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Monthly Archives: March 2019

Trusts

Properly funding your revocable trust is the key to unlocking its benefits

By Legacy Protection, LLP |

If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated) and probate avoidance. But these benefits aren’t available if you don’t fund the trust…. Read More »

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What Are Inter Vivos Trusts?

By Legacy Protection, LLP |

While this Latin term may sound complex, inter vivos trusts are actually very simple. They are trusts that are created while you are still alive as opposed to testamentary trusts, which are created by your will and only go into effect after your death. There are many different types of inter vivos trusts that… Read More »

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Life insurance can be a powerful estate planning tool for nontaxable estates

By Legacy Protection, LLP |

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, the gift and estate tax exemption has climbed to $11.4 million, so estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates,… Read More »

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Protecting Your Estate in a Disaster

By Legacy Protection, LLP |

Often we think of the assets of our estate only in terms of what will happen after we die. But, a sudden tragedy or disaster could throw a wrench in your plans. Just like you would store first aid, batteries, and flashlights away for a potential storm, you should also be putting certain documents,… Read More »

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Companion piece: Create a “road map” for your estate plan

By Legacy Protection, LLP |

No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may not be enough. Consider creating a “road map” — an informal letter or other document that guides your family in understanding and executing your plan and ensuring that your wishes are carried out. Navigating… Read More »

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How To Minimize Family Conflict In Your Estate Plan

By Legacy Protection, LLP |

There is a lot to worry about when it comes to estate planning: taxes, distribution, charitable giving, documentation, etc. But, a survey conducted last year by TD Wealth shows those issues aren’t really at the forefront of everyone’s mind. The biggest issue for many, believe it or not, is family conflict. The survey found… Read More »

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Moving a trust over state lines can offer tax savings and other benefits

By Legacy Protection, LLP |

People who live in states with high income taxes sometimes relocate to a state with a more favorable tax climate. A similar strategy can be available for trusts. If a trust is subject to high state income taxes, you may be able to change its residence — or “situs” — to a state with… Read More »

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The Top 5 Things Your Estate Planning Attorney Should Do For You

By Legacy Protection, LLP |

It may seem like there is a never-ending list of documents and accounts needed to create a comprehensive and fulfilling estate for your loved ones. Many people choose to go the route of “DIY” or do-it-yourself estate planning, which is more cost-efficient but may lead you to leave out important aspects of your estate… Read More »

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