Establishing a trust or will is vital to a well-designed estate plan; you might even use both. However, even the best estate plans canât anticipate changes in the future or head off new tax legislation. Fortunately, a power of appointment ⦠Continue reading â
The post Power of Appointment for a Trust or Will appeared first on SmartAsset Blog.
Creating a trust as part of your estate plan is something you might consider if youâd like to ensure that your assets will be managed according to your wishes after youâre gone. When you establish a trust, youâll need to ⦠Continue reading â
The post Can a Trustee Remove a Beneficiary From a Trust? appeared first on SmartAsset Blog.
Estate taxes are a form of transfer tax that affects the very wealthy. For multimillionaire households, avoiding the estate tax is a significant issue. One tool that households can use to try to minimize their estate tax liability is the ⦠Continue reading â
The post How to Avoid Estate Taxes With Trusts appeared first on SmartAsset Blog.
A revocable living trust can help you protect privacy, avoid probate and protects you in case of incapacitation. But you will also have some limitations. Thatâs because revocable living trusts can be expensive, and they donât have direct tax benefits. ⦠Continue reading â
The post Pros and Cons of Revocable Living Trust appeared first on SmartAsset Blog.
Establishing a trust as part of your financial plan is something you might consider if you have extensive assets or simply want a measure of control over how those assets are managed after youâre gone. When creating a trust, there ⦠Continue reading â
The post Beneficiary vs. Trustee: Estate Planning Guide appeared first on SmartAsset Blog.
When someone dies, others may be called on to manage their estate. An executor is charged with overseeing the distribution of someoneâs assets according to the will or state inheritance laws if they die without a will. The deceased personâs ⦠Continue reading â
The post Executor vs. Beneficiary Rights: Estate Planning Guide appeared first on SmartAsset Blog.
FBO is an abbreviation for the common term âfor the benefit ofâ and it is often used in estate planning. In a trust, the term conveys ownership and value to the trustee. The FBO legal language is there to protect ⦠Continue reading â
The post What Does âFBO in Trustâ Mean? appeared first on SmartAsset Blog.
Some financial products like life insurance or tax-advantaged retirement accounts require you to name one or more beneficiaries. However, thatâs not the case with many assets. For instance, you can buy a house or set up a savings account without ⦠Continue reading â
The post Differences of Beneficiary Designations vs. Wills appeared first on SmartAsset Blog.
Estate planning matters if youâre hoping to preserve as much of your wealth and assets as possible for future generations. One of the biggest challenges is finding ways to minimize your tax liability, as taxes can shrink the value of ⦠Continue reading â
The post The Basics of Estate Tax Planning appeared first on SmartAsset Blog.
When youâre in the midst of a divorce, youâre probably not thinking about estate planning or your will. But if youâre divorcing, you should think about the impact a divorce can have on an estate plan. Because even if your ⦠Continue reading â
The post How Divorce Impacts Your Estate Plan appeared first on SmartAsset Blog.