Sunday, June 26, 2022

Estate Planning

Charitable Remainder Trust: Save on Taxes While Doing Good

If you own assets that have appreciated significantly over the years, you may be able to profit more by giving them away than by selling them. By setting up a charitable remainder trust (CRT), you can transform a...
grandparent with grandchild

Is a Dynasty Trust Right for You?

With a properly executed estate plan, your wealth can be enjoyed by your children and even their children. But did you know that by using a dynasty trust, you can extend the estate tax saving...
inheritance

When to Turn Down an Inheritance

It's not enough to put together an estate plan for your immediate family. You should also consider any inheritances you might receive from other family members. For example, you might stand to inherit a huge...
adult children as trustees

Is it a Good Idea to Name Co-Executors or Co-Personal Reps?

When drafting a will, you need to decide who'll be the executor or personal representative handling your estate when you die. Individuals who serve in these roles are fiduciaries with a duty to properly administer your...
benefits of living trust

Would a Revocable Trust Be Beneficial for You?

When developing an estate plan, a revocable trust can provide many benefits that, in most cases, significantly outweigh the cost of setting one up. Here are three of the benefits of setting up a revocable trust. Benefit...
estate planning mistakes that will hurt you

10 Mistakes That Could Hurt Your Estate Plan

Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for...
handling creditors of deceased

Can Creditors Go After Non-Probate Assets?

When someone dies, one of the first questions that close relatives usually have is whether they are personally responsible to pay the credit card bills of the decedent. They may even start getting telephone calls from creditors...
handling taxes after someone dies

How to Handle Someone’s Taxes After They Die

The death of a loved one is always difficult but it can be even more challenging if you are the one who must handle all the resulting tax responsibilities. There are a couple different ways you...
questions about serving as executor

Should You Serve as Executor?

When someone asks you to serve as executor of his or her estate, it is generally meant as a compliment that he or she trusts you to serve in this important role. But don't simply...
irrevocable living trust

Decanting a Trust: What Is it? When is it a Good Idea?

An irrevocable trust is usually created to take assets out of the estate of the grantor mostly to: Save on federal or state taxes Remove the assets from potential creditors Help protect assets when applying...

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