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  The tax is scheduled to be repealed for one year in 2010 and revert back to a one million dollar exemption in 2011.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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Loeb Amp Loeb Adds Trusts And Estates Practice To Chicago Office Chicago Tri...
Chicago Tribune Loeb amp Loeb adds trusts and estates practice to Chicago office Chicago Tribune Loeb amp Loeb, a law firm based in New York and Los Angeles, announced Wednesday that it is adding a trust and estates practice to its Chicago office as six attorneys from Sidley Austin join the firm. Jordan A Klein, who had been Sidley Austin39s trusts

Loeb Amp Loeb Snags SixLawyer Sidley Trusts And Estates Team The American La...
The American Lawyer Loeb amp Loeb Snags Six Lawyer Sidley Trusts and Estates Team The American Lawyer Jordan Klein, a 28 year Sidley alum who headed the firm39s national trusts and estates group, is among those leaving the firm for Loeb amp Loeb, along with four other partners led by James Hitzeman, Kathleen O39Hagan Scallan, Julie Olenn and Camille Lu,

2017 Trusts Amp Estates Distinguished Authors Awards WealthManagement.com
WealthManagement.com 2017 Trusts amp Estates Distinguished Authors Awards WealthManagement.com The wait is finally over In March, the Trusts amp Estates editorial staff met and reviewed the articles that appeared in the print edition of the magazine over the past year. In total, six to seven articles were nominated in each respective category

ExJPMorgan Trusts And Estates Pro Joins Norton Rose Law360 Subscription
Ex JPMorgan Trusts And Estates Pro Joins Norton Rose Law360 subscription Norton Rose Fulbright has hired a JPMorgan amp Co. trust and estates lawyer with experience handling international estate and tax planning for a variety of clients including CEOs of public and private companies, padding the estate practice the firm and more raquo

Estates And Trusts Legislative Update, Part II Maryland Daily Record Subscri...
Estates and trusts legislative update, Part II Maryland Daily Record subscription There were two pieces of legislation before the General Assembly that looked to alter the elective share of the surviving spouse. One bill passed, the other did not. Senate Bill 73 increased the amount of the initial share of a decedent39s intestate

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Facts of Law describing trusts and estates

Facts of Law - Trust and Estate