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  The tax is scheduled to be repealed for one year in 2010 and revert back to a one million dollar exemption in 2011.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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Are Trusts Still Useful If The Estate Tax Is Repealed ElderLawAnswers.com
ElderLawAnswers.com Are Trusts Still Useful If the Estate Tax Is Repealed ElderLawAnswers.com With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax, which in 2017 affects estates over 5.49 million. This begs the question: With no estate tax, do you still need a trust While trusts can

Morrison Cohen LLP Announces Trusts Amp Estates Lawyer Darcy M. Katris Joins ...
Morrison Cohen LLP Announces Trusts amp Estates Lawyer Darcy M. Katris Joins Firm as Partner Business Wire press release Katris has more than 25 years of experience assisting clients with complex trust, estate and tax issues. Her experience includes estate and tax planning, drafting wills and trust agreements, administering estates and trusts, and representing clients in and more raquo

Trusts And Estates June 21, 2017 Rapid City Journal
Trusts and Estates June 21, 2017 Rapid City Journal Notice is hereby given that on May 22, 2017, in the County Court of Dawes County, Nebraska, Charles Nitsch, whose address is 1992 Myrtle Bend, Germantown, TN 38139 was informally appointed as Personal Representative of this estate. Creditors of this

Greenhouse Named Executive Committee President Of Estate Planning Council Of ...
Greenhouse named executive committee president of Estate Planning Council of CNY The Central New York Business Journal Greenhouse, CPA, has been with Dermody, Burke amp Brown since January 2005and is a member of the firm39s trusts amp estates team. She also focuses on corporate and partnership tax compliance for closely held businesses, the firm said. Greenhouse is a

Tarter Krinsky Amp Drogin Expands Trusts And Estates Practice With Addition O...
Tarter Krinsky amp Drogin Expands Trusts and Estates Practice with Addition of Jeffrey A. Lowin as Counsel PR Newswire press release quotJeffrey is a strong addition to the Trusts and Estates practice with substantive experience in representing individuals, families and businesses in all aspects of wealth preservation and estate planning matters,quot said Alan M. Tarter, Managing Partner

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Facts of Law describing trusts and estates

Facts of Law - Trust and Estate