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?
Tips for Avoiding Probate
A comprehensive estate plan can accomplish a wide range of inter-related goals. Making sure that loved ones are protected and financially secure after you are gone may be one of your estate planning goals. If so, you may also want to include probate avoidance as a goal to ensure that you loved ones actually receive the assets you left them in a timely manner. To help you get started, the probate attorneys at Legacy Care Law Firm offer some tips for avoiding probate. Why Is Avoiding Probate So … [Read more...] about Tips for Avoiding Probate
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?
What Does a Living Trust Do for You?
Whenever estate planning is the topic of conversation, the subject of living trusts almost inevitably become part of the conservation. The reason for this is simple -- a living trust can help accomplish a very numerous, and diverse, list of estate planning goals. For you to decide if a living trust should be included in your estate plan, however, you need to know exactly what a living trust can do for you. What Is a Living Trust A living trust is one of two types of trusts, with the other … [Read more...] about What Does a Living Trust Do for You?
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important
Tax Tips after New Year
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article provides a few tax tips now that we’ve begun another year. Read on to learn more. Tax Tips after New Year … [Read more...] about Tax Tips after New Year
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
Proving Lack of Testamentary Capacity in a Will Contest
The loss of a loved one is difficult to accept under the best of circumstances. It is ever more difficult to accept, however, when you have reason to believe that the Last Will and Testament submitted for probate is not valid. One of the most frequently used grounds in a Will contest is to claim that the Testator lacked the requisite “testamentary capacity.” What exactly is testamentary capacity and how do you prove that the Testator lacked the necessary capacity to execute his/her Will … [Read more...] about Proving Lack of Testamentary Capacity in a Will Contest
