Trustee Ownership & The Revocable Living Trust
What is meant by “trustee ownership”? The form of property ownership most rapidly expanding in the estate planning field is that of trustee ownership. By establishing a revocable living trust,…
Tenancy-In-Common Property
· What is tenancy in common? Tenancy-in-common is ownership of property between two or more people. Each of the owners owns a percentage of the property, called an undivided interest.…
Traditional Methods Of Estate Planning
Ownership of Assets · What does “title” mean in relation to property ownership? Title is the legal concept of ownership. When you take “title” to any piece of property, you…
What is Living Probate
· What is meant by “living probate’? It is possible that, prior to your death, you may become mentally disabled due to disease, stroke, or accident. Legally referred to as…
Probate
Death Probate and Administration · What are the origins of the probate process? In our country’s earlier times, a person would homestead a particular piece of land and obtain a…
Tax Planning
· Why should I do estate planning—don’t I have a duty to pay tax to my country? Consider a concept called the “hand of taxation.” Count the fingers on one…
Step-Up in Basis/Capital Gain Tax
· What is a step-up in basis, and why is it important? In general terms, basis is your attributed cost of a particular asset. Usually this is the purchase price.…
Unlimited Marital Deduction
· How much property can I leave to my spouse without my estate having to pay federal estate tax? The federal estate tax law permits leaving an unlimited amount to…
The Fundamentals of Estate Planning
· What is an estate? There is a common misconception that “estates” are exclusive to multimillionaires. Most people do not realize what actually makes up an estate and only have…