If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion’s share of their estate. But even though estate taxes are real and rates are high, […]
Tag: legacy planning
Powerful Trusts to Benefit Your Heirs and Charities
Charitable trusts can be important components of any estate planning program, permitting individuals to make substantial gifts to favorite charities without giving up all rights to their property. A current tax deduction can be claimed by making a limited or postponed gift. That’s right — through a charitable trust, an individual can make an irrevocable […]
Family Wealth Blueprint: Design Your Legacy with GRATs & IDGTs
If you’re thinking of transferring assets to your children, grandchildren and distant descendants, you may want to consider using a grantor retained annuity trust (GRAT) or an intentionally defective grantor trust (IDGT). Both estate planning tools can be used to freeze the value of the assets you transfer. Let’s look at the basics of each: […]
Start Estate Planning Today for a Better Tomorrow
The sooner you plan, the more prepared you’ll be for life’s unexpected twists and turns. You can start now, regardless of your net worth. You might still be paying off student loans or credit cards for the foreseeable future. Surprisingly, your net worth is not the deciding factor in getting your estate organized. Instead, ask […]
Heirs and Spares: Contingent Beneficiaries
When the Titanic went down in 1912, several women chose to remain on board and drown with their husbands; most famously was Ida Straus, whose family co-owned Macy’s Department Store. Although Titanic-scale disasters are extraordinarily rare, you should nevertheless include a contingency beneficiary in your will or trust in case life or death throws you […]