The basics of estate planning explained, become acquainted with estate planning definitions such as living trusts, kinds of wills, dying intestate and trustee. Your estate planning questions answered in this article.
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Estate Planning terms explained
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Court-supervised probate is a costly, time-consuming process. The typical cost to probate an estate is in the range of 3% to 7% of the total estate value. The benefits of establishing a living trust are certainly well worth it-if only to avoid probate.
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If you've ever thought about a living trust, it's probably because you hate the idea of going through probate. Living trusts have been heavily marketed on that basis over the past several years and, yes, living trusts certainly do avoid probate. But, there's a whole lot more to living trusts than just that. In fact, avoiding probate is not even one of the top three reasons for a living trust. In my opinion, it's #4. To set the record straight, here are the top 6 reasons why you should have a living trust.
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When it comes to estate planning, simple errors can result in enormous hassles. Avoid these common estate planning mistakes
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There has been a recent explosion of estate planning seminars as well as online ‘do it yourself estate planning’ kits. Be cautious, the integrity and longevity of such plans may not hold up in a court of law.
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Elder law serves the legal needs of the aging community. Specific needs that may be addressed by an elder law attorney are described in the following article. Additionally, an elder law attorney is well informed about available social workers, psychologists and other elder care professionals who may be of assistance to a client.
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The estate tax is a tax on your right to transfer property at the time of your death. While only the total of taxable estates and lifetime gifts that exceed $1,000,000 will actually have to pay an estate tax...
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When you die, will you decide on the distribution of your assets or will you leave the state to decide? Your decision as to whether or not to create an estate plan will directly impact your loved ones long after your departure. The benefits of a living trust are plenty...
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Trustee is a legal term that describes the role of the holder of property and or goods on behalf of the beneficiary. Esentially, the trustee is the manager of the trust.
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Dying intestate means one has died with no legal will or trust. What happens if you or someone you know and love dies intestate? What happens to your assets?
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According to a study by the American Pet Products Manufacturers Association, Americans own 68 million dogs and 73 million cats. It is not surprising that laws are being established in regards to Pet Trust Funds...
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What is a trust? What is a living trust? What is the definition of a living trust?
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Be certain to discuss relevant documents to bring to your meeting with your estate planning attorney. Thinking ahead will save you time and money.
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For a trust to be funded, the assets must be transferred into the trust. The correct way to transfer assets into a trust is by changing the title from the individual to a trustee of your trust.
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Have you considered the future of your business? An alarming study recently revealed that only 30% of all family-owned businesses survive to the next generation. There are several options outlined in this article about estate planning for business owners.
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The good news is, there are no limits on how much one can contribute to a Charitable Remainder Trust
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One of the most important decisions for one to consider when establishing a living trust is the choice of a trustee
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A major key to the success of an Family Limited Partnership is having a very good operating agreement that is custom-tailored to the family business
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FAQ About Power of Attorney
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Gifting is an excellent way to reduce estate taxes because the gift giver is reducing the size of the taxable estate
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An executor must be organized but is not required to have a law degree. The executor is the person named in a will to be in charge of settling a deceased person's financial affairs.
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What is a holographic will? Is a holographic will legal? The following article answers common questions about holographic wills and describes perhaps the strangest case of a holographic will in which a farmer carved his will into the fender of his tractor...
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There are many kinds of wills. Learn what defines a joint will, a living will, a simple will and more.
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As a "second" estate, The Legacy Trust affords some degree of asset protection
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