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  The tax is scheduled to be repealed for one year in 2010 and revert back to a one million dollar exemption in 2011.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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Five Reasons To Contact A Trusts Amp Estates Attorney Before Yearend Insider...
Insider Louisville Five reasons to contact a trusts amp estates attorney before year end Insider Louisville Updating estate planning documents. Even if you have an estate plan that includes the disposition of your assets and arrangements for your incapacity, it is important to periodically review your plan with your attorney to ensure that it still meets

ESTATES, WILLS AND TRUSTS: Every Day Estate Planning TCPalm
TCPalm ESTATES, WILLS AND TRUSTS: Every day estate planning TCPalm Many put it off until it39s too late and end up leaving their heirs with a financial and administrative mess. Those you want to inherit your assets may not receive them or may receive less because of expenses like court costs and taxes. This is why

Why Trusts And Estates Lawyers Need To Be Thought Leaders To Excel Forbes
Why Trusts And Estates Lawyers Need To Be Thought Leaders To Excel Forbes Being a thought leader has been empirically shown to translate into more revenues for most any client facing business. A thought leader is a trusts and estates lawyer who the wealthy and referral sources recognize as a foremost authority in the field

Tax Reform Proposals For PassThrough Entities WealthManagement.com
WealthManagement.com Tax Reform Proposals for Pass Through Entities WealthManagement.com The Senate version specifically states that the favorable 23 percent deduction wouldn39t apply to business income earned by trusts and estates. It39s unclear whether the business income would retain its character as business income eligible for the 23 Voices Charting a course for pass throughs in tax reformAccounting Today Tax Reform: House and Senate Have Agreement in Principle on Tax ReformThe National Law Review all 2,255 news articles raquo

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Facts of Law describing trusts and estates

Facts of Law - Trust and Estate