Turning eighteen and graduating high school can feel like a significant accomplishment — and it is! A lot of graduates are going off to college or contemplating about what the next steps in their lives are going to be. It’s a time filled with promise, excitement, and possibly a bit of anxiety also. You are…
Power of Attorney (POA) documents help guarantee the wishes of the individual with dementia are followed as the disease advances and makes it possible for other individuals to make decisions on behalf of the individual when they no longer can. Power of attorney Providing the individual that has dementia has legal mental ability (the capacity…
Discover the most important end of life and estate planning documentation and find out what documents you should devise now. A lot of us have pondered about writing a will, but there are various other documents you require to cover all facets of your end of life wants. Without them, your family is going to…
It’s very important to have a plan in place should you pass away. Things to Consider Prior to Your Passing Away There is a lot more to estate planning than just creating a will. Taking into account all your assets and wishes is going to guarantee your plan is carried out streamlined after your passing.…
It is now time to take solid steps in establishing an estate plan. It’s also a wise to think about what might happen prior to your passing, should you become unable to manage your own affairs or would simply welcome some assistance from a trusted relative or friend. Create Your Will If you are without…
Death and taxes. Two things in life we find unavoidable. Although there are ways for decreasing your tax deduction, there are no ways from getting away from the tax man. To put it simple, everything we touch is taxed, from our incomes to the profits made on the sale from stocks and real estate, even…
A well-devised estate plan guarantees that an individual’s assets are going to be smoothly passed on to their chosen beneficiaries following that individual passing away. Without an estate plan it can lead to family conflict, high tax burdens, and considerable probate costs. Whereas a straightforward will is a vital element of the estate planning process,…
One major benefit of placing your house in a trust is that it avoids probate following your passing away. Each of your other assets, if you have a will or not, are required to go through the probate process. Probate is a legal process that your estate goes through following your passing away. Throughout this…
A-B trusts are a joint trust created by a married couple for the intent of decreasing estate taxes. Upon the passing of the first spouse, the A-B trust splits into two. It is created with each of the spouses’ putting assets in the trust and designating as the final beneficiary any appropriate individual excluding the…
Assets that are transferred into the trust turns into trust property. Trust property comprises of any assets that the grantor — the creator of the trust— transferred into the trust throughout their lifetime, or assets in which the trust was a beneficiary upon the grantor’s passing. Trust property could include real estate and personal belongings,…
