Getting a step-up in basis when each spouse dies can be a big tax advantage. It has not been available to those who live in common-law states. However, it may now be–through a community property trust.
A trust is an estate planning tool that you may consider using if you want to go beyond drafting a last will and testament.
With the largest spike in mortality in the United States in a century, following the onset of the pandemic, providing for one’s pets after death has become a growing topic of conversation for many animal lovers across the country.
The Estate of The Union Season 2, Episode 3 – Mis-Titled Assets Can Wreck Your Planning is out now! Almost everyone thinks that once they have
A pot trust, also referred to as a discretionary, sprinkling or common pot trust, is a type of trust that can be used by families to pass on assets. With this type of trust, minor children serve as beneficiaries with a trustee that oversees the management of trust assets. The trustee has discretionary power to decide how the trust funds are used to pay for the care and needs of beneficiaries.
Although laws vary from state to state, every state requires that less restrictive alternatives be considered before invoking a guardianship. These might include such vehicles as limited guardianships, powers of attorney or assisted decision-making agreements.
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust’s assets are split up after the surviving spouse dies.
People with children who cannot support themselves need to think well past their own lifetime and figure out how to provide for children after they are gone.
The important thing to acknowledge is that the emotions behind the reasons are not trivial, but are important and should not be dismissed or minimized.
Traditional, very simple estate planning may not be sufficient to accomplish estate planning goals in many blended family situations.
