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…
DetailsPlanning 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…
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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…
DetailsTrustee 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,…
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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.…
DetailsTraditional 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…
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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…
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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…
DetailsStep-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.…
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