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People who want to leave behind financial or securities accounts for their loved ones typically want to do this in the easiest way possible. The answer might be to establish a Totten trust, which is considered a revocable trust. Some people know of the Totten trust by...
You have worries. Those concerns have centered on your special needs child who has relied on you and your spouse to care for her since the day she was born. Who will maintain those financial and everyday responsibilities once you and your spouse are gone? How can you...
A revocable living trust is a legal entity created to serve any number of purposes. Your trust could help you qualify for Medicaid if you need it when you get older. It could provide resources for a child with special needs. It could even help you minimize any tax...
One area that is crucial for any couple is estate planning. As a same-sex couple, you may wonder if there is anything, in particular, you need to be aware of when creating your estate plan. In 2015 the Supreme Court ruled that all states must allow same-sex marriages...
Lots of people have life insurance policies as a form of protection for their family's future when they pass away. Typically, the beneficiaries of these policies are the heirs and/or spouses of the insured. The money is paid directly to those beneficiaries, without...
Are you doing your estate planning and trying to determine how you can reduce the overall value of that estate? You don’t want to lose your assets, of course, but you know that there can be some tax benefits if you have a smaller estate. Fortunately, there are...
Settling an estate often is complicated. There are so many tasks required of an estate’s executor who plays a pivotal role in settling an estate. Key responsibilities include liquidating and distributing assets, paying off creditors, settling squabbles among heirs and...
Both a living will and a power of attorney can be used to assist in planning for your future healthcare needs. Some people opt to cover all their bases by using both, while others will rely primarily on advance directives like a living will. There are some benefits,...
With a solid career, substantial income and keen investing, you have built an admirable estate. With roughly 10 years to go before retirement, you understand that the assets you accumulated will last for the rest of your life. Although you have an estate plan in...
Most states do not make heirs pay inheritance taxes when getting assets as part of an estate plan. California is one of them. You do not have to worry about an estate tax at the state level. That said, it’s important to note that the laws are different across state...