Estate Planning

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 […]

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.

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

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

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

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

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

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

You might have heard about marital trust with the name of “A Trust.” So, what exactly is a marital trust? It is a type of Irrevocable Trust that holds the deceased spouse’s assets that transcend the amount that can be sheltered from death taxes. Let’s learn how marital trust works. The Purpose of a Marital

The death of a loved one is one traumatic experience. Everyone connected with the person has to suffer the loss of life, grief, and confusion about carrying on with their lives. The especially applies to situations when there has been a sudden or accidental death. Friend and family are just met with a shock, but