Estate Planning: Funding Your Revocable Living Trust
Takeaways A revocable living trust is a valuable estate planning tool that helps manage finances during life and incapacity and provides financial security for loved ones after death – primarily by avoiding the legal process known as probate. “Funding” a trust means...
What Most People Don’t Know About Durable Powers of Attorney
Takeaways A durable power of attorney is a legal document that allows a trusted individual to make financial or health care decisions on your behalf even if you become unable to handle your own affairs. This document provides long-term safeguards, ensuring your...
One Common Estate Tax Error That Could Cost You
Takeaways Many families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them...
How Charitable Remainder Trusts Fit into an Estate Plan
Takeaways A charitable remainder trust (CRT) is an estate planning tool that allows you to donate to charity while receiving income for a set term, blending philanthropic goals with financial strategy. CRTs offer such benefits as tax deferral and income streams, but...