- Can There Be Two or More Trustees for My Living Trust?
An important estate planning decision that you could face when setting up a living trust is choosing a trustee or trustees to oversee it. Appointing multiple trustees can enhance the management of your trust by combining diverse skills and perspectives to make well-rounded decisions. However, having more than one trustee can also be complicated. Here’s… read more…
- Bypass Trusts vs. Marital Trusts
When it comes to building an estate plan, trusts are a common tool used to manage assets, minimize taxes and set things up for a smooth transfer of wealth. Two trusts you may come across in the estate planning process include bypass trusts and marital trusts, both of which can protect assets and provide financial… read more…
- What Is a Survivor’s Trust and How Does It Work?
A survivor’s trust is a type of trust that is used in estate planning as part of a joint trust arrangement. It is typically established between spouses and comes into play upon the death of the first spouse. This trust allows the surviving spouse to retain control over the assets in the trust. The trust… read more…
- Deferred Sales Trust: What It Is, Examples, Pros and Cons
A deferred sales trust (DST) is an advanced tax strategy that allows investors to delay capital gains taxes on the sale of assets that have significantly risen in value, such as real estate or businesses. By selling the asset to a trust, the seller can receive payments over time, spreading out tax liabilities and allowing… read more…
- When Does a Trust Avoid the Probate Process?
One of the most effective tools in the estate planning process is a trust, which can offer significant advantages—including the ability to bypass the often lengthy and costly probate process. Trusts, by design, allow for the direct transfer of assets to beneficiaries without the need for court intervention, provided they are properly funded and managed.… read more…
- Pros and Cons of a Family Trust
A family trust can provide a structured plan for distributing assets, avoiding probate and distributing timely inheritance for beneficiaries. It can also offer tax benefits by potentially lowering the estate’s tax burden. However, setting up a trust involves initial costs and ongoing administrative tasks. Here’s a breakdown of the advantages and drawbacks to help you… read more…
- Differences Between a Family Limited Partnership vs. Trust
Family limited partnerships (FLPs) and trusts are both tools used in estate planning, but they serve different purposes and offer distinct advantages. An FLP is primarily designed to hold and manage family-owned assets while providing potential tax benefits and asset protection. It also enables parents to transfer wealth to their children while retaining some control… read more…
- Marital Trust vs. Family Trust
When considering estate planning, knowing the differences between a marital trust and a family trust is important. A marital trust provides income and principal distributions while deferring estate taxes, while a family trust maximizes estate tax exemptions by distributing assets to children or other family members. Both types of trusts can be customized for specific… read more…
- Estate Planning for Seniors: What to Know
Estate planning for seniors involves the careful organization and management of assets and personal affairs so that their distribution aligns with their goals and needs. This process encompasses creating wills, establishing trusts, assigning powers of attorney and planning for long-term care. By addressing these issues, you can secure your legacy, provide for your loved ones… read more…
- Fiduciary Duties of Trustees
Someone named as the trustee of a trust has a fiduciary duty to the trust’s beneficiaries. At its most basic, this means the trustee must place the needs of the beneficiaries of the trust ahead of their own needs. While following this rule, the trustee must ensure that all the administrative functions involved in overseeing… read more…
- Average Cost of a Will vs. Living Trust
Wills and living trusts are fundamental estate planning tools that dictate what happens to your assets when you’re gone. Both documents serve to distribute your assets, but they operate in distinct ways that can significantly impact your estate planning strategy. A will is a straightforward document that outlines how you wish your assets to be… read more…
- What Is a NING Trust?
The Nevada incomplete gift non-grantor (NING) trust is a tool designed to provide affluent individuals with a legal avenue for asset protection and tax optimization. These specialized trusts leverage Nevada’s advantageous tax codes and trust-friendly laws, enabling residents of high-income-tax states to shield certain assets from those taxes. If you need help protecting your assets… read more…
- How Can I Receive Living Expenses from an Irrevocable Trust as the Grantor?
As the grantor of an irrevocable trust, you generally give up control over the assets once they’re transferred into it. Because of this, the trust typically cannot pay your living expenses directly. However, there are limited scenarios where you might still benefit, such as if the trust was structured with certain retained rights before it… read more…
- How Much a Living Trust Costs to Create in New York
Having a living trust as part of your estate plan lets you bypass New York’s probate process, saving money, time and trouble. However, setting up a living trust involves some time, trouble and cost as well. Many estate planners pay attorneys to create and fund a living trust. This can cost from $1,000 for a… read more…
- How Much It Costs to Create a Living Trust in California
Creating a living trust in California is a prudent step for those looking to manage their estate efficiently and ensure their assets are distributed according to their wishes. A living trust not only helps in avoiding the often lengthy and costly probate process but also provides privacy and flexibility in estate management. However, understanding the… read more…
- How Much Does It Cost to Amend a Trust?
Amending your trust can take multiple steps. You will first need to have a clear understanding of your trust, as well as the legal, statutory and financial factors that could weigh on the costs of making these changes. Here’s a general breakdown. If you need help with this process, consider working with a financial advisor.… read more…
- Key Differences: Trusts vs. Wills in North Carolina
An estate plan is a strategic way to secure the legacy of your estate and ensure that your assets are distributed according to your wishes after you pass. In North Carolina, like in other states, wills and trusts are used as common estate planning tools. There are benefits and drawbacks to each, which makes it important… read more…
- Differences of a Revocable vs. Irrevocable Trust in California
Revocable and irrevocable trusts serve distinct purposes in estate planning. A revocable trust allows the grantor to maintain control over their assets, make changes or even revoke the trust as needed. An irrevocable trust, on the other hand, generally cannot be altered without the consent of beneficiaries once its established. Do you know which could… read more…
- Differences of a Living Trust vs. Will in Georgia
Estate planning in Georgia involves understanding the distinctions between wills and living trusts. While wills offer simplicity and the ability to appoint guardians for minor children, living trusts facilitate probate avoidance and offer enhanced asset protection. The choice between the two depends on factors like estate size, privacy preferences and the need for probate avoidance.… read more…
- Comparing Trusts vs. Wills in Virginia
Trusts and wills are essential tools in estate planning, each providing its unique framework for asset management and distribution after death. Trusts can help you avoid probate, as well as enhanced protection for your estate. Wills, on the other hand, can offer you simplicity and the ability to appoint guardians for minor children. Picking between… read more…
- Differences of Wills vs. Trusts in Colorado
When planning your estate in Colorado, you may contemplate the best estate planning tool for meeting your needs: a trust or will. While there is overlap between trusts and wills, there are significant differences. The truth is that you can have both a trust and a will in Colorado but understanding what each does –… read more…
- How to Use a 645 Election for Trusts and Estates
It’s easy to forget that income taxes are an important part of estate planning. But for executors and trustees, managing this tax burden is an essential part of handling the transfer of assets. The Section 645 Election is one tool that can significantly streamline this process. Section 645 of the tax code lets executors combine an… read more…
- Can a Nursing Home Take Our Assets? We Have a $500K IRA and a Trust to Protect Us
Can a nursing home seize your savings? What if your money is in a trust or a Roth IRA? For married and single retirees alike, these are important questions with nuanced answers. First for the good news: A nursing home cannot simply take your retirement accounts or savings. Short of legal action due to an… read more…
- Differences Between a Living Trust and a Will in Texas
A living trust and a will serve different purposes in Texas estate planning, each with its own benefits and limitations. A living trust allows assets to bypass probate, offering a smoother transition of property to beneficiaries, while a will outlines asset distribution but typically requires probate court approval. Texas law recognizes both options, but factors… read more…
- Living Trust vs. Will in California: Differences and How to Choose
Today’s financial decision shape the future for children, great-grandchildren and future descendants. For Californians, navigating the landscape of living trusts and wills is paramount in ensuring a seamless asset transition and safeguarding family members’ well-being. Each of these legal instruments carries advantages and considerations, offering distinct avenues toward realizing your legacy. Read on to equip… read more…