Creating a successful estate plan requires you to consider much more than just how you want your estate assets distributed after you are gone. You must also protect those assets both during your lifetime and at the time of your death. Failing to consider claims that are likely to be filed against your estate during probate, for example, can be a costly mistake. To illustrate that point, the Salem estate planning attorneys at Legacy Care Law Firm explain what happens if an estate lacks sufficient … [Read more...] about What Happens If an Estate Lacks Sufficient Cash to Pay Claims?
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more. State Income Taxation of Nongrantor Trusts … [Read more...] about State Income Taxation of Nongrantor Trusts
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposals … [Read more...] about New Tax Proposals
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it. State Income Taxation … [Read more...] about State Income Taxation
How Much Discretion Should I Give My Trustee?
Although a Last Will and Testament remains the most common estate planning tool, trusts are not far behind in terms of the frequency with which they are included in an estate plan. If you choose to include a trust in your estate plan, you will need to make a number of decisions during the creation of your trust. Among the most important of those decisions is who to appoint as the Trustee of your trust. Related to that decision is deciding how much discretion to give your Trustee. A Salem trusts … [Read more...] about How Much Discretion Should I Give My Trustee?
Should I Purchase a Pre-Paid Funeral Contract?
Although it isn’t something you may want to spend much time thinking about, planning ahead for your own funeral and burial within your estate plan is something you may wish to do for several reasons. One way t do that is by entering into a pre-paid funeral contract with a local funeral home. As the North Andover estate planning attorneys at Legacy Care Law Firm explain, a pre-paid funeral contract may not be your best option for planning your own funeral and burial. Why Should You Include … [Read more...] about Should I Purchase a Pre-Paid Funeral Contract?
Giving Back
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...] about Giving Back
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...] about Nongrantor Trusts Can Be Very Useful in Certain Situations
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...] about Grantor Trusts Provide Flexibility and Ease
