If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
One component of your estate plan may be a testamentary trust, which is a legal document, usually created within a will, that becomes effective at your death.
When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated for your heirs.
Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
If you like the way the laws are today, you need to take advantage of them now, before they are changed tomorrow. In other words, use it or lose it.
Some marriages end in noise and pain. Other marriages drift away quietly with the signing of documents and only a hint of acrimony.
Estate planning is not just about saving taxes, it is also about managing and protecting your assets against future creditors, both for you and for your beneficiaries.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Life insurance may play a vital role in an estate plan, because insurance proceeds can be counted on to provide liquidity when it’s needed.
