- How to Split an Inherited IRA Between Siblings
Like most assets, you can inherit an individual retirement account (IRA) after the owner’s death. And for spouses, inheriting an IRA is a relatively straightforward process. In most cases, you can simply assume ownership or even roll the inherited account over… read more…
- Does a Revocable Trust Protect Assets From a Nursing Home?
Many retirees go to nursing homes as their needs increase, creating a dilemma for protecting their wealth. A revocable trust places your wealth in a tax-protected vehicle you can control until you die. But, unfortunately, it won’t protect assets from… read more…
- Domestic Asset Protection Trusts: Estate Planning
There are a lot of aspects of estate planning that can make it feel daunting. To protect your beneficiaries from creditors, you should consider establishing a domestic asset protection trust or DAPT. Here define DAPTs, talk about how they work… read more…
- Why Is Estate Planning Important?
An estate plan is important for anyone who wants their wishes to be carried out after they are gone. Without a legally enforceable estate plan in place, you run the risk of having a judge interpret state laws to decide… read more…
- Gentreo Review
Gentreo is an online estate planning tool that lets people create wills and other estate planning documents without the help of an attorney. Gentreo’s $100 fee plus $50 recurring subscription costs are much less than an attorney will charge. Yet… read more…
- U.S. Legal Wills Review
For almost all households creating a will is a straightforward, if unpleasant, task. Many individuals will simply have some cash, investments and (often) a home to disperse. And they have a relatively small number of friends and relatives they can… read more…
- What to Do When Inheriting a House With Siblings
Inheriting a house with siblings can raise some questions about what it means for each of you financially. For example, will one of you live in the home and buy out the others? Or will you sell it and split… read more…
- Epic Will Review
Epic Will is an online company that allows you to draft wills and other legal documents online in minutes, with minimal fees. There are will packages for individuals and married couples and all wills are drafted according to state-specific laws.… read more…
- How Much Does It Cost to Remove a Trustee?
A trustee is responsible for managing the assets held in the trust on behalf of its beneficiaries. If you’re the beneficiary of a trust, you may find it necessary to remove the trustee if you believe that they’ve committed a breach… read more…
- What Is Gift Splitting?
Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you’re responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain exclusion limit each year… read more…
- How to Avoid Estate Taxes With Trusts
Estate taxes are a form of transfer tax that affects the very wealthy. For multimillionaire households, avoiding the estate tax is a significant issue. One tool that households can use to try to minimize their estate tax liability is the… read more…
- Can a Trustee Remove a Beneficiary From a Trust?
Creating a trust as part of your estate plan is something you might consider if you’d like to ensure that your assets will be managed according to your wishes after you’re gone. When you establish a trust, you’ll need to… read more…
- Power of Appointment for a Trust or Will
Establishing a trust or will is vital to a well-designed estate plan; you might even use both. However, even the best estate plans can’t anticipate changes in the future or head off new tax legislation. Fortunately, a power of appointment… read more…
- Florida Estate Tax
There is no Florida estate tax, though you may still be subject to the federal estate tax. It’s one of 38 states in the country that doesn’t levy a tax on estates, regardless of size. If you’re concerned about estate… read more…
- Executor vs. Beneficiary Rights: Estate Planning Guide
When someone dies, others may be called on to manage their estate. An executor is charged with overseeing the distribution of someone’s assets according to the will or state inheritance laws if they die without a will. The deceased person’s… read more…
- Beneficiary vs. Trustee: Estate Planning Guide
Establishing a trust as part of your financial plan is something you might consider if you have extensive assets or simply want a measure of control over how those assets are managed after you’re gone. When creating a trust, there… read more…
- What Does “FBO in Trust” Mean?
FBO is an abbreviation for the common term “for the benefit of” and it is often used in estate planning. In a trust, the term conveys ownership and value to the trustee. The FBO legal language is there to protect… read more…
- What Is a Declaration of Trust?
A declaration of trust is the document that establishes a legal trust. It also defines the major elements of the entity, such as the beneficiaries and trustees. Once a trust has been established, a declaration of trust can also be… read more…
- Enablement Could Leave you Permanently Footing the Bill for Your Entire Family
The recession, inflation and COVID-19 have made a bad situation worse. Financial dependency now has aging parents living with their adult children and their adult children footing the bill for their parent’s ill-planned retirement. All while also trying to raise… read more…
- Pros and Cons of Revocable Living Trust
A revocable living trust can help you protect privacy, avoid probate and protects you in case of incapacitation. But you will also have some limitations. That’s because revocable living trusts can be expensive, and they don’t have direct tax benefits.… read more…
- How to Make a Will Without a Lawyer
A will is a basic tool of estate planning that tells your survivors what you want to be done with your possessions. Wills are legal documents and many are drafted by attorneys, but it is possible to make a will… read more…
- How Does A Springing Power of Attorney Work?
A springing power of attorney takes effect (or “springs”) after you have been incapacitated or are otherwise unable to act on your own behalf. Until then it has no effect, meaning that you can assign someone power of attorney in… read more…
- How Much Does Probate Cost?
Probate is the process of proving a will and settling an estate after an individual (decedent) dies. The cost of probate depends on several factors. One of the most significant is the state in which the decedent lived. The cost… read more…
- How to Transfer Property into a Trust
If a trust is part of your estate plan, your assets will need to be transferred into it at some point. Most of the time, this is a fairly simple process that requires nothing more than listing the assets as… read more…
- How to Buy a House With an LLC
If you’re buying an investment property, it may make sense to buy it using a limited liability corporation (LLC). While there are certain hurdles you’ll have to clear, buying a house with an LLC can have many legal and financial… read more…