What is Estate Planning?ESTATE PLANNING is the term used to describe methods used to effectively accumulate and protect property, money, investments, assets (you've got the idea) - during one's lifetime and how such an "estate" can be distributed efficiently and as predetermined by mortals before departing this world. Why even think about this?
Well, after a lifetime of working and planning responsibly, paying your "fair share"
of state, local and federal income taxes, property taxes, capital gains taxes, and all
sorts of other taxes, and still managing to save and hang onto more than a specified
amount for yourself and your family, the government says, "We require more taxes". Anger
doesn't solve the problem, although it may be understandable. Just to pass your estate on
to your children and other heirs, still more taxes may be taken from the estate you own,
reducing the proceeds to your heirs, creating a tax situation for them (remember, you
aren't here anymore). The tax is due and payable IN CASH within nine months after death.
Homes, land and farms that may have been a family's for generations are liquidated (sold).
Viable businesses are sold or dismantled to come up with the cash, if necessary. How can we help you?Even if you do not have enough assets to trigger federal estate taxes, one of the biggest advantages of a Revocable Living Trust is that it can be used to AVOID PROBATE, frequently a longer and more costly process than some persons would have you believe. Also, when you have drafted a "loving will", your estate will generally go through probate (too often an agonizing experience for your family). If a lawyer prepares a "Testamentary Trust" for you, make certain that he makes it clear to you that the trust is funded only AFTER your estate has been probated. Later, anyone can learn the amount of assets and property you left and to whom. This public information can be used to target your heirs for anything from legitimate charitable donation requests to questionable investment schemes. Even when your assets are held in joint tenancy, your estate will go through probate upon the death of the survivor if assets are to be retitled. If your attorney or CPA tells you that your estate (in the absence of a living trust) will not have to go through probate or gives you a specific probate cost, ask him or her to put the statement in writing. As a result of the Economic Growth and Tax Relief Reconciliation Act of 2001, the federal estate applicable exclusion amount (the amount that is exempt from tax) will gradually increase and the top tax rate will gradually decrease in the coming years. Consider the current and future value of your retirement plans, your home, any life insurance you might own, and any other savings or investments you've accumulated. Passing assets and property through an appropriately designed Living Trust is a perfectly legal method for the purpose of protecting your family's privacy, simplifying the process of estate settlement, and increasing the inheritance by eliminating probate costs, high attorney fees and certain taxes. No one really wants estate taxes and probate costs to reduce the assets they leave to their heirs. By using a properly structured trust, you ought to be able to exercise greater control over the distribution of your assets. We work with you and specific specializing attorneys to devise the strategy for each individual estate. In addition, we strive to implement a method of paying future estate taxes with just pennies on the dollar. Where to begin:Effective estate planning is a job for specialists who know how to structure Living Trusts and related documents to do the job properly, including an attorney who is up to date on current estate and tax laws, both federal as well as those of the state in which you legally reside. AFTER DOING YOUR OWN RESEARCH, IF YOU HAVE MADE THE DECISION TO OBTAIN A REVOCABLE LIVING TRUST TOGETHER WITH THE FULL COMPLEMENT OF STATE-SPECIFIC ANCILLIARY DOCUMENTS, FOR YOURSELF AND YOUR FAMILY:If you reside in Florida: Call (941) 545-3600 - You might want to replace an existing written Last Will and Testament to avoid an inevitable probate, especially if there are significant assets involved. If you have an existing RLT, you might want to have it reviewed. Get information concerning retaining a Florida-licensed affiliated estate-planning attorney including the services and fees involved. If you are a licensed Florida attorney interested in broadening your practice and desirous of ethically servicing additional clients, give me a call. If you reside in a state other than Florida: Call (800) 998-2523 and leave your name, your state, and city or town, along with the best phone number at which to contact you. Nationally, over 150 estate-planning attorneys are actively working with the group. We will do our best to locate those licensed in your state and provide you their contact information at no charge or obligation. The attorney's fee for a Revocable Living Trust may be somewhat greater in the states of South Carolina, Illinois, and Iowa. Those states require an attorney to be physically present at the time that Revocable Living Trust documents are executed (signed by the affiliated attorney's clients and notarized). |
NOT ALL LIVING TRUSTS |
LIVING TRUST PACKAGE INCLUDES
✔ Ancillary Documents - per person: - Durable Power of Attorney for Assets - Durable Power of Attorney for Healthcare or Advance Directive. - Living Will. - Nomination of Conservator or Guardian.
✔ Abstract of Trust ✔ Trust Certification ✔ Pour-Over Will ✔ Assignment of Furnishings and Personal Effects ✔ Plain English Summaries ✔ Three-ring professional quality binder with 20 tabs and inserts to manage & organize your estate ✔ Funding Guide ✔ Settlement Guide ✔ Final Instructions |
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This website does not contain legal advice and should not be considered to offer legal advice. It does not constitute the recommendation of any legal document for any individual, nor does it discuss legal details incorporated within wills and trusts. We state clearly that any such discussion must be made with an estate-planing attorney who is licensed in your state. This website contains educational material summarized from books that are widely available in public libraries and in books and other publications that are sold online and in every state through retail outlets. Researched and provided by Stewart Ogilby |
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