- Estate Planning160
- How To Start Estate Planning79
- Trust Administration13
- Land Owners6
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.
Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.
The late ‘Siegfried & Roy’ star, Roy Horn, named lifelong friend and performance partner, Siegfried Fischbacher as the executor of his multi-million-dollar estate, according to his will filed in Las Vegas courts.
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income, rather than the trust itself paying the tax. However, these beneficiaries are not subject to taxes on distributions from the trust’s principal.
Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.
Before taking a closer look at revocable and irrevocable trusts, it helps to know what a trust is. In simple terms, it’s a legal entity that allows you to transfer assets to the ownership of a trustee.
When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.
Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
Has it been awhile since you reviewed your estate planning strategy? If so, it may require some updating, based on recent changes to laws impacting your tax and retirement planning.