Power of attorney is one of the most important legal forms for estate and elder care planning. Along with wills and trust documents, it is a critical document for arranging oneâs affairs. A power of attorney cannot change a properly written will. ⦠Continue reading â
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One of the most useful estate planning tools is a trust, which can be used to create a legacy of wealth and protecting assets. One question to consider when creating one is whether a grantor or non grantor trust is ⦠Continue reading â
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When it comes to sharing property with another person, there are a few different forms of legal ownership to choose from. Of these, two common shared estate ownership options include joint tenancy and community property. Though these joint tenancy and community ⦠Continue reading â
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Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath a home to children while allowing them to continue living in ⦠Continue reading â
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If you leave a trust to a loved one, itâs probably because you want to ensure that they are taken care of after you are gone. But that very act may cause you to wonder how long can a trust ⦠Continue reading â
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Someone who inherits a non-qualified annuity will only have to pay income taxes on any earnings from the annuity when they are withdrawn. Inheriting a qualified annuity, on the other hand, means owing taxes on any withdrawals from the annuity, ⦠Continue reading â
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Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If youâre married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust. This ⦠Continue reading â
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Charitable trusts and foundations can be used to both secure personal, family or business assets and enable philanthropic endeavors. Each one provides assets, such as securities, with protection from lawsuits and other claims. Trusts and foundations also can offer significant ⦠Continue reading â
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When a person uses a will to leave property to their family, friends or the causes they support, the act is known as a bequest. A bequest can be the cash, investments, jewelry or other items that a person passes ⦠Continue reading â
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When you create an irrevocable trust, usually, the terms are set in stone. But what happens when you need to make adjustments due to significant life, law or personal changes? For example, letâs say your trustee is diagnosed with a life-threatening ⦠Continue reading â
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