Estate Planning

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Trusts And Estates

Laws governing the disposition and management of a person's estate and the use of trusts in estates fall under the broad category of trusts and estates.

An estate is the accumulation of tangible assets an individual has amassed minus all of the person's debts and liabilities.  Assets can include both real and personal property, cash, securities, life insurance policies, automobiles, assets in trusts, etc.  Generally, an estate will pass to a surviving spouse without probate.  Subsequently, the net assets of an estate will pass, upon death of the estate owner, to the heirs either through the instructions of a will or through a probate court under the laws of intestacy.  Property held in joint ownership with rights of survivorship will transfer immediately to the surviving joint owner.  Gift laws and taxes should be considered before changing ownership of any large asset.

Federal estate taxes currently only apply to estates in excess of two million dollars.  The tax is scheduled to be repealed for one year in 2010 and revert back to a one million dollar exemption in 2011.

Various types of trusts may be used by an estate to pass assets directly to a beneficiary to avoid probate or to defer or, in some cases, eliminate taxes.  By avoiding probate, the wishes of the deceased are less likely to be contested and thus altered and lengthy court battles and legal expenses are avoided.

Trusts can also be used to provide a fixed amount of funds to a beneficiary without giving them access to the entire trust until a certain age.  Large estate owners typically use this ability of a trust to pass larger amounts of assets to heirs without fearing the assets or funds will be quickly squandered or poorly invested.

 

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Trusts And Estates News
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Dorsey Adds Experienced Trusts Amp Estates Lawyer Mark Powell In Southern Cal...
Business Wire press release Dorsey Adds Experienced Trusts amp Estates Lawyer Mark Powell in Southern California Business Wire press release For over 20 years, Mr. Powell39s law practice has focused exclusively on trusts and estates work with emphasis on charitable planning, estate planning, trust and probate administration and estate and gift taxation. He also serves as a fiduciary focused and more raquo

Our Greatest Hits Tax Planning For Distributions In Kind Estates Amp Trusts ...
The CPA Journal Our Greatest Hits Tax planning for distributions in kind Estates amp Trusts The CPA Journal Our Greatest Hits is an effort to show our readers the most popular and still avidly read articles from our archives. This article originally appeared in our September 1991 Issue. Abstract Beneficiaries of an estate or trust, whose taxes are

The Mystery Of Wilbur Rossapos Missing Billions Forbes Forbes
Forbes The Mystery Of Wilbur Ross39 Missing Billions Forbes Forbes Between the November election and January inauguration, Ross quietly moved a chunk of assets into trusts for his family members, leaving more than 2 billion and more raquo

ESTATES, WILLS AND TRUSTS: Common Misconceptions About Wills And Trusts TCPalm
TCPalm ESTATES, WILLS AND TRUSTS: Common misconceptions about wills and trusts TCPalm PORT ST. LUCIE It is difficult to sort through all the confusion about estate planning documents and the probate process. There are many frequently perpetuated myths about Will and Trusts circulating around. It is important to make sure you have

ESTATES, TRUSTS AND WILLS: The Problem With Probate TCPalm
TCPalm ESTATES, TRUSTS AND WILLS: The problem with probate TCPalm STUART When the majority of people hear the word quotprobate,quot they can tell you with certainty that they definitely want to avoid that but why Many people don39t even know what probate is and fortunately, have not had to experience it for themselves.

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Facts of Law describing trusts and estates

Facts of Law - Trust and Estate