Search Results

lifelong dependent, such a child with special needs—a life insurance payout can fund a special needs trust Note: you will want to create an “irrevocable trust” to own the life insurance and to be the beneficiary

One thing to note is that if assets are placed in a revocable or living trust, they cannot be controlled court stays out of the probate and settlement affairs if the assets are under a revocable (living) trust

should immediately review and revise, if necessary, the following legal and estate planning documents: Trusts Probate #ProbateCourt #PowersofAttorney #Divorce #Wills #HoustonEstatePlanningLawyer #LifeInsurance #Trusts

Trusts Shield Details From The Public While we know what assets Epstein owned at the time of his death Epstein’s will is a classic pour-over will that pours all of his assets into a trust at the time of death of “The 1953 Trust.” Trust documents are not public documents, so unless someone leaks trust documents to the press or comes One of the main reasons people use trusts to do estate planning is because they provide a shield from

IRAs and see-through trust status. Usually, trusts aren’t eligible to leverage stretch-IRA provisions. To receive preferential tax treatment for an IRA beneficiary trust, if the trust qualifies for see-through Requirements for a see-through IRA beneficiary trust. To be treated as a see-through trust, a trust must be irrevocable as of the date of death of the owner

Appoint a trustee for your children. circumstances (such as a special needs child or significant inheritance), you might want an independent trustee—such as a bank or trust company—to serve as trustee or as co-trustee to make the best financial choices for Without a will, your administrator can’t carry out your charitable intentions. Guardianship #EstatePlanningLawyer #ProbateAttorney #Probate #ProbateCourt #Inheritance #Wills #TaxPlanning #Trusts

Real estate stocks and investment trusts can perform better if higher inflation causes the value of assets There has never been a better time to meet with a trusted estate planning attorney to review your goals

It oversees the validation of the will, appointment of the executor or administrator, and ensures the During this hearing, the court validates the will and appoints an executor or administrator to manage Inventory and Appraisal of Estate Assets The executor or administrator is responsible for identifying Settling Debts and Taxes The executor or administrator also settles the deceased's debts and pays any

directives, Kim explains the nuanced differences between them and highlights the importance of selecting a trusted

documents any adult over the age of 18 should have: Medical Power of Attorney: This document allows for a trusted the ability to handle financial and legal matters on behalf of the person who is incapacitated to a trusted

to Physicians (also known as a Living Will) Declaration of Guardian Last Will and Testament Living Trust By revisiting and updating documents such as wills, trusts, and power of attorney regularly, individuals

A recent post on New Jersey 101.5’s website, “Red flags to avoid when  donating to charity,” cautions that when you’re looking for a worthy cause for a donation, be certain that it’s a “qualified exempt organization” per the IRS, which has a list of these charities on its website. Remember that charitable contributions are deductible only as itemized deductions. If the donation is for non-cash contributions to a qualified charity valued at more than $500, you must also fill out and attach Form 8283 with your return to the IRS. Typically, if the value of the donated property for which you plan to claim a deduction is greater than $5,000—or if the deduction for any one item is greater than $500, you need to have a qualified appraiser’s report. If you don’t have this, the deduction will be based on the estimated fair market value of the property. Fair market value may be based on the current sale price of comparable items, based on the age and condition of the property and on the similarity of the compared and donated items. The fair market value of ordinary household goods and clothing is usually much less than the original purchase price. Some organizations, like the Salvation Army and Goodwill, provide a donation value guide that lists common items donated and the average value. Be precise with your records of the donation. If you are donating household items or clothing, the items have to be in “good used condition.” You can’t donate that old plaid sofa in the basement—the one that no one would ever use—just to get it out of the house. If the amount you are donating to one organization is more than $250, you’ll need a written receipt itemizing the items and the values—and even with donations less than $250, it’s a good idea to get an itemized written receipt. Reference: New Jersey 101.5 (January 2, 2016) “Red flags to avoid when donating to charity” #EstatePlanningLawyer #HoustonWills #Probate #Inheritance #HoustonTrustsandEstates