Why you might need This Trust in the Future? According to the Internal Revenue Service, an estate tax is a tax on your right to transfer your property upon your death. The combined estate and lifetime gift tax limit for 2022 is $12,060,000, a very generous amount when compared to 2004-2005, which was $1,500,000. This […]
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When using trusts in your estate plan, it is essential to fund the trust. Transferring your real estate from personal ownership to the Trust is essential to avoid the expensive and time-consuming probate process. To retitle your real estate in the trust’s name involves recording a deed with the local recording authority. Retitling your real […]
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Parents want to ensure that their children feel that they are all treated fairly and feel equally valued. However, the reality is that all children do not need the same amount of financial help, especially in different phases of their lives. Parents may want to divide their property and accounts equally among their children in […]
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Your reason or intent for creating a trust can have significant legal ramifications. And like all intents, to maintain clarity, it is best to put it in writing as a statement. This statement helps ensure your trustee understands why you have chosen to establish a Trust and provides guidelines on managing it. The statement of […]
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At some point a trust might terminate . While trusts can stretch across generations and keep money and property within a family, no trust has unlimited funds or will last an unlimited amount of time. A trust might terminate because: The trust has accomplished its intended purposes. It is no longer economically feasible to have […]
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Most people use wills and trusts to pass accounts and property to their loved ones upon their death. These basic legal instruments can be used separately or together. For example, a revocable living trust can be used in place of a will, but the two are not mutually exclusive. A special type of will known […]
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A trustee is a person who is given control over or the power to administer a trust. This person has a fiduciary duty to the beneficiaries, which means they must put the interests of the trust beneficiaries ahead of their own. Doing so allows them to keep the beneficiary’s trust and faith in their ability […]
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Jack and Leticia are establishing a trust. They would like to help their son, Jack Jr., through college but want to retain control of their financial help. Jack Jr. is not known for his financial aptitude. He regularly blows through his allowance and is caught short-handed when it is time to pay his bills. Jack […]
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Quincey and Jaide are meeting with their estate planning attorney. They are drafting their trust agreement. They are excited to take this important step towards ensuring financial security for their family. Writing the trust agreement is a formal statement that provides guidance on how they want their accounts and property distributed. Speaking of accounts and […]
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Are you a person who reads every word of an instruction booklet or, more relevant to estate planning, a trust document? If so, you may see a reference to Joseph P. Kennedy and his descendants and wonder why he is listed in your trust. Since many people have experienced identity theft or know someone who […]
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