Creating a successful estate plan is a complex and often complicated undertaking, and often becomes more so as you age and your estate value increases. Additional goals are added as both your family and your assets grow. Like most people, you probably consider providing for your loved ones to be a primary estate planning goal. If you have a moderate to large estate, avoiding estate taxes is likely … [Read more...] about Can a Beneficiary Be the Trustee of an Irrevocable Life Insurance Trust?
If you are contemplating the addition of a living trust to your estate plan, one of the most important decisions you will need to make when creating your trust is who to appoint as your Trustee. One of the most common reasons for a trust to fail is appointing the wrong Trustee. Typically, that happens because the Settlor does not really understand what the duties and responsibilities of a Trustee … [Read more...] about What Are the Duties and Responsibility of a Trustee When Administering a Trust?
"What Assets Should I Put In My Revocable Living Trust?" by Attorney Jon Gasior (Audio) Revocable Living Trusts are an extremely common tool used to create a comprehensive estate plan that provides for probate avoidance and control of assets during lifetime and at death. While the Revocable Living Trust can be one of the most effective estate planning tools, there can be a major downside. If you … [Read more...] about What Assets Should I Put In My Revocable Living Trust?
"Capital Gains Taxes and Trust Assets" by Attorney Alex Pagnotta (Audio) One of the most common additions to a well thought out estate plan is a trust, due in large part to the fact that a trust can accomplish such a wide range of estate planning goals. Because a trust is a separate legal entity, a trust can own taxable assets, including real property. The Annapolis trust attorneys at Sinclair … [Read more...] about Capital Gains Taxes and Trust Assets
"How to Protect Against Spendthrift Beneficiaries" by Attorney Jim O'Brien (Audio) Sometimes, the most difficult part of creating an estate plan is not deciding who to include as beneficiaries, but deciding how to gift assets to those beneficiaries. For example, you may be reluctant to pass down assets directly to a beneficiary because that individual cannot be trusted to manage his/her own … [Read more...] about How to Protect Against Spendthrift Beneficiaries?
Creating a comprehensive estate plan usually requires you to incorporate a variety of estate planning strategies and tools in order to achieve all your estate planning goals. One of the most common of those tools is a trust. Although trusts have evolved to the point where there is a specialized trust for almost any estate planning goal, the basic elements that are required to create a trust remain … [Read more...] about Trust Administration Basics
"Why Do Heirs Prefer Trusts?" by Attorney Victor A. Lembo (Audio) Many individuals desire to have an efficient administration of their possessions and assets when they pass away. We all know there may be complexities in handling an estate after death, but most families want privacy and peace. Creating a trust will help provide your heirs or beneficiaries their inheritance in an effective … [Read more...] about Why Do Heirs Prefer Trusts?
"What is a Pour-Over Will and Why Should I Have One?" by Attorney Victor A. Lembo (Audio) When you sit down with an attorney to discuss your estate, it is likely different options were presented, including wills and trusts. As revocable trusts are a popular vehicle to avoid probate, minimize taxes, and control assets for your family, an important document to be drafted with it is referred to as … [Read more...] about What is a Pour-Over Will and Why Should I Have One?
Top Ways to Avoid Probate by Attorney Jon J. Gasior (Audio) A comprehensive estate plan should accomplish much more than just creating a road map for the distribution of your estate assets after you have passed away. In fact, a well thought out estate plan often includes numerous inter-related goals and objectives. Among the most common of those additional goals is probate avoidance. If … [Read more...] about Top Ways to Avoid Probate
"Does a Living Trust Allow You to Avoid Estate Tax?" by Attorney Alexander M. Pagnotta One common question that arises when people are creating a living trust is whether or not this type of trust can provide protection from estate tax. It's important to realize that while a living trust does allow you to transfer assets outside of the probate process, this does not mean that putting wealth … [Read more...] about Does a Living Trust Allow You To Avoid Estate Tax?