Advantages Of Revocable Living Trusts
· What are the benefits of a revocable living trust? Control, cost, convenience, and confidentiality are the four primary reasons that many people turn to trust-centered estate planning. CONTROL A…
Planning For A Family Trust
Planning for a Spouse · Am I required by the laws of my state to leave a portion of my assets to my spouse? The inheritance and succession statutes of…
Everything You Should Know About Community Property
· What states require community property? Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. · What is community property? While the community property laws vary in each…
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.…
