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ensure that certain family heirlooms or even a piece of property remain “in the family” is to create a trust Putting real or personal property into a trust allows the person who creates the trust to set some guidelines If trustees and beneficiaries are carefully selected, the property may be protected for many years to

A medical power of attorney appoints someone you trust to make medical decisions for you in the event Jointly-owned property, property in trust, life insurance proceeds, and property with a named beneficiary

Wills and trusts come into play when looking at inheritance, so the prenup is more of a starting point

That, along with many seniors being more polite and trusting, often makes them marks for schemes by unscrupulous

basic estate planning documents in place: a will, powers of attorney, healthcare proxy, and perhaps a trust

Even with wills and trusts in place, tension can run incredibly high.

An experienced attorney can help with a variety of estate planning needs like wills, trusts, asset protection

might also look into passing equal shares to each child but placing the share of the needy offspring in trust

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

Should you create trusts that protect assets for your children and grandchildren, or simply provide that Whom should you appoint in various roles—as agent under powers of attorneys, as trustees, as personal

couple A record of filing taxes jointly as husband and wife Any written documents such as wills or trusts Lawyers can also review existing documents like wills and trusts , which might contain language indicating

If something were to happen to you, your estate planning attorney or another trusted person should have digital assets, including photos and important documents, to the cloud, and ensure that your attorney and trusted Digital assets can be placed into a trust or distributed through your will, or you could grant access