What are estate taxes?

The federal estate tax is a tax on the net value of your estate (your assets less your debts) at the time of your death. This is also known as the death tax. Some states have their own death taxes in addition to the federal tax. This tax is expensive and starts at 37% and can quickly go up to 55%. You need to plan ahead. Learn More...

How can I save on estate taxes?

You may use any of these methods to save estate taxes. You can give away some of your assets now to people or organizations who will eventually inherit them after you die. You may get an Irrevocable Life Insurance Trust. You can set up a Charitable Remainder Trust. You can set up a Charitable Lead Trust. You can set up your own Private Charitable Foundation. You can set up a Personal Residence Trust. You can create a Grantor Retained Annuity Trust (GRAT), or a Grantor Retained Unitrust (GRUT). You can establish a Family Limited Partnership. You can set up an Asset Protection Trust. You can establish a Land Trust. Details for all these you can get from your lawyer who sets up your Living Trust. Learn More...

Should I use a corporate trustee?

A corporate trustee is a bank trust department or a trust company that specializes in managing Trusts. If you have no family or friends, or if they do not get along, or live in distant areas, or if you generally have no one you can trust, you should use a corporate trustee. Learn More...

Who can I name as my beneficiary?

You can name any person or organization as your beneficiary. That means you can name your spouse, your children, other individuals, your Living Trust itself, a charity or foundation as your beneficiary. Learn More...

Can I change my Living Trust?

Yes, you can, and you should if your family situation changes. In order to change your Trust, do not write directly on the Trust document itself. Rather ask your attorney to make an amendment (which you will sign). Amendments are simple, and it should not take your attorney long to write up an amendment. Learn More...

My spouse is incapacitated. What do I do?

First of all, take care of your spouse. Then, notify the insurance company, your spouse's employer, find the Trust document, notify your attorney, find out what your insurance covers, have the doctor document your spouse's condition, apply for benefits, become familiar with your finances, put together a team of advisors (mentioned in the Trust), keep records, take care of taxes and accounting, and keep the successor trustee informed. Learn More...

My spouse has passed away. What do I do?

Firstly, take care of funeral arrangements. Then, find the Trust document, contact your attorney to review the Trust document, order death certificates, take care of ongoing bills and final expenses, put together a team of advisors (mentioned in the Trust), take an inventory of assets, and determine their current value, do tax planning, apply for benefits, pay the bills, make special gifts, and keep things organized for your successor trustee. Learn More...

What if I am incapacitated?

Your successor trustee will take control of your finances. This person will be responsible for overseeing your care, for notifying your attorney, have your doctor document your incapacity, look after minors, become familiar with your finances, apply for benefits, put together a team of advisors, notify your bank, and take care of record-keeping and accounting. Learn More...