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Most people work hard for their money. They work to take care of their families and provide for themselves in later years. Unfortunately fate sometimes steps in and hinders their plans.
Estate planning is the process by which an individual ensures their income or "human life value" early in their life and directs the... more »
Estate planning refers to the decisions you make and legally document that allow for the disposition of your assets when you die. In the event you become incapacitated and are unable to make decisions for yourself, estate planning also allows you to give durable (lifelong or until you change it) power of attorney to someone you... more »
When two people get married without a prenuptial agreement, the laws of their state dictate how their property is held. Generally, all assets and debts will be jointly held, meaning each spouse has equal claim to the assets and equal responsibility for the debts. Spouses can dictate their own terms, deciding in advance who owns what,... more »
A living trust is a legal document that can serve several different purposes. A living trust can be used to grant property rights to heirs and to reassign such property over time. It can also be used to allow the family or friends of an incapacitated individual to assume control over that person's interests or to avoid traditional... more »
A will is a legal document in which an individual regulates the legal rights regarding their property and possessions following their death. Wills help a person's assets to be handed out to their surviving loved ones, or to anyone or any financial entity, as per the wishes of the deceased, not as common law would dictate. more »
Estate planning helps you take control of where and how your assets are distributed after your...
Let's face it, many people put off creating wills because it's a subject they'd rather not think...
Planning ahead is always a good idea. Be secure in the knowledge that you are leaving your loved...
Estate planning is not just about taxes. Usually, Americans pay only one half of one percent in federal estate taxes. Everyone needs an estate... more »
Although most people understand the importance of having a will, few people actually take the time to create a valid legal will. If you don't have... more »
Developing an estate plan gives you control over your assets during your life and after your death. With a smart estate plan, many people are able... more »
Selecting an estate-planning attorney is an important task, since this person will be helping you determine what will happen to your estate after... more »
A living trust is a legal mechanism that is usually utilized in estate planning. An experienced estate attorney will be able to direct you as to... more »
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
Estate planning devices
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney. After widespread litigation and media coverage surrounding the Terri Schiavo case, virtually all estate planning attorneys now advise clients to also create a living will. Specific final arrangements, such as whether to be buried or cremated, are also often part of the documents. And more sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.
Many people (and even some attorneys) confuse a living will with a durable medical power of attorney. A living will sets out directives concerning end of life decisions, whereas a durable power of attorney gives all medical decision making authority to an appointed individual upon incapacity, including end of life decisions. Some people have both a living will and a health care power of attorney. Some, who wish to give complete discretion to a loved one, including end of life decision, have only a health care power of attorney.
Remainder
The tax code allows wealthy people to set up charitable remainder trusts and set up qualified personal residence trusts to own their personal residence yet leave it to their children without estate tax.
Tax
Because the United States tax code does not tax life insurance proceeds as income, a life insurance trust could be u read more at » http://en.wikipedia.org/wiki/Estate+planning
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