Over the years, life insurance has played a vital role in estate planning relative to either paying off or avoiding estate taxes. People create life insurance to achieve various goals, and this is exactly what we would be covering—wondering how you can achieve your estate planning goals using life insurance? Read on. Income Taxes According […]
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Dynasty trust is a concept unknown to many people but is worth exploring. It is a long-term trust created primarily to pass on wealth without incurring a generation-skipping transfer tax. The Basic Tax Issues Before getting deep into the dynasty trust, let’s first understand the fundamental tax issues that come with the generation-skipping transfer tax.
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A Prenuptial agreement, also known as a prenup, is a contract between the couple set up before the marriage, which lays out how the assets will be divided in the events of divorce or death. Who Signs Prenups and Why? Usually, it is seen that the couples remarrying often have children from a previous marriage
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2021 is about to end, and we are still impacted by challenges that have emerged from the COVID-19 pandemic. One of the critical aspects of daily living that people have learned from the pandemic is the significance of asset protection. To help you in this regard, private placement life insurance allows individuals to allocate alternative
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Retirement is the time when you have to determine your own needs as well as the needs of your heirs. You have to decide the financial accounts you have to leave for your heirs and the ones you need to tap for your own financial needs. If you are concerned about the inheritance your heirs
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The decision for minors is mainly taken by their parents. However, in matters of trust or estate, parents are not always in charge of making decisions for their children. Estate law had been safeguarding the interests of beneficiaries, whether they are adults or minors. If, for some reason, parents are unable to sign for their
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Unpaid estate taxes can hold both the executors and the estate’s personal representatives accountable if they are applying for or distributing their assets. So, let’s learn more about how things work under IRS (Internal Revenue Service). Role of Estate Tax Closing Letters If you didn’t already know about the estate tax closing letters, they are
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Charity forms a crucial part of an estate plan for families. Citizens of the state have their own values and morals, and these involve all the religious, social, economic, and non-profit groups. Donating the funds is a common practice among all the residents and not just the wealthy class of individuals. Passing on the money
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Gun trust is not a topic people often talk about, but it is high time we actually start talking about it. While it is true that a large percentage of people who actually have sizable guns are usually hunters and gun enthusiasts, but these are not the only people who possess a fairly large collection
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You might have considered including special needs trust in your estate plan. If so, then you need to know the importance of distributions from special needs trust. They must fall in accordance with the terms of the trust so that the creator remains eligible for the government programs. Effect of Distribution You might be aware
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