 19:47:07 -0500 ]
A look at what happens if you die without a will in South Africa. Why you should have a will and how to get one.... More
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The Essential Importance of Proper Inheritance Planning
[ Thu, 26 Aug 2010 21:05:19 -0500 ]
Inheritance planning is essential if you want to make certain that your estate is moved to your heirs with as little fuss as possible, and with no risk of the wishes becoming challenged. The laws concerning inheritance, and the payment of taxes on wealth and goods that are handed down, is complex and forever changing. If you have a large estate, it'll be essential for you to get proper legal help, and to have your will and any other instruments drafted by a trained professional.... More
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How You Can Cope With the Issues of Inheritance and Divorce
[ Thu, 26 Aug 2010 21:04:28 -0500 ]
Inheritance and divorce issues could be difficult to handle, particularly when you consider that each state has its own laws. What is sure is that any change in your circumstances requires another look at the way your affairs are structured, ideally with specialist assistance. Merely overlooking one important point could mean that your legacy pass to the people you would certainly not want them to pass to, instead of those you may like to benefit from your estate.... More
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What is a Living Trust?
[ Thu, 26 Aug 2010 11:11:35 -0500 ]
A living trust is used to save any assets that you have in order to avoid paying certain taxes or to leave something behind for those you love. Learn how to put one together.... More
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How a Will Protects Your Estate and Inheritance Property
[ Thu, 26 Aug 2010 10:49:41 -0500 ]
A Will is a crucial element of estate planning. It allows individuals to have a final say in how they want their estate settled; who will receive personal property and valuable assets; appoint an estate administrator; and designate guardianship for minor children.... More
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Will Writing, When Is It Too Late?
[ Wed, 25 Aug 2010 13:18:32 -0500 ]
There is a general tendency to put of making a last will and testament. Indeed most people die without making one. But when is it too late to write a will, or more to the point, when should you make a will?... More
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Spendthrift Agreement Trusts
[ Mon, 23 Aug 2010 15:17:15 -0500 ]
Between wills and trusts, each document can address different concerns that may be held by the head of an estate. Trusts, which are usually more popular with those who have more property to divide, offer a peculiar kind of clause to settlors. Spendthrift agreements are available to those drawing up trusts who wish to limit the power of the beneficiary over their expected property. As trust beneficiaries can be children or those who have a history of being unable to control their spending, these agreements are important provisions for certain settlors to keep in mind.... More
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5 Myths of Will Writing and Estate Planning
[ Fri, 20 Aug 2010 14:41:45 -0500 ]
Pretty much every field of endeavour has it myths and superstitions. Over the years I have heard several myths about will writing. I thank you for doing me the honour of reading my top five.... More
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Laughing Heir Laws
[ Thu, 19 Aug 2010 15:24:02 -0500 ]
In will and trust law, inheritance plays a major role in the future of any estate. While some individuals may have a particular person in mind to divest their property to, others are less certain and instead opt to pass their estate down to the next rightful heir. For some families, this is more problematic than it may seem. ... More
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Child Trust Funds - Is a Child Trust Fund a Good Idea If I Want to Save For My Grandchildren?
[ Thu, 19 Aug 2010 13:28:57 -0500 ]
When the child trust fund was first announced, I have to say I nearly choked. To what problem was it a solution? I couldn't fathom it out. Most people took the voucher as free money and to date I have never met anyone who ever wanted to top the initial voucher up. No surprise really.... More
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Asset Protection and Tax-Free Investments For the Moderately Wealthy
[ Thu, 19 Aug 2010 08:34:15 -0500 ]
An offshore asset-protection life-insurance dynasty trust is useful not only for the wealthy. An individual or a couple having a net worth of about $1 million can fund an offshore asset-protection life-insurance dynasty trust that provides a life insurance benefit, tax-free growth of a variable high-yield investment portfolio, tax-free policy loans during the life of the insured, tax-free payment of policy proceeds to the trust upon death of the insured and tax-free distributions to beneficiaries.... More
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Types of Trusts
[ Wed, 18 Aug 2010 14:49:37 -0500 ]
Trusts and Asset Protection can be established for a variety of reasons from protecting your business from creditors and family assets from lawsuits, to creating a legacy and providing financial support to a charity of your choice. They also offer significant tax effective benefits. ... More
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The Nature of the A-B Trust
[ Tue, 17 Aug 2010 09:59:41 -0500 ]
One of the largest taxes you will face in this country is the estate tax. It is in a state of flux for 2010, but will return to a 55 percent rate for the 2011 tax year and beyond. That is a very high rate, so more than a few strategies have been developed to try to minimize the tax bit that can occur when someone passes on. The A-B Trust is one such strategy.... More
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The Many Benefits of an Irrevocable Trust
[ Fri, 13 Aug 2010 19:01:42 -0500 ]
Many of my clients ask me about the benefits of using a trust as part of their estate plan but they are unaware that there are many different types of trusts and each may serve an important purpose as a part of your estate plan, depending on what your ultimate goals and concerns are. For instance, a special needs trust allows for your beneficiary to receive a stipend of money or financial help of some sort from the trustee without affecting or negating any financial aid they receive from the government due to a disability or disorder. Of all the many categories of trust, the two most basis are revocable and irrevocable.... More
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Inheritance Or Estate Planning and the Business Owner
[ Fri, 13 Aug 2010 09:36:24 -0500 ]
Inheritance planning or, Last Will and Testament for the business person. My favourite malapropism ever is 'The French don't have a word for entrepreneur'. So much for levity.... More
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How to Avoid Probate Through Estate Planning and Assignment of Beneficiaries
[ Thu, 12 Aug 2010 16:34:49 -0500 ]
Learning how to avoid probate can save heirs' time and money, prevent family disputes, and allow easy transfer of inheritance property upon death. Many people are not even familiar with probate let alone how to prevent it from occurring. Probate is required within all states of the U.S. to ensure decedent estates are settled according to inheritance laws. It is a time-consuming process that can take several months to complete.... More
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California Probate Lawyer - Tips for Inheritance Asset Protection
[ Tue, 10 Aug 2010 15:16:09 -0500 ]
While hiring a California probate lawyer isn't a legal necessity, it is a smart decision for residents of the Golden State. California has some of the most complex and stringent probate laws in the country and few people can undergo the process without legal assistance.... More
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Dealing With the Coming Estate Tax
[ Tue, 10 Aug 2010 10:00:14 -0500 ]
There are taxes and then there are TAXES! The coming estate tax definitely is going to be a big one that will make you shake your head. This is because the 'death tax' has always been one of the largest we have in the internal revenue code. You must address it if you hope to leave your assets to heirs instead of Uncle Sam.... More
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Important Reasons to Consider Estate Planning
[ Mon, 09 Aug 2010 13:45:12 -0500 ]
Many people don't like to think about this, but estate planning is a very important thing that needs to be taken care of for a variety of reasons. Here we will look at some of these a bit more.... More
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Use an Estate Planning Attorney to Secure Your Assets
[ Thu, 05 Aug 2010 16:59:04 -0500 ]
You should give some thought to estate planning. An excellent attorney can be a great start.... More
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Wills, Trusts, and Privacy
[ Wed, 04 Aug 2010 12:43:03 -0500 ]
Dealing with estate property inheritance, several issues can arise depending on how the family functions. For some, issues of cost overshadow everything else, especially for inheritances that are not that great to begin with, but affect certain important heirlooms.... More
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Inter Vivos Trusts
[ Tue, 03 Aug 2010 20:50:29 -0500 ]
There are multiple kinds of trusts or wills for a person to consider when wanting to transfer their property from their estate to another's in a way that can be legally protected and verified. While many wills only involve a transfer after the death of an individual, also known as a grantor, trusts offer more opportunities for the living. ... More
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Dynasty Trusts Guard Personal Autonomy in Hierarchic Society
[ Fri, 30 Jul 2010 13:49:38 -0500 ]
A dynasty trust provides the financial independence and security that enable the development and exercise of personal autonomy. Personal autonomy is a necessary component of human dignity and moral conduct.... More
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Estate Planning - The Important of Having a Plan
[ Fri, 30 Jul 2010 09:59:07 -0500 ]
Estate planning gives people a charge somewhat similar to their teeth cleaning appointment at the dentist. It isn't much to get excited about, but it is critical to your overall health or, in this case, your financial health. ... More
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Dynasty Trusts Good For Economy and Democracy
[ Thu, 29 Jul 2010 15:23:21 -0500 ]
A well-designed and well-managed dynasty trust is an engine of economic growth and stability, protects its beneficiaries from the vagaries and tyrannies of corporate and governmental managers, and enables the freedom of critical thought and honest conduct that is the essence of a republic. Dynasty trusts can take many forms, but a common characteristic is that trust assets accumulate and are used for the benefit of trust beneficiaries free of estate taxes and free of generation-skipping transfer taxes for many generations, or even perpetually.... More
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Probate Loan - Should Heirs Sell Inheritance Property Or Wait Out the Probate Process?
[ Thu, 29 Jul 2010 14:52:46 -0500 ]
A probate loan is a cash advance given to heirs entitled to probate inheritance property. Factually speaking, there is no such thing as a probate loan. However, this term is often used when heirs assign inheritance rights to a funding source in exchange for lump sum cash.... More
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Is Making a Will Online a Sensible Option?
[ Wed, 28 Jul 2010 08:32:30 -0500 ]
In recent years, the ability to produce your own Will online has been introduced. Whilst this means that you have to do the work yourself, it does mean that you can do it from the comfort of your own home, saving time, inconvenience and sometimes cost.... More
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Is a Charitable Remainder Trust Right For You?
[ Tue, 27 Jul 2010 16:06:27 -0500 ]
There are two types of charitable remainder trusts: a charitable remainder annuity trust (CRAT) and a charitable remainder unitrust (CRUT). Generally, for either type of trust the remainder must be at least 10 percent of the fair market value of the assets transferred to the trust. Both types of trusts provide income and estate tax benefits for the Grantor. Pairing the CRT with a large life insurance policy can result in a larger estate passing to the Grantor's beneficiaries than would have been able without the CRT.... More
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Estate Planning - Why You Need to Be Checking Your Plan
[ Fri, 23 Jul 2010 09:59:09 -0500 ]
Estate planning has always involved a certain amount of forward projection when it comes to future events. Given this, most people can go a few years without looking at their particular estate plan because things just don't change that much. This is not the case this year. ... More
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Asset Protection and Tax-Free Wealth Building Via a Life Insurance Dynasty Trust
[ Thu, 22 Jul 2010 14:17:22 -0500 ]
In a recent private letter ruling, the IRS ruled that assets in an irrevocable, discretionary asset protection trust were not includable in the grantor's gross estate even though the grantor was a beneficiary of the trust. Accordingly, a U.S. taxpayer can use an offshore irrevocable life insurance trust to build wealth tax-free, protect trust property against creditors, and also enjoy trust assets.... More
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Estate Tax - The Tax Implications of the Passing of George Steinbrenner
[ Tue, 20 Jul 2010 14:01:13 -0500 ]
The New York Yankees are the iconic team of Major League Baseball and a world wide brand. Part and parcel to their fame the last 30 years has been their caustic, fired up owner George Steinbrenner. His recent passing at the age of 80 has raised any number of issues, but one is certainly how the team will pass to the next generation of Steinbrenners?... More
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Paying For Long-Term Care - Exploring Your Choices
[ Mon, 19 Jul 2010 17:06:07 -0500 ]
Paying for long-term care, whether in home, assisted living, or nursing home, is a huge challenge. It surprises most families to learn that benefits exit to pay for care, and you don't need to be bankrupt to avail yourself of them. Medi-Cal asset protection and nursing home help exists. Getting this information is key!... More
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Leaving Money to Your Children
[ Mon, 19 Jul 2010 09:21:03 -0500 ]
Deciding when and if to leave money to your children is something we all ponder over. If you are married, young, and have children, you have probably thought to yourself that if something happens to you and your spouse, then you should leave all of your money to your children.... More
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Your IRA May Not Be Protected
[ Fri, 16 Jul 2010 20:10:17 -0500 ]
For those of you out there that believed that the IRA you inherited from your parents is sheltered from creditors, litigators and divorce, you may be in for a rude awakening. Regarding creditor protection for inherited IRAs, the Supreme Court of Florida has recently ruled that a debtor's inherited IRA may not be protected from creditor claims under Florida law. ... More
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What is an Estate Plan?
[ Fri, 16 Jul 2010 10:17:33 -0500 ]
An Estate plan is essentially several legal documents brought together to guide nominated persons through decisions you have made about the end of your life. In specific terms, a Will, a Living Will and a Power of Attorney all need to be incorporated into the Estate plan. Trust documents may also be included in cases where they are needed. ... More
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Why You Should Be Saving Money For Retirement at Any Age
[ Tue, 13 Jul 2010 14:19:39 -0500 ]
As people get older, they tend to start thinking about saving for retirement. Though many people wait till later in their life to start saving, it can be a good idea to get jump start on the process. There are plenty of reasons why you should be saving money for retirement at any age.... More
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Estate Planning Advice - Preparing For Life After Loss
[ Mon, 12 Jul 2010 15:35:09 -0500 ]
There are a number of companies that offer estate planning services but the key is to find the right one to suit the complexity of your needs and your situation. As a rule, a company offering such services will provide basic advice which includes the preparation of trusts and wills, powers of attorney and medical directives. Whichever company you select, you'll find that most draft a wide range of complex trusts with various needs.... More
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Living Will Vs Living Trust - Which is More Important?
[ Mon, 12 Jul 2010 08:20:18 -0500 ]
A Living Trust protects your family, but a Living Will protects you. The Living Will may be more valuable.... More
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Sometimes Avoiding Taxes Creates More Taxes - Particularly Insurance Trusts and GST's
[ Sat, 10 Jul 2010 15:11:05 -0500 ]
Most estate plans are designed to avoid estate taxes and death taxes. However, sometimes NOT having a tax can actually create a problem rather than a solution.... More
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Sociological View About Money and Riches
[ Fri, 09 Jul 2010 12:04:47 -0500 ]
The school system majors much on how wealth is distributed in the society without letting students to know more other views of money and riches distribution. This article will help you appreciate what happens in the sociological arena.... More
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Divestment - Understanding Legal Alternatives
[ Wed, 07 Jul 2010 15:26:00 -0500 ]
With nursing home costs now averaging close to $80,000 per year, it's no wonder many seniors need the help of Medical Assistance or Medicaid when they hit a major health crisis. But the Medicaid program is designed to pay certain medical expenses for individuals who cannot pay those expenses themselves. That's why there are complicated rules in place to make sure those who can afford to pay their own expenses do so, without making a spouse or certain other relatives impoverished.... More
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How a Fixed Annuity Works
[ Tue, 06 Jul 2010 16:28:19 -0500 ]
Firstly you need to understand exactly what the term 'fixed annuities' means. In basic terms they can be considered to be a contract between you and an insurance company. You essentially entrust them with your money to look after and they agree to give you a financial return on your initial investment in exchange.... More
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When it Comes Down to Wills and Trusts Don't Be Naive - Family Dynamics Change Quickly
[ Tue, 29 Jun 2010 09:06:18 -0500 ]
Indeed, most families believe that when their parents die that the kids will get along, divide up everything, and everything will be fine, and in a few rare cases that's true, but that is not the common occurrence. What usually happens is one of the offspring's is upset with the deal, wants their money given to them in a lump sum, or another offspring that is put in charge of distribution, likes to take a little bit more than they're supposed to, and they always have all sorts of justifications for doing so. And if you think this can happen in your family, the statistics are very much against you.... More
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Probate Money and Inheritance Cash Advance Tips
[ Mon, 28 Jun 2010 13:20:11 -0500 ]
Probate money refers to cash left to beneficiaries through a decedent's last will and testament. Probated inheritance assets cannot be distributed to heirs until estate settlement protocol is completed.... More
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Establishing a Life Insurance Trust to Avoid Estate Taxes and Probate
[ Mon, 28 Jun 2010 13:09:11 -0500 ]
Establishing a life insurance trust protects inheritance property against estate taxes and avoids the probate process. Probate is a legal requirement to validate decedent wills, settle outstanding debts, and bequeath inheritance property to heirs.... More
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Do You Need a Will Or an Estate Plan?
[ Mon, 28 Jun 2010 11:02:32 -0500 ]
As if it isn't bad enough that we have to scrimp and save and budget every cent of our salaries in order to buy some of the things that we want and to have a good life, we also have to plan every second of our demise. Yes, it is true that the only two sure things in life are death and taxes and if you do not plan for your death the taxes will eat up everything you have ever planned to leave your family.... More
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Estate Planning - Avoid Conflicts Between Your Documents
[ Wed, 23 Jun 2010 09:59:02 -0500 ]
If you think the tax code is difficult to deal with when you are alive, you should see what happens when you die. The 'death tax' is, ironically, zero percent in 2010, but it bumps up to a whopping 55 percent in 2011 and that doesn't take into account state taxes. Most people try to deal with these tax issues by pursuing estate planning, but you have to get it right to avoid problems.... More
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Fixing That 'Irrevocable' Trust
[ Wed, 23 Jun 2010 09:13:25 -0500 ]
By definition, when something is irrevocable, it cannot be altered - unless you are talking about trusts. An irrevocable trust can be a very effective wealth-transfer vehicle. The assets used to fund the trust, as well as any appreciation they generate, escape estate tax upon the death of the settlor, or person establishing the trust.... More
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Advantages of a Family Trust
[ Tue, 22 Jun 2010 14:13:33 -0500 ]
Trusts are set up while you are still alive or after you have transcended this world so as to ensure that your property, which you have assigned in the trust, is properly managed and given to the beneficiary or beneficiaries as the case may be in accordance with your expressed will. A family trust also known as revocable living trust is a trust, which is created...... More
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Estate Planning For 2010 and Beyond
[ Mon, 21 Jun 2010 14:43:27 -0500 ]
Almost no one believed it would happen, but here we are: For the first time since 1915, the United States has no federal estate tax. Congressional action nine years ago created the potential for this situation, and congressional inaction last year made it happen. At the 44th annual Heckerling Institute on Estate Planning, which I recently attended, many of the planners present were worried about their jobs.... More
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A Few Reasons to Do Texas Estate Planning
[ Mon, 14 Jun 2010 15:29:14 -0500 ]
There are a few good reasons to do Texas estate planning. This process allows a person to decide who gets the estate. The federal government will collect taxes on estates worth over $1 million in 2010; these taxes could be as high 45% of the value of that estate. ... More
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Keep Your Family Legacy in the Family With a Private Foundation
[ Fri, 11 Jun 2010 10:34:36 -0500 ]
How would you feel if your family heirloom has to be given to a complete stranger? Yet again, how would you feel if all or most of your family legacy, trust funds or family estate, that had been in the family for generations, has to be given away to the government as a form of paying a tax?... More
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Assistance With Funeral Costs - There is Help Out There
[ Thu, 10 Jun 2010 11:18:19 -0500 ]
You may find yourself in the unenviable situation of having to organise a relative's funeral, despite being unemployed or on a low income. Although it is likely that your costs will be reimbursed from the Estate of the deceased person, as the organiser of the funeral, you are also responsible for payment of all related bills, before receiving funds from the Estate.... More
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Planning to Buy Foreclosed Homes? Learn the Way!
[ Wed, 09 Jun 2010 18:00:00 -0500 ]
From the time the actual overall economy dropped, a great deal of house owners are finding themselves not capable to maintain along with the increasing expenditures associated with owning their own homes. Mortgages grew to become feared month to month dues and banks have no choice but to foreclosed countless properties to recuperate their money. ... More
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Ethical Will - Safe Guard Your Estates and Your Future Generations
[ Tue, 08 Jun 2010 11:40:59 -0500 ]
If you are a person born into money or even if you have come into money by means of luck, I am quite certain that you know how important it is to have future generations carry your name and make you proud. Most importantly you know how important it is for you to leave behind a legacy that your future generations can enjoy.... More
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End of Life Plan - Not Just For the Elderly
[ Sat, 05 Jun 2010 11:35:03 -0500 ]
Most people live with a fear of being debilitated and unable to make end of life decisions, whether by accident, disease or aging. Mental autonomy is a vital part of our identities and it is hard to imagine life without it.... More
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Worried About Care Home Fees?
[ Fri, 04 Jun 2010 15:29:16 -0500 ]
Most of us work our entire lives to build up a nest egg for our retirement, with hopefully a little extra put aside to pass down to our families in the form of inheritance. What a shame then, for that money to be suddenly swallowed up, should we need to move into a care home or nursing home in our twilight years. Around 70,000 of us find ourselves in this exact same situation, each year, with this number set to rise.... More
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Appointing Your Executor
[ Fri, 04 Jun 2010 13:18:39 -0500 ]
One of the major decision that must be made when a person is planning their will is to choose their executor & trustee, if it's a female, she's called executrix. Ultimately, your executor is a person that makes sure that your wishes in the Will are properly executed or carried out. ... More
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Tips For Hiring a Probate Attorney For Estate Planning and Estate Management
[ Wed, 02 Jun 2010 10:33:53 -0500 ]
A probate attorney specializes in establishing estate planning and managing probated estates. Probate is mandated in the United States unless decedents establish trusts.... More
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Various Types of IRAs
[ Tue, 01 Jun 2010 08:24:55 -0500 ]
It is important to save for the future. IRAs, or individual retirement accounts, allow taxpayers to do just that. Taxpayers can set aside a certain amount of money every year that goes towards their retirement account.... More
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How Titling Property Can Affect Your Estate Plan
[ Fri, 28 May 2010 08:28:12 -0500 ]
The myriad options presented to home buyers when titling real estate have significant tax, asset protection, and estate planning consequences. Failing to consider these issues often results in unanticipated taxes, liability, fees, and headaches. This article discusses a variety of potential pitfalls that should be considered when purchasing or re-titling property.... More
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Estate Planning - Sharing a Motor Home in an Extended Family
[ Thu, 27 May 2010 10:05:12 -0500 ]
Today Estate Planning is very difficult, and most folks don't want to think about what will happen when they die, and a good number of folks do not even have wills. This causes a tremendous problem for the heirs, and their offspring in the event of their demise. Not long ago, I talked to an acquaintance whose parents had passed on and they had a giant Prevost Motor Coach which was now to be sold as part of the estate, and that money divided up amongst their three children and their families.... More
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What is a Revocable Living Trust?
[ Thu, 27 May 2010 08:08:21 -0500 ]
Revocable living trusts are an increasingly popular choice for estate planning because they offer both flexibility and privacy. As a trust, they do not need to be filed in probate court, avoiding public records of your assets. Revocable trusts can be changed, altered, or destroyed while the creator is alive.... More
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The Role of the Executor
[ Wed, 26 May 2010 10:47:44 -0500 ]
In many cases we have dealt with, the person making the Will wishes to choose a particular Executor simply to make that person feel valued and involved. This is a mistake. Being an Executor brings with it a whole range of responsibilities and the designated person needs to have a sense of fairness, excellent communication skills and the ability to look at the bigger financial picture, either alone or with the help of a professional.... More
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Shocking News - You, in Probate Court For Your Own Estate! Oh No!
[ Mon, 24 May 2010 21:23:28 -0500 ]
It is becoming pretty common knowledge that probate court is a place to avoid. People know that probate court is where estates are disbursed after people die, with or without a will. They also know that they are very expensive, slow moving and often do not follow the wishes of the deceased person.... More
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Smart Strategies For Estate Planning
[ Thu, 20 May 2010 16:21:31 -0500 ]
Creating an effective estate plan can occasionally feel daunting, but it doesn't have to be. Taking a few simple steps today can help ensure that you and your family gain the maximum benefit from your hard work and hard-earned assets. By making the right estate-planning decisions in your working years, you're more likely to enjoy a successful retirement in the future while protecting your assets for generations to come. Here are some basic strategies for starting, fine-tuning or updating your estate plan.... More
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Is it Time to Have "The Talk" With Your Parents?
[ Thu, 20 May 2010 11:02:51 -0500 ]
Once you take care of your own financial security, it's time to help your parents. Why help them out? First, because you love them. And second, because the burden of managing their estate may very well fall to you in the future. What if they don't have all the right forms of consent? How will you know if you've notified all of their creditors? What if they don't have enough money to live on for twenty more years? Follow these steps to get your whole family into better financial shape.... More
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Estate Planning is a Necessity
[ Tue, 18 May 2010 14:03:20 -0500 ]
Some people feel that it is not necessary to do estate planning, because either they do not have much in the way of money or belongings, or they do not have children. This assumption is not correct. If someone owns anything that they would like someone else to have after their passing, they need to plan ahead by drafting and filing a will, as well as establishing a trust.... More
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Getting Back to the Basics - Safe Investing
[ Thu, 13 May 2010 15:41:00 -0500 ]
While there are aspects of our current economic crisis that seem unique to our times, the basic rules of investing-and getting a good night's sleep-remain the same. Remember, our economy has been through periods of extreme distress before and has always recovered. America's traditions of innovation and optimism will continue to provide the U.S. economy with a strong foundation for many generations to come. ... More
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Changing a Will After Death
[ Wed, 12 May 2010 15:52:09 -0500 ]
Want to change a Will after the person's death? This article will show you how.... More
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Estate Planning - An Overview
[ Wed, 12 May 2010 13:16:13 -0500 ]
Estate taxes are better known as the death tax, because it is the tax levied on the total value of the assets (estate) of a deceased person before the estate is transferred to the beneficiaries or next of kin. So steep is this tax, that avoiding or reducing it is incorporated into financial planning. ... More
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Selling Inheritance Assets to Probate Liquidators
[ Fri, 07 May 2010 11:14:41 -0500 ]
Probate liquidators buy inheritance assets from estate administrators who manage decedent estates. There are many reasons Administrators sell inheritance property, but the most common is to obtain cash to pay-off outstanding debts or liquidate assets which are costly to maintain.... More
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The Future of Special Needs Trusts
[ Tue, 04 May 2010 15:12:53 -0500 ]
For families and parents with children with mental or physical conditions which limit the ability of children or loved ones to earn a living, their greatest fear is what happens to their child when the parent dies and is no longer able to care for the special needs child. Often such children receive important government benefits for medicine, care or housing.... More
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Estate Liquidation - Pros and Cons of Tag Sales and Auctions
[ Sun, 02 May 2010 13:48:12 -0500 ]
Executors faced with liquidating an estate's personal property will quickly find that it is their most time-consuming administrative task. Investing ten minutes into reading this article could save an Executor many hours of work.... More
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Why 99% Adults Delay Will Writing
[ Wed, 28 Apr 2010 14:48:14 -0500 ]
Why do we protect our car, our house - but we don't protect our loved ones? You insure your car, your house just in case the worst happens but 99% of Malaysian adults haven't made a WILL to protect their family from needless suffering. ... More
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Investing For the Rest of Us - How Property Passes at Death
[ Wed, 28 Apr 2010 14:08:13 -0500 ]
Death, Taxes, and teenage texting - these are the certainties of life. The tax code is far too complicated for anyone to understand, and why teenagers can text all day but never write a thank you note is an unsolved mystery. ... More
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A New Tool in the Estate Planner's Toolbox - Transfer on Death Deed
[ Wed, 28 Apr 2010 07:34:54 -0500 ]
Minnesota law now allows the use of Transfer on Death Deeds ('TODD'). A TODD can be used to transfer real property to another person upon the owner's death.... More
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Rich People Can Harm Their Children by Giving Them Cash
[ Tue, 27 Apr 2010 14:22:16 -0500 ]
You wouldn't think this is logical. How could you hurt your kids by giving them money? Over the long term if you continually give your kids the maximum tax free cash gift (currently $13,000 per year) and they come to expect it, you are only enabling their consumer lifestyle and aren't really teaching them to be self sufficient.... More
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Plan the Future of Your Estate
[ Mon, 26 Apr 2010 14:12:07 -0500 ]
Estate planning is the process which exists for anticipating and arranging for the disposals of estate. It attempts to eliminate the uncertainties over the administration of probate and to maximize the value of the estate under consideration by reducing the various taxes and other expenses levied on it.... More
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4 Steps to Effective Estate Planning
[ Fri, 23 Apr 2010 06:58:38 -0500 ]
What is estate planning? It is planning (setting out a series of steps beforehand to accomplish a particular objective) your estate (the titling, control, and eventual transfer of all of your stuff to others).... More
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What is the the Buy-Sell Agreement Between Business Partners?
[ Tue, 20 Apr 2010 13:14:38 -0500 ]
The sudden death of a shareholder in a closely held corporation can be a significant loss to the company's on-going operations. It will leave a hole in the management team and could cause severe strain in decisions made by the surviving partners and new partner. The death of an important shareholder may also create enough concern at the corporate bank to freeze lines of credit or in the extreme, to call outstanding loans.... More
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An Introduction to the Living Trust
[ Mon, 12 Apr 2010 14:39:48 -0500 ]
A living trust in a legal entity that you can move your assets into while still 'living'. Normally, the purpose is so that the assets can be passed to your beneficiaries after your death and avoid probate. However, there are various reasons why you might want a living trust, so you should talk about it with your estate planning attorney to see if it's right for you.... More
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Indulge in Investing Through Probate Property
[ Thu, 08 Apr 2010 09:58:03 -0500 ]
In probate property there is a higher chance for great investment. The process is most likely the same with the regular sale on how to investment real estate but there are a few procedures to be followed.... More
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The Value of Gifts in Estate Planning
[ Wed, 31 Mar 2010 15:01:08 -0500 ]
Making sure your estate is not subject to federal estate taxes is a primary goal in estate planning. Gifts are a valuable tool to ensure your estate does not exceed the minimum amounts exempt from estate taxes. ... More
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Cut Your Inheritance Tax Liability by Writing Your Life Insurance in Trust
[ Wed, 31 Mar 2010 13:14:26 -0500 ]
Inheritance Tax is levied at 40% on all portions of your wealth not covered by tax allowances or other exemptions. A large payout from a life insurance policy would clearly boost the value of your estate considerably, and could result in a large Inheritance Tax liability. ... More
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Estate Planning For Second Marriages - Thoughtfulness Required
[ Fri, 26 Mar 2010 11:29:01 -0500 ]
With people living much longer than in the past, the frequency of remarriage is increasing, even in later years. This latter phenomenon is raising a host of elder law estate planning issues. On the other hand, we are also seeing with increasing frequency the blended family with 'his, hers and theirs' children, creating another set of potential pitfalls.... More
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Unit Linked Annuity Plans
[ Fri, 26 Mar 2010 10:18:08 -0500 ]
The market is full of complicated pension products, most of which won't be suitable to your circumstances but understanding them can be quote a job in itself. Here we help you understand the different types of annuities.... More
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Five Benefits of Trust Deeds to Your Financial Future
[ Thu, 25 Mar 2010 20:57:22 -0500 ]
There are many ways out of debt. It can certainly seem suffocating if you feel the creditors at your door and the amounts piling up. But every financial system has an interest in seeing its citizens happy, healthy, and effective contributors to the business sector. You are not an outcast, and you are not alone. Particularly good options are trust deeds. Trust deeds offer you a way out of debt without the nasty stigmas that go along with more irresponsible decisions.... More
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Beneficiaries and Estate Planning For Inheritance Property
[ Tue, 23 Mar 2010 14:53:59 -0500 ]
Beneficiaries refer to people who receive personal property, real estate or money from a benefactor. When inheritance is involved, the benefactor refers to a person who is deceased. A last will and testament allows decedents to designate how their property and financial assets will be distributed.... More
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Alternative to Avoid Gift Duty - Better Than Gifting Programmes
[ Tue, 23 Mar 2010 14:37:02 -0500 ]
Moving to New Zealand poses a lot of hurdles and challenges. One of the financial issues amongst migrating individuals, and some expats as well, is how to avoid taxes on gifts to Trusts. In the past, the most recommended move is through Gifting Programmes to avoid Gift Duty.... More
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Trust For Your Estate Planning - Family Trusts As Excellent Vehicles of Your Wealth
[ Tue, 23 Mar 2010 14:21:53 -0500 ]
NZ Trusts are excellent vehicles for estate planning. This is because it allows you to operate your estate through continuity of asset management and take full control of your wealth while avoiding the taxes related with death and estates.... More
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The Need For Professional Trustees - Why is an Independent Trustee Important in a Trust?
[ Sat, 20 Mar 2010 21:39:11 -0500 ]
Setting up a Trust can seem intimidating that you will opt for the simplest structure. But there is one entity that you need to include to make your Trust as credible as possible before the courts: Professional Trustees. In this article, we clarify why it is so important to have a Professional Trustee with your Trusts.... More
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