100 Cost-Effective Articles - Estate Planning
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Tax Savings with a Gifting Program
One way to help reduce the size of one's taxable estate is to give assets away—the smaller the taxable estate, the smaller the federal estate tax liability. In today's tax environment, the federal estate and gift tax rates are identical. Thus, gift giving during one's lifetime can be an effective estate and gift tax minimization tool.
(580 words)
Estate Planning Fundamentals
Many individuals put off planning their estates. For some, this is due to the misconception that estate planning is only necessary for the wealthy or only involves tax planning, which can be done "later." For others, it's because they simply have a difficult time contemplating their own deaths—a perfectly natural reaction. Yet, it is important to recognize that regardless of these issues, solidifying the future of your family is probably high on your list of priorities. That's why a well-structured estate plan is invaluable. Through it, you can control the distribution of your assets and possessions during your lifetime and after your death, as well as name guardians for your children or plan care for other dependents.
(731 words)
Your Estate & Life Insurance: It All Adds Up
It's easy to underestimate your net worth. After all, without a crystal ball, the future value of your home and savings is hypothetical. What's not hypothetical, however, is the fixed amount of the death benefit provided by your life insurance policy. Adding this often significant sum to your asset pool could expose your estate to the federal estate tax that can run as high as 45% in 2008. Fortunately, there are trusts that can exclude life insurance from an estate.
(635 words)
ILITs—Minimizing Taxes
Typically, the size of your assets dictates the amount of estate planning necessary in your personal situation. For instance, if you are married, a properly drafted and executed will and inter vivos (living) trust for you and your spouse—coupled with proper asset ownership—will only ensure the first $4,000,000 (for 2008) of your estate will get passed to heirs free of estate taxes. Thus, estates exceeding $4,000,000 for married individuals in 2008 (or $2,000,000 for single individuals) will incur estate taxes. For this reason, the irrevocable life insurance trust (ILIT) has become a popular technique to help fund the payment of estate taxes and to ensure the maximum amount of assets are passed to your family in full.
(480 words)
Qualified Disclaimers and Post-Mortem Planning
A post-mortem planning technique that may be useful in situations where "A/B" trusts or similar arrangements were not established prior to death is a qualified disclaimer. Rather than transfer all property to the surviving spouse using the unlimited marital deduction, thereby wasting the first spouse's applicable exclusion amount, the surviving spouse can disclaim a portion of his or her inherited property. The disclaimed property then passes to other heirs or beneficiaries as if the surviving spouse had predeceased. The estate can then take advantage of the applicable exclusion amount with respect to the disclaimed property.
(900 words)
The Building Blocks of a Sound Estate Plan
Many people think estate planning is necessary only for those with sizable assets. However, even small estates require smart planning to protect loved ones. Here are some important steps you can take now to ease your family's emotional and financial burden in the event of your death.
(529 words)
Why a Will?
Often, the prospect of writing a will brings up feelings of discomfort. And yet, devising a will is one of the most important factors in estate planning, one that should promote feelings of security. Doing so means that heirs will be provided for and your distribution wishes will be met. Like many people, have you postponed the task of writing a will? Or, is it time to review a will drafted years ago?
(479 words)
A Living Will—Your Medical Directive
How do you feel about life-support systems for the terminally ill? How much thought have you given to the decisions your family may face when contemplating the choice of maintaining or terminating life-sustaining medical treatment for you? Certainly, it is an easy subject to avoid considering. However, it is important to recognize there are measures you can take now that can help solidify your thoughts and wishes on the subject, thus providing your loved ones with guidance in the event such decisions become necessary.
(526 words)
The Duties of an Estate Executor
An estate executor plays a variety of roles and is often required to act on sensitive issues. Many executors begin with tasks outside the formal job requirements, such as helping to plan the funeral and reimbursing or advancing funds to family members who pay for it. If the deceased is to be interred, the deed to a burial plot must be located or a plot must be purchased. As an executor, it is also your duty to help ensure the safety of the decedent's home and property during and after the funeral. This article discusses the executor's various areas of responsibility.
(889 words)
Intellectual Property: Estate Planning Concerns
If you are an inventor, author, artist, or owner of a closely held business, you may have already taken steps to ensure the protection of your intellectual property rights. Business ideas, visual art, published or unpublished literary and musical works, inventions, computer programs, and designs of clothing and architecture can be protected by law through copyrights, patents, and trademarks. These valuable assets also need to be carefully considered when planning your estate, so that they are transferred to your heirs according to your wishes upon your death.
(755 words)
Estate Planning for Lifetime Partners
There have been some distinct changes in the American cultural and sociological landscape in recent years. Among them is the increasing number of unmarried couples living together. This trend has spawned some difficult and complex estate planning challenges for the individuals involved. This article provides a brief look at some of the more common estate planning issues affecting these individuals.
(991 words)
Tips for Creating an Effective Estate Plan
Whether your estate plan is simple or complex, there are many details, often overlooked, that can undermine your plan’s effectiveness. But, there are also just as many overlooked ways of ensuring your plan is effective. This article discusses ten common estate planning mistakes, as well as ways of correcting the mistakes or making sure they never happens.
(769 words)
Benefit Trade-Offs in Property Titling
A fairly common occurrence among married couples is the holding of most, if not all, of their property as tenants by the entirety. Quite often, couples are unaware of the alternative methods of titling, as well as some of the trade-offs involved in selecting a particular form of holding property.
(897 words)
Practical Uses for Practical Trusts
Trusts are valuable tools that can help you and your family achieve a variety of financial and estate planning goals. As you plan your long-term strategies, you may find many practical ways to use trusts to manage your investments, retirement, business interests, charitable goals, and your estate.
(739 words)