Your estate plan is something that can make your life much easier. It can also make it easier for your loved ones to handle your affairs when you are gone. The thing that you have to remember about estate plans is that they are all individualized. You have to find the estate plan components that work for your situation and goals.
As we recently discussed, life insurance trusts serve an important purpose. These trusts can help to ensure that the money from your life insurance policy is protected from creditors and that it can be used in accordance with the schedule that you set for it. This isn't the only type of trust that you can use as part of your estate. We can help you learn about the options that might work for your needs.
You have carefully planned for what is going to happen when you pass away. You have a life insurance policy in place to help your family members handle your final expenses. What if you found out that just a simple life insurance policy might not actually benefit your loved ones? This might very well be the case.
As frigid winter days give way to spring breezes and blossoming plants, many people traditionally take some time to clean out the old and welcome the new. For most people, spring cleaning usually takes the form of opening the home, cleaning out clutter and doing a deep clean of items that don't get everyday treatment, such as baseboards. You can turns the same attention to detail to estate planning to ensure you are prepared for the future, and spring is a great time to do it.
A charitable trust, also called a charitable remainder trust, lets you leave assets to a charity of your choice after you are gone. The trust can also put some conditions on how and when those assets might be used by the trust, so you can be sure your wishes for your legacy are protected. Another benefit of this type of trust is that it can help alleviate some tax burdens. Here are three tax benefits associated with charitable trusts.
When you are making an estate plan, the type of trust you choose for your assets can have an impact on the beneficiaries. If you have a person who is going to be the beneficiary of a trust and who is the recipient of government benefits, you should be sure that you use a special needs trust so that you can help him or her preserve his or her right to receive benefits.
No matter how streamlined your assets are, if you plan on invoking any other estate document than a basic will, things can get complex quickly. Even a simple will isn't always as basic as you might think, and you have to ensure that your estate plans align with state law on heirship matters or your family members can become mired in lengthy probate processes in the future. Professional assistance with estate matters can greatly reduce the headaches you or your heirs face in the future, especially when it comes to trusts.