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  The tax is scheduled to be repealed for one year in 2010 and revert back to a one million dollar exemption in 2011.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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GDPR And Trusts Amp Estates Lexology
GDPR and Trusts amp Estates Lexology Everyone, by now, will have heard about the new data protection regime GDPR as organisations rush to send out emails on the subject before its introduction on 25 May 2018. But what does GDPR involve and how does it apply to trustees and executors

In 2018 BusinessSavvy Trusts And Estates Lawyers Have Two HighClass Problems ...
Forbes In 2018 Business Savvy Trusts And Estates Lawyers Have Two High Class Problems Forbes In 2018 just about all the professions serving high net worth clients are going to experience a remarkable boom. Wealth managers, private bankers, and certainly trusts and estates lawyers will have the opportunity to make this year one of the best they

What Will It Take For Trusts And Estates Attorneys To Become Seriously Wealth...
Forbes What Will It Take For Trusts And Estates Attorneys To Become Seriously Wealthy Forbes To get on track to become seriously wealthy, the great majority of trusts and estates lawyers need to start with their legal practices. As with the successful and ultra wealthy business owners as well as the super rich who have also usually derived

For Trusts And Estates Lawyers Relationship Management Is A Key Determinant O...
Forbes For Trusts And Estates Lawyers Relationship Management Is A Key Determinant Of Success Forbes To excel trusts and estates lawyers must be technically proficient. This is not only good business it is a moral obligation. In a survey of 359 trusts and estates lawyers, 98 of them identify their technical proficiency to be critical to the success

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Facts of Law describing trusts and estates

Facts of Law - Trust and Estate