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It may be tempting to visit a website, answer a few questions, and get back a will or maybe even a trust

One strategy is gifting into a Grantor Retained Annuity Trust (GRAT), which lets you, in effect, loan

Selecting the Type of Administration In situations where there is not a will, the first thing you will need to do is to select the type of administration. Affidavit of Heirship- No administration, or the Affidavit of Heirship is used to establish the title No formal administration is needed in these situations where the decedent died without a will and the If not, the court will appoint an Independent Administration of the Estate.

A beneficiary designation is your legal direction to the account administrator regarding who should get However, if you have a trust created as a part of your estate planning strategy, the trust may be a beneficiary That’s because there’s a difference in tax treatment of living persons vs. trusts.

Future of Popular Estate-Planning Tool May Hinge on Election,” discusses the grantor retained annuity trust With a GRAT, assets that are expected to appreciate are transferred to the trust for a retained annuity When the trust expires, any remaining assets left after the annuity is paid are given to the beneficiaries front-runner Hillary Clinton wins, experts think many of her policies will be in line with the Obama administration A Clinton administration may advocate for limiting GRATs.

You also have the option of creating a revocable trust with the bank named as the successor trustee.

An updated will. A properly drafted will can play a crucial part in minimizing your estate’s exposure to taxes. If you should die without a legally proper will, the probate court may wind up making decisions about your estate, regardless of your best intentions. Review your will regularly. Owned property. If you are married and own property you intend to gift, ask your estate planning attorney to check state laws to see how they may impact your estate. There are states where property owned prior to marriage is treated as separate property belonging to just one spouse, and there are community property states in which all property acquired prior to or during marriage is deemed to be owned by both spouses. Review your property and make sure it is set up the way you want. Beneficiary statements. Review your beneficiary designations, and make sure they’re as you want them. This includes retirement plans (401(k)s, 403(b)s, etc.), IRAs, bank accounts, and insurance policies. Remember that your named beneficiaries take preference over those named in a will, so it’s important to regularly review beneficiaries, particularly after major life changes like marriage or the birth of children or grandchildren. Health care directive and living will. It’s important to be prepared for the unexpected with your health, whether an accident, illness, or other reason. Draft a health care directive that provides guidance on the extent of the medical treatment you want to receive based on your condition. Power of attorney. You should give an individual the authority to make decisions on your behalf in the event you are unable to do so. A “durable” power of attorney will act as your agent, making medical and/or financial decisions for you when needed. Digital accounts. Make certain that loved ones know how to find all required information, including passwords, to access your online accounts—your financial accounts, social media accounts and household accounts like your cable and electric. Consult with an experienced estate planning attorney for help in creating this documentation as part of your estate plan. He or she can review your estate goals to make certain your legacy intentions are consistent with your overall financial strategy. Reference: Sonoma County Gazette (March 1, 2016) “6 Basic Steps to Legacy Planning” #HealthCareDirective #AssetProtection #IRAs #ProbateAttorney #401k #HoustonWills #ProbateCourt #ClearLakeProbate #CommunityProperty #Inheritance #LivingWill #DigitalAccounts #Beneficiaries #HoustonTrusts #PowerofAttorney #LeagueCityEstatePlanningLawyer

insurance benefits will go to the beneficiaries you indicated when you purchased the policy, not the trust

But our firm can show you how to put assets into a trust that your loved ones can tap into after you

stressful, especially since you have lost a loved one, but it is your responsibility as an executor to administer

Many people believe that, unless they own huge sprawling mansions or complicated trust funds, they have

However, the trust fund that finances Medicare’s hospital coverage is fully funded until 2028—that’s The 0.2% COLA that the trustees project for 2017 still could change with inflation. “High cost drugs are a major driver of Medicare spending growth,” said Medicare’s acting administrator