News & Resources
Category: Corporate and Taxation
Posted October 29, 2021 in Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate ,Trusts are used for a variety of purposes in estate planning. A trust is a legal relationship in which one person (the trustee) holds legal title to property for the benefit of another (the beneficiary). The settlor is the person who creates and funds the trust. The beneficiaries are the people who will benefit from the trust property or who hold a power of appointment over trust property (i.e., have the authority to dispose of trust property). The trustee is the person who administers the trust and manages the trust property. A trust is created when a property owner (the settlor) transfers legal title of assets to a person (the trustee) who has the duty to hold and manage the assets for the benefit of one or more persons (the beneficiaries). The property transferred into the trust is known as the trust principal, trust estate, or trust corpus.
Posted October 12, 2021 in Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News ,An estate planning attorney can help you weigh the pros and cons of probate and give you an idea of the probate costs and time frames in your jurisdiction. If you decide you want to avoid probate, here are the principal ways to do it: 1. Create a revocable living trust (RLT) and transfer your assets into it. If you name yourself as the trustee, you will keep control over the assets. You can amend or revoke the trust at any time. When you die, the assets pass to your beneficiaries outright or in trust as you have specified in the trust document without going through probate. This method gives you the most flexibility but is the most expensive.
Posted October 4, 2021 in Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate ,Although avoiding probate is a good plan for many individuals, you may decide that you want your estate to be probated if any of the following are true: 1. The cost and effort of probate avoidance exceed the expected expense of probate. A revocable living trust is the principal tool for avoiding probate. A revocable living trust is typically more expensive to have prepared than a simple will. Even once it is created, the trust must be maintained until death. The costs associated with a revocable living trust sometimes exceed the expected cost of probate.
Posted August 11, 2021 in Articles, Asset Protection, Corporate and Taxation, Estate Planning and Probate, News ,One of the many decisions you will need to make about your estate plan is whether you want to avoid probate. Probate is the legal process for settling an estate after someone has died. It is also known as estate administration. The main purpose of probate is to provide inheritors of a deceased person’s property with clear title to the property. During probate, the decedent’s personal representative (also called the executor) locates the decedent’s assets, pays his or her debts, and distributes the remainder of the estate to the beneficiaries named in the will or heirs specified by state law. Here are three reasons why you might prefer for your estate to pass outside probate:
Posted August 3, 2021 in Asset Protection, Corporate and Taxation, Estate Planning and Probate, News ,Every adult should have a will. If you die without a will, state intestacy law will likely determine who inherits your property. These rules are exactly the same for everybody, regardless of his or her circumstances. When you die without a will, you let your state legislators write a will for you. Chances are their choices won’t match your desires. Most intestacy laws leave your entire estate to your surviving spouse and/or your children. If you have no spouse or children, your estate will probably go to your parents or siblings. Here are just a few situations that intestacy laws are not designed to handle: