Revocable Living Trusts are used to avoid probate (court supervised estate administration) at death, and to reduce the time delay and costs involved in transferring assets to the trust beneficiaries. But if you set up a revocable living trust, does that require a change to your income taxes? Will you need to file a separate income Read more
What happens to your pets when something happens to you? Many people never think about this, as they presume they will outlive their dog or cat. But what if you’re the one who becomes unable to care for your pet, because of illness or Alzheimer’s or an accident. Or what would happen if you die Read more
When you get to the basics, everybody… whether you’re single, widowed, divorced, or a married couple or unmarried couple…has the same three main reasons for doing estate planning. Inheritance You’ve worked hard to save and accumulate your lifetime savings, and you want your intended heirs or charities to benefit from your efforts. These are decisions you want to Read more
Your medical directives need to be part of your estate plan. Sometimes called advance medical directives, this could include several documents, mainly as follows: This term may encompass a number of different documents, including a health care proxy, a durable power of attorney for health care, a living will, and medical instructions. The exact document Read more
You’ve worked hard to put money into your IRA and it’s one of your biggest assets. IRA’s offer tremendous tax-free growth potential, but you or your heirs could pay a lot of income taxes when you take money out. This site has information about rules for IRA accumulation and distribution. In addition, an IRA Retirement Trust may be advisable if your IRA is $150,000 or more (including your spouse’s IRA and any company retirement plans such as 401(k)’s). This important but often over-looked strategy is separate from your Living Trust and lets your IRA maximize tax deferral while protecting your desired beneficiaries with spendthrift and creditor protection.