ESTATE PLANNING
KNOWLEDGEFINANCIAL.COM
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How to Do Estate Planning? KNOWLEDGEFINANCIAL.COM
No one wants to think about not being here to enjoy tomorrow
and take care of life and loved ones. But it happens to all of us
sooner or later. Getting papers and the things we posses in
order not only makes life much easier on the people we leave
behind, but the organizing involved is remarkably empowering.
One of the best parts of estate planning is you get a chance to
take stock of your life, priorities and material possessions. You
don't even have to own a house or have a family to get your life
in order.
Another great part of estate planning is you can get yourself
organized. You want to find all your documents and organize
them in one place.
Make your will. I couldn't believe this was actually fun. But it's
interesting to go through all you have and figure out who would
really enjoy or benefit from the things you've acquired.
There are a lot of will-making computer programs for sale on
the internet and on legal sites that can help. If you feel at all
unsure, call an expert and meet with him/her personally. They
will help guide you on how to fill out forms and make decisions.
Other things to consider are long-term care, living trusts,
health planning and other documentation. Getting everything
together and organized will give you a good, clean sense of
power over your life.
And don't think that being young is an excuse not to do it. None
of us knows what may happen tomorrow, and if you have family
who could be terribly burdened by your lack of action,
No one wants to think about not being here to enjoy tomorrow
and take care of life and loved ones. But it happens to all of us
sooner or later. Getting papers and the things we posses in
order not only makes life much easier on the people we leave
behind, but the organizing involved is remarkably empowering.
One of the best parts of estate planning is you get a chance to
take stock of your life, priorities and material possessions. You
don't even have to own a house or have a family to get your life
in order.
Another great part of estate planning is you can get yourself
organized. You want to find all your documents and organize
them in one place.
Make your will. I couldn't believe this was actually fun. But it's
interesting to go through all you have and figure out who would
really enjoy or benefit from the things you've acquired.
There are a lot of will-making computer programs for sale on
the internet and on legal sites that can help. If you feel at all
unsure, call an expert and meet with him/her personally. They
will help guide you on how to fill out forms and make decisions.
Other things to consider are long-term care, living trusts,
health planning and other documentation. Getting everything
together and organized will give you a good, clean sense of
power over your life.
And don't think that being young is an excuse not to do it. None
of us knows what may happen tomorrow, and if you have family
who could be terribly burdened by your lack of action,
ESTATE PLANNING, WHAT IS ESTATE PLANNING? How to
Do AN Estate Planning?
Estate planning is not just about taxes. Usually, Americans
pay only one half of one percent in federal estate taxes.
Everyone needs an estate plan to make sure their assets
go where they want them to go after death. Here are some
things to think about when doing your estate plan.
Don't let the state plan your estate. If you don't have a will,
the state you lived in decides what to do with your assets.
Make a will.
Protect your heirs from creditors. If you leave assets to
your children, their creditors can attach those assets just
the same as if they had earned it. Leave your assets in
trusts.
Protect your heirs from themselves. If you have a child who
is bad with money, set up a trust and appoint someone
else to make financial decisions for him which can protect
him from his own poor decision making.
Start estate planning early, not when you learn you have a
terminal disease. It's possible that options are available
now that will not be later.
Carefully choose an estate planning specialist. There are
estate planning attorneys in your area. Check with friends
for recommendations.
Update your estate plan at regular intervals. Changes
happen in our lives. Be sure you address them, so your
estate plan is in place when it is needed.
KNOWLEDGEFINANCIAL.COM
Do AN Estate Planning?
Estate planning is not just about taxes. Usually, Americans
pay only one half of one percent in federal estate taxes.
Everyone needs an estate plan to make sure their assets
go where they want them to go after death. Here are some
things to think about when doing your estate plan.
Don't let the state plan your estate. If you don't have a will,
the state you lived in decides what to do with your assets.
Make a will.
Protect your heirs from creditors. If you leave assets to
your children, their creditors can attach those assets just
the same as if they had earned it. Leave your assets in
trusts.
Protect your heirs from themselves. If you have a child who
is bad with money, set up a trust and appoint someone
else to make financial decisions for him which can protect
him from his own poor decision making.
Start estate planning early, not when you learn you have a
terminal disease. It's possible that options are available
now that will not be later.
Carefully choose an estate planning specialist. There are
estate planning attorneys in your area. Check with friends
for recommendations.
Update your estate plan at regular intervals. Changes
happen in our lives. Be sure you address them, so your
estate plan is in place when it is needed.
KNOWLEDGEFINANCIAL.COM
How to Prepare for an Estate-Planning Meeting?
KNOWLEDGEFINANCIAL.COM
A lot of planning and decision making go into determining how to manage an estate.
The most valuable team member of an estate-planning meeting is an attorney with
experience in setting up trusts, wills and other aspects of estate planning.
Step1-Discuss with your spouse the way you both want your estate to be handled, if
both of you die at the same time or one precedes the other in death. Both scenarios
need to be clearly defined in the planning meeting.
Step2-Determine if you want your estate to stay in your bloodline. If your son or
daughter dies after having children and his or her spouse remarries, do you want the
new spouse and any children to be included in the estate?
Step3-Decide if your children should inherit everything at the time of your death, or if
you want your estate to provide an ongoing income. To set up an ongoing income, you
must decide on the amount and frequency of payout.
Step4-Discuss your thoughts about the division of the estate to your new spouse if you
remarry. Will everything go to your children and grandchildren, or will the new spouse
be included?
Step5-Talk about giving to charity. Some couples prefer to give a large portion of their
estate to charity, especially if the estate is substantial. If you want to give to charity,
come to an agreement about the charity and donation amount as you prepare for an
estate-planning meeting with your attorney.
Step6-Include your vacation home or any other major assets in your estate planning.
You should decide if any additional properties are to be sold and included in the assets
as cash, or if any property should remain available for the family.
Step7-Think about the need for designating a financial adviser and a trustee to handle
the affairs of the estate upon your and your spouse's demise. This is especially
important in the case of children who are minors. You may consider putting a
requirement for both a financial adviser and trustee until the children reach an age
designated by you.
Step8-Prepare for an estate-planning meeting by discussing the possibilities of setting
up a charitable trust in your name or a scholarship fund in your family's name.
''Will You Owe Estate Taxes?
KNOWLEDGEFINANCIAL.COM
A lot of planning and decision making go into determining how to manage an estate.
The most valuable team member of an estate-planning meeting is an attorney with
experience in setting up trusts, wills and other aspects of estate planning.
Step1-Discuss with your spouse the way you both want your estate to be handled, if
both of you die at the same time or one precedes the other in death. Both scenarios
need to be clearly defined in the planning meeting.
Step2-Determine if you want your estate to stay in your bloodline. If your son or
daughter dies after having children and his or her spouse remarries, do you want the
new spouse and any children to be included in the estate?
Step3-Decide if your children should inherit everything at the time of your death, or if
you want your estate to provide an ongoing income. To set up an ongoing income, you
must decide on the amount and frequency of payout.
Step4-Discuss your thoughts about the division of the estate to your new spouse if you
remarry. Will everything go to your children and grandchildren, or will the new spouse
be included?
Step5-Talk about giving to charity. Some couples prefer to give a large portion of their
estate to charity, especially if the estate is substantial. If you want to give to charity,
come to an agreement about the charity and donation amount as you prepare for an
estate-planning meeting with your attorney.
Step6-Include your vacation home or any other major assets in your estate planning.
You should decide if any additional properties are to be sold and included in the assets
as cash, or if any property should remain available for the family.
Step7-Think about the need for designating a financial adviser and a trustee to handle
the affairs of the estate upon your and your spouse's demise. This is especially
important in the case of children who are minors. You may consider putting a
requirement for both a financial adviser and trustee until the children reach an age
designated by you.
Step8-Prepare for an estate-planning meeting by discussing the possibilities of setting
up a charitable trust in your name or a scholarship fund in your family's name.
''Will You Owe Estate Taxes?
How to Discuss Estate Planning With Your Aging
Parents? KNOWLEDGEFINANCIAL.COM
1-Allow your parents to bring up the topic of their will, even if you are uncomfortable
with the subject matter. They may feel the need to talk about it with you.
Step2-Use tact when bringing up the issue. Explain to them that you just want to be sure
their wishes are followed, and to know what to do in the event of an unexpected
emergency.
Step3-Discuss the possibility of a living will ' a way to carry out the wishes of someone
who is still alive, but unable to function or communicate.
Step4-Help them decide on an impartial, reliable executor ' preferably a trusted friend
or colleague outside the immediate family. This person will handle their estate
according to their instructions.
Step5-Arrange a family meeting to discuss any potential conflicts that may arise after
your parents pass on.
Step6-Suggest that your parents contact a lawyer; some issues are generally too
complicated for do-it-yourself will-planning packages, such as guardianship of a minor
child or a disabled family member.
Step7-If your parents plan to pass along property to you, discuss the possibility of
placing your name on the title during their lifetime; this will make the transition easier
when the time comes, and may mean there are fewer taxes to pay, depending on your
location.
Step8-If family heirlooms or jewelry are part of an estate, ask your parents to clarify
these specific legacies in writing. This will ensure that each item goes where they want
it to. --- KNOWLEDGEFINANCIAL.COM
Parents? KNOWLEDGEFINANCIAL.COM
1-Allow your parents to bring up the topic of their will, even if you are uncomfortable
with the subject matter. They may feel the need to talk about it with you.
Step2-Use tact when bringing up the issue. Explain to them that you just want to be sure
their wishes are followed, and to know what to do in the event of an unexpected
emergency.
Step3-Discuss the possibility of a living will ' a way to carry out the wishes of someone
who is still alive, but unable to function or communicate.
Step4-Help them decide on an impartial, reliable executor ' preferably a trusted friend
or colleague outside the immediate family. This person will handle their estate
according to their instructions.
Step5-Arrange a family meeting to discuss any potential conflicts that may arise after
your parents pass on.
Step6-Suggest that your parents contact a lawyer; some issues are generally too
complicated for do-it-yourself will-planning packages, such as guardianship of a minor
child or a disabled family member.
Step7-If your parents plan to pass along property to you, discuss the possibility of
placing your name on the title during their lifetime; this will make the transition easier
when the time comes, and may mean there are fewer taxes to pay, depending on your
location.
Step8-If family heirlooms or jewelry are part of an estate, ask your parents to clarify
these specific legacies in writing. This will ensure that each item goes where they want
it to. --- KNOWLEDGEFINANCIAL.COM
How to Write Your Own Last Will & Testament?
KNOWLEDGEFINANCIAL.COM
Writing a will is a difficult thing best handled by an experienced attorney. If you
truly have no other options, you can read these instructions to create your last will
and testament. Follow these suggestions if you decide to write your own last will
and testament.
Identify yourself by name and current address. There could be other "Penelope
Taints", and your then-existing address, if you later move, will help make sure this
is actually your will. You might also include your date of birth and social security
number.
Make an explicit statement that you are revoking all other wills and codicils you
may have executed before.
Appoint an Executor (known in some states as a Personal Representative --- if you
are not sure, use the term Executor for a man and Executrix for a woman (if you
are not sure whether the person is a man or a woman, select another)).
The Executor is the person who carries out your instructions and administers your
Estate after your death. Every state has rules over who can serve. In most states,
if the person is living in your State and over the age of 18, that will do but you
obviously want a person who is honest, thrifty, prudent and resourceful.
Empower the Executor to pay all of your just debts, funeral expenses, taxes and
estate administration expenses so that your heirs can take their shares without
later deductions or complications.
Authorize your Executor to sell any real estate in which you may own an interest at
the time of your death and to pledge it, lease it, mortgage it or otherwise deal with
your real estate as you yourself could do.Itemize personal items that will be going
to specific people.
State that the assets will be divided in the following percentages to the following
people. List the people and the percentages and make sure the percentages add
up to 100%.
Include provisions which will clearly explain who gets a beneficiary's gift if that
person dies before you. For example, "To my wicked Miss Jeanty, I leave Five (5%)
Percent should she survive me; otherwise the share of miss Jeanty shall pass
instead to her lawnman, Mr. jeanty should he survive Miss Jeanty and myself;
otherwise this gift shall lapse."
If you want a deceased beneficiary's gift to just go back into the pot and be divided
among your living beneficiaries in shares proportionate to what you provided for
them, you can use conditional language such as "To my... I leave Five (5%) Percent
should he or she survive me." If you just leave it at that and do not name an
alternate to specifically.
Write in a "residuary clause." A Residuary clause takes everything that was not
already disposed of and gives it to your "residuary beneficiaries." Even after
distributing 100%, you can say "If there are any other assets remaining in my
estate including but not limited to real property, personal property, causes of
action or any other assets, of whatsoever nature and wheresoever situate, I give,
bequeath and devise such residue to ____________." The residuary gift cannot
lapse because it will have nowhere to go. You might say, "to Larry, Moe and Curly,
in equal shares, per stirpes." "Per stirpes" essentially means that it will go down
the bloodline of a deceased beneficiary.
Be clear about whether your Executor should be paid and/or reimbursed for
expenses. You may set the pay or just leave it as a "reasonable fee such as is
ordinarily charged in the community for services of similar complexity and nature."
Be clear over whether your Executor must post bond. Some courts will require
your Executor to post bond unless you explicitly state that that the Executor shall
serve without bond. Bond premiums can be expensive and some people do not
want their estate drained; others look at bonds as good insurance in case the
Executor runs off to Tahiti with the money.
Name an alternative Executor to take over if your first choice dies, becomes
incapacitated or is otherwise unable or unwilling to serve.
Make sure you sign correctly. How you and your witnesses sign the will is a matter
of state law and can affect its validity. Check on this but in all states, you will be
fine of you sign the will in the presence of three witnesses and a notary public all
of whom watch you sign and were present all at the same time and all of whom
are unrelated to you and not beneficiaries or other persons with an interest in your
Estate. Your signature must come at the end of the will, preferably right after the
last line of text. You should also initial each page.
Store the will safely. Your will does not get filed with the courts until after your
death. Tell only your nominated Executor where you keep it. You may also wish to
give the Executor a copy or second original. Do not write on your will once it is
done. Make any future changes by way of a "codicil," a separate document which
explicitly refers to the original will.
Seek out an attorney who understands "special needs trusts" and planning for the
disabled if you have disabled heirs. Do not attempt to plan for making payments to
a beneficiary over time yourself. This type of payment system will usually require a
lawyer.
Remember that wills only govern assets that are in your name alone when you die.
A good estate plan will therefore address how accounts are titled so that your
wishes are honored. Try not to refer to specific assets in your will. What you have
today, you may not have tomorrow and this is therefore a serious mistake in will
drafting. Speak in percentages whenever possible.
State clearly that you are of sound mental health and of contractual capacity!!
Without this important step, somebody who gets a raw deal in your will, such as
your wicked step mother, will be able to shoot down the will in court fairly easily.
Sign in blue ink so that people may easily tell the original
from photocopies. ---KNOWLEDGEFINANCIAL.COM
When going to a lawyer, ask about "self-proving affidavits." These nifty one-page
tools can save a lot of time and money after your death by avoiding having to track
down witnesses.
Wills mean probate, the process by which the will is admitted by the courts. Good
lawyers can sometimes tell you how to avoid a probate proceeding. In many
cases, probate is an unnecessary aggravation and expense.
Warnings;
Nothing in this article should be taken as legal advice for a particular person or
issue. Laws change from time to time and vary from state to state. So many
variables affect a lawyer's advice and these variables may well mean that the
above planning steps will not affect you or could even cause harm. Prior to
implementing any of the stategies discussed in this article, you should consult
with an attorney who is certified as a specialist in Elder Law or estate planning by
your state's bar association. The selection of an attorney is an important decision
that should be based on qualifications and expertise and certainly not on
advertisements alone. ---KNOWLEDGEFINANCIAL.COM
Be wary of forms. No one form can fit everybody's circumstances. Even in the
most simple of estate plans (all to my spouse, then to my kids), good and
customized drafting can save you and your heirs a tremendous amount of money
and aggravation. There are software packages and will forms, even among the
most popular, that are just plain bad and some are ineffective. Do not jeopardize
your life savings and goals to save a few hundred dollars. ---
KNOWLEDGEFINANCIAL.COM
KNOWLEDGEFINANCIAL.COM
Writing a will is a difficult thing best handled by an experienced attorney. If you
truly have no other options, you can read these instructions to create your last will
and testament. Follow these suggestions if you decide to write your own last will
and testament.
Identify yourself by name and current address. There could be other "Penelope
Taints", and your then-existing address, if you later move, will help make sure this
is actually your will. You might also include your date of birth and social security
number.
Make an explicit statement that you are revoking all other wills and codicils you
may have executed before.
Appoint an Executor (known in some states as a Personal Representative --- if you
are not sure, use the term Executor for a man and Executrix for a woman (if you
are not sure whether the person is a man or a woman, select another)).
The Executor is the person who carries out your instructions and administers your
Estate after your death. Every state has rules over who can serve. In most states,
if the person is living in your State and over the age of 18, that will do but you
obviously want a person who is honest, thrifty, prudent and resourceful.
Empower the Executor to pay all of your just debts, funeral expenses, taxes and
estate administration expenses so that your heirs can take their shares without
later deductions or complications.
Authorize your Executor to sell any real estate in which you may own an interest at
the time of your death and to pledge it, lease it, mortgage it or otherwise deal with
your real estate as you yourself could do.Itemize personal items that will be going
to specific people.
State that the assets will be divided in the following percentages to the following
people. List the people and the percentages and make sure the percentages add
up to 100%.
Include provisions which will clearly explain who gets a beneficiary's gift if that
person dies before you. For example, "To my wicked Miss Jeanty, I leave Five (5%)
Percent should she survive me; otherwise the share of miss Jeanty shall pass
instead to her lawnman, Mr. jeanty should he survive Miss Jeanty and myself;
otherwise this gift shall lapse."
If you want a deceased beneficiary's gift to just go back into the pot and be divided
among your living beneficiaries in shares proportionate to what you provided for
them, you can use conditional language such as "To my... I leave Five (5%) Percent
should he or she survive me." If you just leave it at that and do not name an
alternate to specifically.
Write in a "residuary clause." A Residuary clause takes everything that was not
already disposed of and gives it to your "residuary beneficiaries." Even after
distributing 100%, you can say "If there are any other assets remaining in my
estate including but not limited to real property, personal property, causes of
action or any other assets, of whatsoever nature and wheresoever situate, I give,
bequeath and devise such residue to ____________." The residuary gift cannot
lapse because it will have nowhere to go. You might say, "to Larry, Moe and Curly,
in equal shares, per stirpes." "Per stirpes" essentially means that it will go down
the bloodline of a deceased beneficiary.
Be clear about whether your Executor should be paid and/or reimbursed for
expenses. You may set the pay or just leave it as a "reasonable fee such as is
ordinarily charged in the community for services of similar complexity and nature."
Be clear over whether your Executor must post bond. Some courts will require
your Executor to post bond unless you explicitly state that that the Executor shall
serve without bond. Bond premiums can be expensive and some people do not
want their estate drained; others look at bonds as good insurance in case the
Executor runs off to Tahiti with the money.
Name an alternative Executor to take over if your first choice dies, becomes
incapacitated or is otherwise unable or unwilling to serve.
Make sure you sign correctly. How you and your witnesses sign the will is a matter
of state law and can affect its validity. Check on this but in all states, you will be
fine of you sign the will in the presence of three witnesses and a notary public all
of whom watch you sign and were present all at the same time and all of whom
are unrelated to you and not beneficiaries or other persons with an interest in your
Estate. Your signature must come at the end of the will, preferably right after the
last line of text. You should also initial each page.
Store the will safely. Your will does not get filed with the courts until after your
death. Tell only your nominated Executor where you keep it. You may also wish to
give the Executor a copy or second original. Do not write on your will once it is
done. Make any future changes by way of a "codicil," a separate document which
explicitly refers to the original will.
Seek out an attorney who understands "special needs trusts" and planning for the
disabled if you have disabled heirs. Do not attempt to plan for making payments to
a beneficiary over time yourself. This type of payment system will usually require a
lawyer.
Remember that wills only govern assets that are in your name alone when you die.
A good estate plan will therefore address how accounts are titled so that your
wishes are honored. Try not to refer to specific assets in your will. What you have
today, you may not have tomorrow and this is therefore a serious mistake in will
drafting. Speak in percentages whenever possible.
State clearly that you are of sound mental health and of contractual capacity!!
Without this important step, somebody who gets a raw deal in your will, such as
your wicked step mother, will be able to shoot down the will in court fairly easily.
Sign in blue ink so that people may easily tell the original
from photocopies. ---KNOWLEDGEFINANCIAL.COM
When going to a lawyer, ask about "self-proving affidavits." These nifty one-page
tools can save a lot of time and money after your death by avoiding having to track
down witnesses.
Wills mean probate, the process by which the will is admitted by the courts. Good
lawyers can sometimes tell you how to avoid a probate proceeding. In many
cases, probate is an unnecessary aggravation and expense.
Warnings;
Nothing in this article should be taken as legal advice for a particular person or
issue. Laws change from time to time and vary from state to state. So many
variables affect a lawyer's advice and these variables may well mean that the
above planning steps will not affect you or could even cause harm. Prior to
implementing any of the stategies discussed in this article, you should consult
with an attorney who is certified as a specialist in Elder Law or estate planning by
your state's bar association. The selection of an attorney is an important decision
that should be based on qualifications and expertise and certainly not on
advertisements alone. ---KNOWLEDGEFINANCIAL.COM
Be wary of forms. No one form can fit everybody's circumstances. Even in the
most simple of estate plans (all to my spouse, then to my kids), good and
customized drafting can save you and your heirs a tremendous amount of money
and aggravation. There are software packages and will forms, even among the
most popular, that are just plain bad and some are ineffective. Do not jeopardize
your life savings and goals to save a few hundred dollars. ---
KNOWLEDGEFINANCIAL.COM
Estate Planning Strategies:
WWW.KNOWLEDGEFINANCIAL.COM
Nobody wants to die, certainly no-one likes to think about dying; but the
fact is that it happens to everybody.
If you've worked hard and built your own personal fortune, take steps
now to sure that it's protected after you die.
An estate is the total property, including all assets and liabilities, that an
individual owned prior to the distribution of that property under the terms
of a will, trust, or inheritance laws.
Yes you can control the assets left after you die with careful estate
planning. Avoiding probate is one of the best living strategy.
Estate Planning is not something you can just do once and forget about it.
As your assets grow and as your family situation changes {marriages,
divorces, births, deaths, moving to a different state or country}, you'll
need to review your plan and make any appropriate changes.
Do the best you can to make sure your assets are protected while you
are alive.
Asset protection should be an integrated part of your overall personal
and business financial strategy, as well as your estate plan.--
KNOWLEDGEFINANCIAL.COM
WWW.KNOWLEDGEFINANCIAL.COM
Nobody wants to die, certainly no-one likes to think about dying; but the
fact is that it happens to everybody.
If you've worked hard and built your own personal fortune, take steps
now to sure that it's protected after you die.
An estate is the total property, including all assets and liabilities, that an
individual owned prior to the distribution of that property under the terms
of a will, trust, or inheritance laws.
Yes you can control the assets left after you die with careful estate
planning. Avoiding probate is one of the best living strategy.
Estate Planning is not something you can just do once and forget about it.
As your assets grow and as your family situation changes {marriages,
divorces, births, deaths, moving to a different state or country}, you'll
need to review your plan and make any appropriate changes.
Do the best you can to make sure your assets are protected while you
are alive.
Asset protection should be an integrated part of your overall personal
and business financial strategy, as well as your estate plan.--
KNOWLEDGEFINANCIAL.COM
Never own Real Estate in your own name except your
personal residence. ---knowledgefinancial.com
If you do, that information will show up in public records for anyone to see.
More important, any judgement against you can turn into a lien against all your
properties. If that happens, that means you are loosing control over your own
assets.
It's good to own each of your real estate and other investments in a separate
trust.
If you own more than one property and other assets on your own name; for
example: A one of your tenant, a visitor, or a repairman slips and falls in one
of your property, sues you and wind the judgement against you.
That judgement becomes lien on all your property, not just on one. The solution
to avoid that is : to use a separate land trust for each and every property you
own.
"IT'S OKAY TO OWN NOTHING AND CONTROL
EVERYTHING" THAT IS THE ESSENCE OF ASSET
PROTECTION.
KNOWLEDGEFINANCIAL.COM
personal residence. ---knowledgefinancial.com
If you do, that information will show up in public records for anyone to see.
More important, any judgement against you can turn into a lien against all your
properties. If that happens, that means you are loosing control over your own
assets.
It's good to own each of your real estate and other investments in a separate
trust.
If you own more than one property and other assets on your own name; for
example: A one of your tenant, a visitor, or a repairman slips and falls in one
of your property, sues you and wind the judgement against you.
That judgement becomes lien on all your property, not just on one. The solution
to avoid that is : to use a separate land trust for each and every property you
own.
"IT'S OKAY TO OWN NOTHING AND CONTROL
EVERYTHING" THAT IS THE ESSENCE OF ASSET
PROTECTION.
KNOWLEDGEFINANCIAL.COM
ESTATE PLANNING--- KNOWLEDGEFINANCIAL.COM
The collection of preparation tasks that serve to manage an individual's asset
base in the event of their incapacitation or death, including the bequest of assets
to heirs and the settlement of estate taxes. Most estate plans are set up with the
help of an attorney experienced in estate law.
Some of the major estate planning tasks include:
- Creating a will
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
- Setting up funeral arrangements
- Establishing annual gifting to reduce the taxable estate
- Setting up durable power of attorney (POA) to direct other assets and
investments
Estate planning is an ongoing process and should be started as soon as one has
any measurable asset base. As life progresses and goals shift, the estate plan
should move to be in line with new goals. Lack of adequate estate planning can
cause undue financial burdens to loved ones (estate taxes can run higher than
40%), so at the very least a will should be set up even if the taxable estate is not
large. KNOWLEDGEFINANCIAL.COM
The collection of preparation tasks that serve to manage an individual's asset
base in the event of their incapacitation or death, including the bequest of assets
to heirs and the settlement of estate taxes. Most estate plans are set up with the
help of an attorney experienced in estate law.
Some of the major estate planning tasks include:
- Creating a will
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
- Setting up funeral arrangements
- Establishing annual gifting to reduce the taxable estate
- Setting up durable power of attorney (POA) to direct other assets and
investments
Estate planning is an ongoing process and should be started as soon as one has
any measurable asset base. As life progresses and goals shift, the estate plan
should move to be in line with new goals. Lack of adequate estate planning can
cause undue financial burdens to loved ones (estate taxes can run higher than
40%), so at the very least a will should be set up even if the taxable estate is not
large. KNOWLEDGEFINANCIAL.COM
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How can I protect my assets? {Business 101 --- Corp., S -
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Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner to avoid probate, to lower
the tax
the tax
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| TOP THINGS TO KNOW ABOUT ESTATE PLANNING: 1. No matter your net worth, it's important to have a basic estate plan in place. Such a plan ensures that your family and financial goals are met after you die. 2. An estate plan has several elements. ---KNOWLEDGEFINANCIAL.COM They include: a will; assignment of power of attorney; and a living will or healthcare proxy (medical power of attorney). For some people, a trust may also make sense. When putting together a plan, you must be mindful of both federal and state laws governing estates. 3. Taking inventory of your assets is a good place to start. Your assets include your investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you're ever incapacitated? Whom do you want making medical decisions for you if you become unable to make them for yourself? 4. Everybody needs a will. A will tells the world exactly where you want your assets distributed when you die. It's also the best place to name guardians for your children. Dying without a will - also known as dying "intestate" - can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die. 5. Trusts aren't just for the wealthy. ---KNOWLEDGEFINANCIAL.COM Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay, and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits. 6. Discussing your estate plans with your heirs may prevent disputes or confusion. Inheritance can be a loaded issue. By being clear about your intentions, you help dispel potential conflicts after you're gone. 7. The federal estate tax exemption - the amount you may leave to heirs free of federal tax - has been rising gradually and will hit $3.5 million in 2009. Meanwhile, the top estate tax rate is coming down. The estate tax is scheduled to phase out completely by 2010, but only for a year. Unless Congress passes new laws between now and then, the tax will be reinstated in 2011 and you will only be allowed to leave your heirs $1 million tax-free at that time. 8. You may leave an unlimited amount of money to your spouse tax-free, but this isn't always the best tactic. ----KNOWLEDGEFINANCIAL.COM By leaving all your assets to your spouse, you don't use your estate tax exemption and instead increase your surviving spouse's taxable estate. That means your children are likely to pay more in estate taxes if your spouse leaves them the money when he or she dies. Plus, it defers the tough decisions about the distribution of your assets until your spouse's death. 9. There are two easy ways to give gifts tax-free and reduce your estate. You may give up to $12,000 a year to an individual (or $24,000 if you're married and giving the gift with your spouse). You may also pay an unlimited amount of medical and education bills for someone if you pay the expenses directly to the institutions where they were incurred. 10. There are ways to give charitable gifts that keep on giving. If you donate to a charitable gift fund or community foundation, your investment grows tax-free and you can select the charities to which contributions are given both before and after you die. ---KNOWLEDGEFINANCIAL |
Why should I assign power of attorney?
KNOWLEDGEFINANCIAL.COM
When you can't control your financial life, make
sure someone you trust will.
No one is immune from aging or the loss of mental clarity that may come with it. And you're
never immune to health crises that may leave you unable to handle the business of your
life: paying bills, managing investments, or making key financial decisions.
Granting someone you trust the power of attorney allows that person - known as your
"agent" or "attorney in fact" - to manage your financial affairs if you are unable to do so.
Your agent is empowered to sign your name and is obligated to be your fiduciary - meaning
they must act in your best financial interest at all times and in accordance with your wishes.
There are different kinds of powers of attorney, but in estate planning there are two
essential types you should know: ----KNOWLEDGEFINANCIAL.COM
The first is the "springing power of attorney," which only goes into effect under
circumstances that you specify, the most typical being when you become incapacitated.
Often that means your agent cannot act until he or she provides doctors' letters and
sometimes court orders to prove you are incapable of making decisions for yourself.
There is also the "durable power of attorney." It is effective immediately, and your agent
does not need to prove your incapacity in order to sign your name.
An attorney can help you decide which form makes the best sense for your circumstance. In
any case, take care in choosing your agent. That person should be competent, trustworthy,
willing to take on the burden of your affairs, and financially secure.
If you choose a relative or friend as your agent, you probably won't have to pay them. But if
you name a bank, lawyer, or other outside party, you will have to negotiate compensation,
which can range from hourly fees to a percentage of your assets paid annually.
If you do become incapacitated without having assigned power of attorney, the court will
step in to appoint a guardian. This process might cost your family well over $1,000, not
including the cost of the guardian's annual visits to court to report on your situation. Plus,
the person chosen may not be someone you would have picked.
KNOWLEDGEFINANCIAL.COM
KNOWLEDGEFINANCIAL.COM
When you can't control your financial life, make
sure someone you trust will.
No one is immune from aging or the loss of mental clarity that may come with it. And you're
never immune to health crises that may leave you unable to handle the business of your
life: paying bills, managing investments, or making key financial decisions.
Granting someone you trust the power of attorney allows that person - known as your
"agent" or "attorney in fact" - to manage your financial affairs if you are unable to do so.
Your agent is empowered to sign your name and is obligated to be your fiduciary - meaning
they must act in your best financial interest at all times and in accordance with your wishes.
There are different kinds of powers of attorney, but in estate planning there are two
essential types you should know: ----KNOWLEDGEFINANCIAL.COM
The first is the "springing power of attorney," which only goes into effect under
circumstances that you specify, the most typical being when you become incapacitated.
Often that means your agent cannot act until he or she provides doctors' letters and
sometimes court orders to prove you are incapable of making decisions for yourself.
There is also the "durable power of attorney." It is effective immediately, and your agent
does not need to prove your incapacity in order to sign your name.
An attorney can help you decide which form makes the best sense for your circumstance. In
any case, take care in choosing your agent. That person should be competent, trustworthy,
willing to take on the burden of your affairs, and financially secure.
If you choose a relative or friend as your agent, you probably won't have to pay them. But if
you name a bank, lawyer, or other outside party, you will have to negotiate compensation,
which can range from hourly fees to a percentage of your assets paid annually.
If you do become incapacitated without having assigned power of attorney, the court will
step in to appoint a guardian. This process might cost your family well over $1,000, not
including the cost of the guardian's annual visits to court to report on your situation. Plus,
the person chosen may not be someone you would have picked.
KNOWLEDGEFINANCIAL.COM
10 Things Estate Planning Can Do For You
1. Provide for your immediate family
You can provide for your surviving spouse through life insurance, particularly for
spouses who don't work outside the home. You can pass your property on to your
spouse and other members of your family, make sure you’ve selected a competent
person to settle the estate and protect your property while the estate is being settled,
and even take steps to protect your property from creditors. Without estate planning,
your beneficiaries will get less and they’ll get it later.
If you and your spouse should die before your children grow up, your will can assure
your children's education and upbringing by nominating personal guardians for them.
Otherwise, a court will appoint a guardian of the person and estate of your minor
children without your input.
The guardian of the person will decide where your children live, are educated, and
worship. The court-appointed guardian of the children’s estate (or property) will be
required to account to the court for the administration of the child’s estate, and this
accounting can be costly and could prevent your children from enjoying the style of
living you prefer for them. (See chapter 13.)
2. Provide for other relatives who need help and guidance
Do you have family members whose lives might become more difficult without you,
such as an elderly parent or disabled child, or a grandchild whose education you want
to assure? You can establish a special trust fund for family members who need
support that you won't be there to provide. (See chapters 9-10.)
3. Get your property to beneficiaries quickly-----
KNOWLEDGEFINANCIAL.COM
You want your beneficiaries to receive promptly the property you've left them. Probate
may not be a problem in your jurisdiction. If it is, you can avoid or simplify probate
through insurance, joint tenancy, a living trust or other means (chapters 3-5 and
chapter 11); and using simplified or expedited probate (chapter 29).
4. Ease the strain on your family
Ease the burden on your grieving survivors by planning your funeral arrangements
when planning your estate (see chapter 26). You can also limit the expense of your
burial or designate its place, and provide for your body to be cremated or given to
medical science after you die.
5. Minimize expenses
Good estate planning keeps the cost of transferring property to beneficiaries as low as
possible (See chapters 13-17).Choosing competent executors/trustees and giving
them the necessary authority will save money, reduce the burden on your survivors,
and simplify administration of your estate. It also will reduce a court's involvement and,
in many states, avoid paying for a bond. See chapters 27-28.
6. Reduce taxes on your estate
Every dollar your estate has to pay in estate or inheritance taxes is a dollar that your
beneficiaries won't get. A good estate plan can give the maximum allowed by law to
your beneficiaries and the minimum to the government. (See chapters 20-22.)
7. Make your retirement years easier.
Even though estate planning primarily benefits those you love and care about, you can
also coordinate your estate plan with retirement, health care and other benefits to help
you achieve the most comfortable final years while still providing for your loved ones.
(See chapters 18-19.)
8. Plan for incapacity ------ KNOWLEDHEFINANCIAL.COM
Health-care advance directives. living wills and durable health-care powers of attorney
enable you to decide in advance about life support and pick someone to make
decisions for you about medical treatment (see chapters 24 and 25). Some states
permit you to designate a personal guardian. Disability insurance can protect you and
your family if you should become disabled and unable to work.
9. Help a favorite cause
Your estate plan can help support religious, educational, and other charitable causes,
either during your lifetime or upon your death, and at the same time take advantage of
tax laws designed to encourage private philanthropy (see chapter 22).
10. Make sure your business goes on smoothly----
KNOWLEDGEFINANCIAL.COM
If you have a small business, you can provide for an orderly succession and
continuation of its affairs by spelling out what will happen to your interest in the
business
1. Provide for your immediate family
You can provide for your surviving spouse through life insurance, particularly for
spouses who don't work outside the home. You can pass your property on to your
spouse and other members of your family, make sure you’ve selected a competent
person to settle the estate and protect your property while the estate is being settled,
and even take steps to protect your property from creditors. Without estate planning,
your beneficiaries will get less and they’ll get it later.
If you and your spouse should die before your children grow up, your will can assure
your children's education and upbringing by nominating personal guardians for them.
Otherwise, a court will appoint a guardian of the person and estate of your minor
children without your input.
The guardian of the person will decide where your children live, are educated, and
worship. The court-appointed guardian of the children’s estate (or property) will be
required to account to the court for the administration of the child’s estate, and this
accounting can be costly and could prevent your children from enjoying the style of
living you prefer for them. (See chapter 13.)
2. Provide for other relatives who need help and guidance
Do you have family members whose lives might become more difficult without you,
such as an elderly parent or disabled child, or a grandchild whose education you want
to assure? You can establish a special trust fund for family members who need
support that you won't be there to provide. (See chapters 9-10.)
3. Get your property to beneficiaries quickly-----
KNOWLEDGEFINANCIAL.COM
You want your beneficiaries to receive promptly the property you've left them. Probate
may not be a problem in your jurisdiction. If it is, you can avoid or simplify probate
through insurance, joint tenancy, a living trust or other means (chapters 3-5 and
chapter 11); and using simplified or expedited probate (chapter 29).
4. Ease the strain on your family
Ease the burden on your grieving survivors by planning your funeral arrangements
when planning your estate (see chapter 26). You can also limit the expense of your
burial or designate its place, and provide for your body to be cremated or given to
medical science after you die.
5. Minimize expenses
Good estate planning keeps the cost of transferring property to beneficiaries as low as
possible (See chapters 13-17).Choosing competent executors/trustees and giving
them the necessary authority will save money, reduce the burden on your survivors,
and simplify administration of your estate. It also will reduce a court's involvement and,
in many states, avoid paying for a bond. See chapters 27-28.
6. Reduce taxes on your estate
Every dollar your estate has to pay in estate or inheritance taxes is a dollar that your
beneficiaries won't get. A good estate plan can give the maximum allowed by law to
your beneficiaries and the minimum to the government. (See chapters 20-22.)
7. Make your retirement years easier.
Even though estate planning primarily benefits those you love and care about, you can
also coordinate your estate plan with retirement, health care and other benefits to help
you achieve the most comfortable final years while still providing for your loved ones.
(See chapters 18-19.)
8. Plan for incapacity ------ KNOWLEDHEFINANCIAL.COM
Health-care advance directives. living wills and durable health-care powers of attorney
enable you to decide in advance about life support and pick someone to make
decisions for you about medical treatment (see chapters 24 and 25). Some states
permit you to designate a personal guardian. Disability insurance can protect you and
your family if you should become disabled and unable to work.
9. Help a favorite cause
Your estate plan can help support religious, educational, and other charitable causes,
either during your lifetime or upon your death, and at the same time take advantage of
tax laws designed to encourage private philanthropy (see chapter 22).
10. Make sure your business goes on smoothly----
KNOWLEDGEFINANCIAL.COM
If you have a small business, you can provide for an orderly succession and
continuation of its affairs by spelling out what will happen to your interest in the
business
| The Five Wishes OF LIVING WILL KNOWLEDGEFINANCIAL.COM Wishes 1 and 2 are both legal documents. Once signed, they meet the legal requirements for an advance directive in the states listed below. Wishes 3, 4 and 5 are unique to Five Wishes, in that they address matters of comfort care, spirituality, forgiveness, and final wishes. Wish 1: The Person I Want to Make Care Decisions for Me When I Can't This section is an assignment of a health care agent (also called proxy, surrogate, representative or health care power of attorney). This person makes medical decisions on your behalf if you are unable to speak for yourself. Wish 2: The Kind of Medical Treatment I Want or Don't Want This section is a living will--a definition of what life support treatment means to you, and when you would and would not want it. Wish 3: How Comfortable I Want to Be This section addresses matters of comfort care--what type of pain management you would like, personal grooming and bathing instructions, and whether you would like to know about options for hospice care, among others. Wish 4: How I Want People to Treat Me This section speaks to personal matters, such as whether you would like to be at home, whether you would like someone to pray at your bedside, among others. Wish 5: What I Want My Loved Ones to Know This section deals with matters of forgiveness, how you wish to be remembered and final wishes regarding funeral or memorial plans. Signing and Witnessing Requirements The last portion of the document contains a section for signing the document and having ------------KNOWLEDGEFINANCIAL.COM |
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Life Insurance
Life insurance, payable when you die, can provide a surviving spouse, children, and
other dependents with the funds necessary to maintain their standards of living, can
help repay debt, and can fund education tuition costs.
LIFE INSURANCE QUOTE. LEARN MORE..
INSURANCE PRODUCTS: How to make profits with the insurance companies?
INSURANCE TAXES:
The Death Tax Isn’t Dead--
State death-tax planning should be an important aspect of the estate-
planning process. LEARN MORE...
Five Insurance Policies Everyone Should Have
Protecting your most important assets is an important step in creating a solid
personal financial plan. The right insurance policies will go a long way toward helping
you safeguard your earning power and your possessions.
TERM INSURANCE ADVANTAGES, TERM INSURANCE GENERAL KNOWLEDGE. Buy the
term, and invest the difference.
THE IMPORTANCE OF INSURANCE IN SOMEONE'S LIFE!
Your Financial Plan; Insurance is an important element of any sound financial plan
Different types of insurance protect you and your loved ones in different ways against
the cost of accidents, illness, disability, and death.
INSURANCE KNOWLEDGE
LIFE INSURANCE ADVANTAGES, FEATURES AND BENEFITS WHILE
ALIVE AND AFTER DEATH. INSURANCE GENERAL KNOWLEDGE,
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Auto Insurance
Auto insurance protects you from damage to the often considerable investment in a
car and/or from liability for damage or injury caused by you or someone driving your
vehicle.
The 10 Best Ways to Lower Your Car Insurance Bill
Money saved is money earned. Many people spend more than is absolutely
necessary on their daily bills, the things that they take for granted.
Auto Insurance - What do You really Need?
When shopping for car insurance, you must take a number of factors into
consideration in order to obtain the best coverage for your needs at a reasonable
price. For instance, how much is your vehicle worth?
Home-owner's Insurance: How to Save Money on Home Insurance?
Home-owner's insurance should allow you to rebuild and refurnish your home after a
catastrophe and insulate you from lawsuits if someone is injured on your property.
Guide To Homeowners Insurance: Different Types of Coverage
All insurance is definitely not created equal or, put another way, you get what you pay
for. The least costly homeowners insurance will likely give you the least amount of
coverage, and vice versa.
Ways to Reduce Your Life Insurance Premium
While you can't do anything about two of the three main factors affecting your
insurance premium (age and family medical history), there are steps you can take
regarding the third - lifestyle. You could lower your insurance premium if you:
Annuities & Pensions Insurance
Basically, an annuity is just a series or stream of payments. “Annuity” comes from
the Latin for “year”. In the context of life insurance, it is a contract between you and
an insurance company under which the insurance company pays you money for a
stipulated period.
Life insurance, payable when you die, can provide a surviving spouse, children, and
other dependents with the funds necessary to maintain their standards of living, can
help repay debt, and can fund education tuition costs.
LIFE INSURANCE QUOTE. LEARN MORE..
INSURANCE PRODUCTS: How to make profits with the insurance companies?
INSURANCE TAXES:
The Death Tax Isn’t Dead--
State death-tax planning should be an important aspect of the estate-
planning process. LEARN MORE...
Five Insurance Policies Everyone Should Have
Protecting your most important assets is an important step in creating a solid
personal financial plan. The right insurance policies will go a long way toward helping
you safeguard your earning power and your possessions.
TERM INSURANCE ADVANTAGES, TERM INSURANCE GENERAL KNOWLEDGE. Buy the
term, and invest the difference.
THE IMPORTANCE OF INSURANCE IN SOMEONE'S LIFE!
Your Financial Plan; Insurance is an important element of any sound financial plan
Different types of insurance protect you and your loved ones in different ways against
the cost of accidents, illness, disability, and death.
INSURANCE KNOWLEDGE
LIFE INSURANCE ADVANTAGES, FEATURES AND BENEFITS WHILE
ALIVE AND AFTER DEATH. INSURANCE GENERAL KNOWLEDGE,
GLOBAL INSURANCE INFORMATION FOR BETTER CHOICES, BETTER
DECISION, BETTER GUARANTEE AND BETTER SATISFACTION. LEARN
MORE HERE...
INVESTMENT PRODUCTS: Investing & Money Management Basics. FINANCIAL
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LEARN MORE HERE...
Auto Insurance
Auto insurance protects you from damage to the often considerable investment in a
car and/or from liability for damage or injury caused by you or someone driving your
vehicle.
The 10 Best Ways to Lower Your Car Insurance Bill
Money saved is money earned. Many people spend more than is absolutely
necessary on their daily bills, the things that they take for granted.
Auto Insurance - What do You really Need?
When shopping for car insurance, you must take a number of factors into
consideration in order to obtain the best coverage for your needs at a reasonable
price. For instance, how much is your vehicle worth?
Home-owner's Insurance: How to Save Money on Home Insurance?
Home-owner's insurance should allow you to rebuild and refurnish your home after a
catastrophe and insulate you from lawsuits if someone is injured on your property.
Guide To Homeowners Insurance: Different Types of Coverage
All insurance is definitely not created equal or, put another way, you get what you pay
for. The least costly homeowners insurance will likely give you the least amount of
coverage, and vice versa.
Ways to Reduce Your Life Insurance Premium
While you can't do anything about two of the three main factors affecting your
insurance premium (age and family medical history), there are steps you can take
regarding the third - lifestyle. You could lower your insurance premium if you:
Annuities & Pensions Insurance
Basically, an annuity is just a series or stream of payments. “Annuity” comes from
the Latin for “year”. In the context of life insurance, it is a contract between you and
an insurance company under which the insurance company pays you money for a
stipulated period.
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...ANALYTICS: Top 9 Real Estate Financial Calculator Problems every investors should
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---ESTATE TAX EXEMPTION---- KNOWLEDGEFINANCIAL.COM
The estate tax in the United States is a tax imposed on the transfer of the "taxable
estate" of a deceased person, whether such property is transferred via a will, according
to the state laws of intestacy or otherwise made as an incident of the death of the
owner, such as a transfer of property from an intestate estate or trust,
or the payment of certain life insurance benefits or financial account sums to
beneficiaries. The estate tax is one part of the Unified Gift and Estate Tax system in the
United States. The other part of the system, the gift tax, imposes a tax on transfers of
property during a person's life; the gift tax prevents avoidance of the estate tax should a
person want to give away his/her estate.
In addition to the federal government, many states also impose an estate tax, with the
state version called either an estate tax or an inheritance tax. Since the 1990s,
opponents of the tax have used the pejorative term "death tax." The equivalent tax in the
United Kingdom has always been referred to as "death duties."
If an asset is left to a spouse or a charitable organization, the tax usually does not apply.
''Estate tax in the United States''--
The estate tax in the United States is a tax imposed on the transfer of the "taxable
estate" of a deceased person, whether such property is transferred via a will, according
to the state laws of intestacy or otherwise made as an incident of the death of the
owner, such as a transfer of property from an intestate estate or trust,
or the payment of certain life insurance benefits or financial account sums to
beneficiaries. The estate tax is one part of the Unified Gift and Estate Tax system in the
United States. The other part of the system, the gift tax, imposes a tax on transfers of
property during a person's life; the gift tax prevents avoidance of the estate tax should a
person want to give away his/her estate.
In addition to the federal government, many states also impose an estate tax, with the
state version called either an estate tax or an inheritance tax. Since the 1990s,
opponents of the tax have used the pejorative term "death tax." The equivalent tax in the
United Kingdom has always been referred to as "death duties."
If an asset is left to a spouse or a charitable organization, the tax usually does not apply.
''Estate tax in the United States''--
TAX EXEMPT LIFE INSURANCE // Maximizing Life
Insurance Benefits..--
KNOWLEDGEFINANCIAL.COM
Life insurance has long been a staple in basic estate planning. Life insurance may
provide an income tax-free death benefit1 far in excess of the premiums paid. However,
much of the life insurance proceeds may be wasted if the ownership and beneficiary
designations are not properly structured.
Because of federal and/or state estate taxes, a tax may be imposed on all the property
that you own at your death. This tax must be paid from your estate.
This tax does not attach if, as a general rule, your property is valued at less than your
estate tax exemption amount.2 If you own a life insurance policy, or you or your estate
are named as beneficiary, the policy death benefit will increase your estate. If, after
including your life insurance death benefit proceeds, your estate is still valued at less
than your estate tax exemption amount,2 no federal estate tax will be assessed.
Therefore, your policy's death benefit proceeds can be directed to any of your heirs, and
need not be used to pay your estate tax liability.
If you own property in excess of your estate tax exemption amount,2 you may have a
taxable estate. If you own a life insurance policy or name either yourself or your estate as
beneficiary, you may have exposed the policy's death benefit proceeds to estate taxes.
For this reason, when estate tax is a concern, an insurance policy on your life is usually
best owned by someone else. You can establish an irrevocable trust to be the owner and
beneficiary of your life insurance policy. Alternatively, you might have your adult children
own, and be beneficiaries of the policy. Either may avoid inclusion of policy proceeds in
your estate.-------KNOWLEDGEFINANCIAL.COM
Meanwhile, third-party owners may be able to lend these proceeds to, or purchase
assets from, your estate to provide cash to satisfy your estate tax liability. (If you make
your spouse the owner of a policy on your life, you should ensure that, if your spouse
dies before you, you will not end up owning the policy either through a provision in your
spouse's will or a living trust.)
Even where the owner is a third party, if the beneficiary dies before you (the insured), the
proceeds may be paid to your estate. Naming a contingent beneficiary to the policy will
ensure that the proceeds will go directly to that person, thus avoiding probate and estate
taxes. The "Rule of Two" holds that a policy should always have at least two contingent
beneficiaries in order to avoid such problems.--knowledgefinancial.com
You should remember that any gift of life insurance to a third party (except to your
spouse) may carry with it gift tax consequences. Additionally, if you fail to survive your
gift by three years, the policy will be brought back into your estate. Because of these
pitfalls, you should always seek tax and legal advice prior to any transfer. But keep in
mind, an improperly structured life insurance contract effectively takes money out of your
heirs' pockets.
Insurance Benefits..--
KNOWLEDGEFINANCIAL.COM
Life insurance has long been a staple in basic estate planning. Life insurance may
provide an income tax-free death benefit1 far in excess of the premiums paid. However,
much of the life insurance proceeds may be wasted if the ownership and beneficiary
designations are not properly structured.
Because of federal and/or state estate taxes, a tax may be imposed on all the property
that you own at your death. This tax must be paid from your estate.
This tax does not attach if, as a general rule, your property is valued at less than your
estate tax exemption amount.2 If you own a life insurance policy, or you or your estate
are named as beneficiary, the policy death benefit will increase your estate. If, after
including your life insurance death benefit proceeds, your estate is still valued at less
than your estate tax exemption amount,2 no federal estate tax will be assessed.
Therefore, your policy's death benefit proceeds can be directed to any of your heirs, and
need not be used to pay your estate tax liability.
If you own property in excess of your estate tax exemption amount,2 you may have a
taxable estate. If you own a life insurance policy or name either yourself or your estate as
beneficiary, you may have exposed the policy's death benefit proceeds to estate taxes.
For this reason, when estate tax is a concern, an insurance policy on your life is usually
best owned by someone else. You can establish an irrevocable trust to be the owner and
beneficiary of your life insurance policy. Alternatively, you might have your adult children
own, and be beneficiaries of the policy. Either may avoid inclusion of policy proceeds in
your estate.-------KNOWLEDGEFINANCIAL.COM
Meanwhile, third-party owners may be able to lend these proceeds to, or purchase
assets from, your estate to provide cash to satisfy your estate tax liability. (If you make
your spouse the owner of a policy on your life, you should ensure that, if your spouse
dies before you, you will not end up owning the policy either through a provision in your
spouse's will or a living trust.)
Even where the owner is a third party, if the beneficiary dies before you (the insured), the
proceeds may be paid to your estate. Naming a contingent beneficiary to the policy will
ensure that the proceeds will go directly to that person, thus avoiding probate and estate
taxes. The "Rule of Two" holds that a policy should always have at least two contingent
beneficiaries in order to avoid such problems.--knowledgefinancial.com
You should remember that any gift of life insurance to a third party (except to your
spouse) may carry with it gift tax consequences. Additionally, if you fail to survive your
gift by three years, the policy will be brought back into your estate. Because of these
pitfalls, you should always seek tax and legal advice prior to any transfer. But keep in
mind, an improperly structured life insurance contract effectively takes money out of your
heirs' pockets.
What is a life insurance trust?
Please remember that this answer is provided in the spirit of public education, not as
legal advice. If you require legal advice for a particular situation, you should consult an
attorney. ---KNOWLEDGEFINANCIAL.COM
A life insurance trust is a trust that is set up for the purpose of owning a life insurance
policy. If the insured is the owner of the policy, the proceeds of the policy will be subject
to estate tax when he dies. But if he transfers ownership to a life insurance trust, the
proceeds will be completely free of estate tax. (The proceeds will be exempt from income
tax either way.)
Given the current estate tax rate of 45%, a life insurance trust can save hundreds of
thousands of dollars in estate taxes. However, there are several drawbacks to such an
arrangement:
1. You can't change the beneficiary of the policy.
The insured must give up the right to change the beneficiary of the policy (the trust itself
will be the beneficiary). The trustee alone has that right, and the insured cannot serve as
trustee of his own life insurance trust.
Of course, the insured will designate the beneficiaries of the trust (for example, his
children). But because this designation cannot be changed after the life insurance trust
has been set up, the insured will lack the flexibility to deal with changed family
circumstances with this particular policy.
2. You can't borrow from the policy.
The insured can no longer borrow against the policy. If the trust allows him to borrow
against the policy, he will be deemed to be an owner of the policy for estate tax purposes.
3. You can't transfer an existing policy to the trust -- unless you live for at least 3 more
years.
If the insured transfers an existing policy to a life insurance trust and dies within the next
three years, he will be treated as the owner of the policy and it will be taxed in his estate.
Even if he survives another three years, he will have made a taxable gift in the amount
of the cash value of the policy (of course, this is usually preferable to having the entire
face value subjected to estate taxes). If the life insurance trust takes out a new policy on
the insured's life, however, the insured will never be deemed to own the policy.
Furthermore, no cash value will have built up yet, so no taxable gift will be made.
4. The life insurance trust must be irrevocable.
Once you set up and fund the trust, you cannot get the policy back. If you become
uninsurable, you will be committed to this trust as your only life insurance.
5. Premium payments may use up your estate tax
exemption.
If the policy has not yet endowed, you must find a way to pay the premiums without using
up your estate and gift tax exemption. If you transfer securities to the trust so that the
trustee will have income with which to pay the premiums, the full value of the securities
will be a taxable gift.
If you transfer cash to the trust each year to pay the premiums, each transfer will be a
taxable gift. However, you may be able to exempt these premium payments from gift or
estate taxes by setting the life insurance trust up as a Crummey Trust (see the FAQ on
Crummey Trusts). Then each premium payment can be sheltered by your annual gift tax
exclusion, which is $13,000 (indexed for inflation) per trust beneficiary.
6. You must find or hire a trustee.
The insured cannot serve as trustee of the life insurance trust. That means that he will
have to find or hire a third party trustee. However, many banks and trust companies offer
reduced fees for life insurance trusts because they involve essentially no investing
decisions. ------KNOWLEDGEFINANCIAL.COM
Despite these drawbacks, many people find that the tax saving potential of a life
insurance trust is worth the cost and hassle. It allows you to remove from your estate a
significant asset that you are unlikely to want access to during your life. And it ensures
that the life insurance proceeds go 100% to the beneficiaries, not the federal government.
Please remember that this answer is provided in the spirit of public education, not as
legal advice. If you require legal advice for a particular situation, you should consult an
attorney. ---KNOWLEDGEFINANCIAL.COM
A life insurance trust is a trust that is set up for the purpose of owning a life insurance
policy. If the insured is the owner of the policy, the proceeds of the policy will be subject
to estate tax when he dies. But if he transfers ownership to a life insurance trust, the
proceeds will be completely free of estate tax. (The proceeds will be exempt from income
tax either way.)
Given the current estate tax rate of 45%, a life insurance trust can save hundreds of
thousands of dollars in estate taxes. However, there are several drawbacks to such an
arrangement:
1. You can't change the beneficiary of the policy.
The insured must give up the right to change the beneficiary of the policy (the trust itself
will be the beneficiary). The trustee alone has that right, and the insured cannot serve as
trustee of his own life insurance trust.
Of course, the insured will designate the beneficiaries of the trust (for example, his
children). But because this designation cannot be changed after the life insurance trust
has been set up, the insured will lack the flexibility to deal with changed family
circumstances with this particular policy.
2. You can't borrow from the policy.
The insured can no longer borrow against the policy. If the trust allows him to borrow
against the policy, he will be deemed to be an owner of the policy for estate tax purposes.
3. You can't transfer an existing policy to the trust -- unless you live for at least 3 more
years.
If the insured transfers an existing policy to a life insurance trust and dies within the next
three years, he will be treated as the owner of the policy and it will be taxed in his estate.
Even if he survives another three years, he will have made a taxable gift in the amount
of the cash value of the policy (of course, this is usually preferable to having the entire
face value subjected to estate taxes). If the life insurance trust takes out a new policy on
the insured's life, however, the insured will never be deemed to own the policy.
Furthermore, no cash value will have built up yet, so no taxable gift will be made.
4. The life insurance trust must be irrevocable.
Once you set up and fund the trust, you cannot get the policy back. If you become
uninsurable, you will be committed to this trust as your only life insurance.
5. Premium payments may use up your estate tax
exemption.
If the policy has not yet endowed, you must find a way to pay the premiums without using
up your estate and gift tax exemption. If you transfer securities to the trust so that the
trustee will have income with which to pay the premiums, the full value of the securities
will be a taxable gift.
If you transfer cash to the trust each year to pay the premiums, each transfer will be a
taxable gift. However, you may be able to exempt these premium payments from gift or
estate taxes by setting the life insurance trust up as a Crummey Trust (see the FAQ on
Crummey Trusts). Then each premium payment can be sheltered by your annual gift tax
exclusion, which is $13,000 (indexed for inflation) per trust beneficiary.
6. You must find or hire a trustee.
The insured cannot serve as trustee of the life insurance trust. That means that he will
have to find or hire a third party trustee. However, many banks and trust companies offer
reduced fees for life insurance trusts because they involve essentially no investing
decisions. ------KNOWLEDGEFINANCIAL.COM
Despite these drawbacks, many people find that the tax saving potential of a life
insurance trust is worth the cost and hassle. It allows you to remove from your estate a
significant asset that you are unlikely to want access to during your life. And it ensures
that the life insurance proceeds go 100% to the beneficiaries, not the federal government.
''-Inheritance tax''-
What's the difference between an inheritance tax and an estate tax?
''- Frequently Asked Questions on Estate Taxes''- IRS ANSWERS
Please remember that this answer is provided in the spirit of public education, not as legal advice. If
you require legal advice for a particular situation, you should consult an attorney.
An inheritance tax is a tax imposed on the people (beneficiaries) who receive property from the
deceased. The tax is calculated separately for each beneficiary, and each beneficiary is responsible for
paying his or her own inheritance taxes. Those states that have inheritance taxes frequently tax
spouses and children of the deceased at lower rates than other heirs.
An estate tax is a tax imposed on the deceased's estate as a whole. The executor fills out a single
estate tax return and pays the tax out of the estate's funds. The heirs will only be held liable for the tax if
the executor fails to pay it.
The federal government imposes an estate tax on all citizens and residents of the United States. It
imposes no inheritance tax. Every estate gets an estate tax deduction for all property received by the
deceased's spouse, as well as a $3.5 million standard exemption for all other property. Thus, many
middle class Americans will owe no federal estate tax.
-----------------------------------------------
Who will get my property if I die without a will?
Please remember that this answer is provided in the spirit of public education, not as legal advice. If
you require legal advice for a particular situation, you should consult an attorney.
In Texas, property is inherited as follows in the absence of a will:
1. If you are married: ---knowledgefinancial.com
If all of your children are also the children of your current spouse, then your spouse will inherit all of
your community property. Your children will inherit a two-thirds interest in every item of your separate
property. The remaining one-third of each item of separate property will go to your spouse, but if the item
is real estate, it returns to your children upon the death of your spouse.
If you have children from a previous marriage, your children will inherit all of your half of the community
property. Your spouse will keep her half of the community property. Your separate property will be
distributed the same way as in the previous paragraph.
If you have no children, your spouse will inherit all of your community property. Separate property that is
not real estate will also go to your spouse. Separate real estate will go half to your spouse, one fourth to
your mother, and one fourth to your father. If either parent is deceased, that parent's share will be
inherited by your siblings if they survive you. If none of your parents or siblings (or their descendants)
survive you, your spouse will inherit all of your separate real estate.
To determine whether an asset is community property or separate
property, see my FAQ on community and separate property.
2. If you are not married (this includes being widowed or divorced):
Your children will inherit all of your property equally. If any child has died before you, his share will go
to his children. If he has no children, it will go to your surviving children. If a child of a deceased child
is also deceased but has left a child of his own (your great-grandchild), that great-grandchild will get its
parent's share of your estate, and so on.
If you have no children, your father will inherit half of your property, and your mother will inherit the
other half. If either parent is deceased, your siblings will inherit that parent's share. If a sibling is
deceased but has left a child (your niece or nephew), that child will inherit its parent's share, and so on.
If a sibling is deceased and has left no children, the surviving siblings will take that sibling's share. If
neither of your parents nor any of their descendants survive you, your grandparents will inherit your
estate equally. If either grandparent has died before you, their descendants (your aunts, uncles, and
cousins) will inherit your estate. ---knowledgefinancial.com
What's the difference between an inheritance tax and an estate tax?
''- Frequently Asked Questions on Estate Taxes''- IRS ANSWERS
Please remember that this answer is provided in the spirit of public education, not as legal advice. If
you require legal advice for a particular situation, you should consult an attorney.
An inheritance tax is a tax imposed on the people (beneficiaries) who receive property from the
deceased. The tax is calculated separately for each beneficiary, and each beneficiary is responsible for
paying his or her own inheritance taxes. Those states that have inheritance taxes frequently tax
spouses and children of the deceased at lower rates than other heirs.
An estate tax is a tax imposed on the deceased's estate as a whole. The executor fills out a single
estate tax return and pays the tax out of the estate's funds. The heirs will only be held liable for the tax if
the executor fails to pay it.
The federal government imposes an estate tax on all citizens and residents of the United States. It
imposes no inheritance tax. Every estate gets an estate tax deduction for all property received by the
deceased's spouse, as well as a $3.5 million standard exemption for all other property. Thus, many
middle class Americans will owe no federal estate tax.
-----------------------------------------------
Who will get my property if I die without a will?
Please remember that this answer is provided in the spirit of public education, not as legal advice. If
you require legal advice for a particular situation, you should consult an attorney.
In Texas, property is inherited as follows in the absence of a will:
1. If you are married: ---knowledgefinancial.com
If all of your children are also the children of your current spouse, then your spouse will inherit all of
your community property. Your children will inherit a two-thirds interest in every item of your separate
property. The remaining one-third of each item of separate property will go to your spouse, but if the item
is real estate, it returns to your children upon the death of your spouse.
If you have children from a previous marriage, your children will inherit all of your half of the community
property. Your spouse will keep her half of the community property. Your separate property will be
distributed the same way as in the previous paragraph.
If you have no children, your spouse will inherit all of your community property. Separate property that is
not real estate will also go to your spouse. Separate real estate will go half to your spouse, one fourth to
your mother, and one fourth to your father. If either parent is deceased, that parent's share will be
inherited by your siblings if they survive you. If none of your parents or siblings (or their descendants)
survive you, your spouse will inherit all of your separate real estate.
To determine whether an asset is community property or separate
property, see my FAQ on community and separate property.
2. If you are not married (this includes being widowed or divorced):
Your children will inherit all of your property equally. If any child has died before you, his share will go
to his children. If he has no children, it will go to your surviving children. If a child of a deceased child
is also deceased but has left a child of his own (your great-grandchild), that great-grandchild will get its
parent's share of your estate, and so on.
If you have no children, your father will inherit half of your property, and your mother will inherit the
other half. If either parent is deceased, your siblings will inherit that parent's share. If a sibling is
deceased but has left a child (your niece or nephew), that child will inherit its parent's share, and so on.
If a sibling is deceased and has left no children, the surviving siblings will take that sibling's share. If
neither of your parents nor any of their descendants survive you, your grandparents will inherit your
estate equally. If either grandparent has died before you, their descendants (your aunts, uncles, and
cousins) will inherit your estate. ---knowledgefinancial.com
Why do I need a will?--knowledgefinancial.com
Please remember that this answer is provided in the spirit of public education, not as legal advice. If
you require legal advice for a particular situation, you should consult an attorney.
1. You have minor children.
You should write a will in order to appoint guardians for your minor children, and trustees to manage
their property. If you do not leave a will, the court may appoint a guardian whom you would not have
chosen.
You also need to write a will in order to prevent minor children from inheriting real estate outright.
Although minors have the legal capacity to own property, they do not have legal capacity to manage it.
If your children inherit a share of your house, your spouse would not be able to sell it, rent it out, or
even refinance the mortgage without a court order. Getting court orders is expensive and time
consuming. Although children generally do not inherit community property in the absence of a will, they
do inherit a share of your separate property. In many families, the primary residence is partly separate
property because the down payment was made with a gift from parents or with money earned by the
spouses before marriage. (See the FAQ on community property.)
2. You have no children.
Do you know what would happen to your property if you died right now without a will? You might be
surprised to find out that your spouse might not inherit everything. If you and your spouse have no
children, your parents or siblings might inherit part of your home and become co-owners with your
spouse. Your spouse would not be able to sell the house or other property without their permission,
and vice versa. If you want to remember your parents or siblings in your will, it is best to leave them
specific pieces of property that they will not have to share with your spouse. A will can accomplish this.
3. You have a large family.--knowledgefinancial.com
All of your heirs will become co-owners of every asset you own, and will have to manage all the
property together. They may not live in the same state, or they may not be able to agree on what should
be done with the property. The more heirs you have, the more money and effort they will have to spend
trying to get organized. With a will, you could leave specific assets to specific heirs, or put one heir in
charge as trustee for the others. Either way, writing a will would save your heirs significant hassle and
expense. It could also prevent major feuding.
4. You own real estate.
In the absence of a will, real estate is likely to be inherited by minors or numerous co-owners, and
either result will be costly. A little estate planning now can save your heirs significant expense and
trouble later.
5. None of the above.
Even if you do not think you need a will, you should still see an estate planner to draw up powers of
attorney for health care and financial matters. If you become incapacitated by illness or accident, a
power of attorney will be critical to allow a friend or loved one to pay your bills and make health care
decisions for you. These simple documents not only save money later, but they give you the security of
knowing things will be taken care of in your absence. ---KNOWLEDGEFINANCIAL.COM
Please remember that this answer is provided in the spirit of public education, not as legal advice. If
you require legal advice for a particular situation, you should consult an attorney.
1. You have minor children.
You should write a will in order to appoint guardians for your minor children, and trustees to manage
their property. If you do not leave a will, the court may appoint a guardian whom you would not have
chosen.
You also need to write a will in order to prevent minor children from inheriting real estate outright.
Although minors have the legal capacity to own property, they do not have legal capacity to manage it.
If your children inherit a share of your house, your spouse would not be able to sell it, rent it out, or
even refinance the mortgage without a court order. Getting court orders is expensive and time
consuming. Although children generally do not inherit community property in the absence of a will, they
do inherit a share of your separate property. In many families, the primary residence is partly separate
property because the down payment was made with a gift from parents or with money earned by the
spouses before marriage. (See the FAQ on community property.)
2. You have no children.
Do you know what would happen to your property if you died right now without a will? You might be
surprised to find out that your spouse might not inherit everything. If you and your spouse have no
children, your parents or siblings might inherit part of your home and become co-owners with your
spouse. Your spouse would not be able to sell the house or other property without their permission,
and vice versa. If you want to remember your parents or siblings in your will, it is best to leave them
specific pieces of property that they will not have to share with your spouse. A will can accomplish this.
3. You have a large family.--knowledgefinancial.com
All of your heirs will become co-owners of every asset you own, and will have to manage all the
property together. They may not live in the same state, or they may not be able to agree on what should
be done with the property. The more heirs you have, the more money and effort they will have to spend
trying to get organized. With a will, you could leave specific assets to specific heirs, or put one heir in
charge as trustee for the others. Either way, writing a will would save your heirs significant hassle and
expense. It could also prevent major feuding.
4. You own real estate.
In the absence of a will, real estate is likely to be inherited by minors or numerous co-owners, and
either result will be costly. A little estate planning now can save your heirs significant expense and
trouble later.
5. None of the above.
Even if you do not think you need a will, you should still see an estate planner to draw up powers of
attorney for health care and financial matters. If you become incapacitated by illness or accident, a
power of attorney will be critical to allow a friend or loved one to pay your bills and make health care
decisions for you. These simple documents not only save money later, but they give you the security of
knowing things will be taken care of in your absence. ---KNOWLEDGEFINANCIAL.COM
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