Celebrity Estate Planning Mistakes-Part 5
Celebrity Estate Planning Mistakes Celebrity estate planning mistakes can be useful in helping us to avoid the same issues. In this article, we will go over five celebrity estate planning mistakes. James Gandolfini Estate Value: $70 million Date of Death: June 19, 2013 James Gandolfini had estate planning documents in place. The issue was he did not address tax planning. This left 80% of the estate subject to the 55% estate tax. This resulted in [...]
Non-Profit Corporation
Non-Profit Corporation A non-profit corporation is a business that does not operate for profit purposes. There are tax advantages to receiving such a qualification. In this article, we will go over how non-profit corporations work and how to set one up. Creating the Corporation The first step in creating a non-profit corporation is creating a corporation in your state. To do this you will need some basic information. This would include the names and [...]
Generation Skipping Trust
Generation Skipping Trust A generation skipping trust is a type of irrevocable trust. It can be a useful estate planning tool for those with large estate. In this article, we will go over the basics of how a generation skipping trust works. How It Works A generation skipping trust allows you to bypass your children as beneficiaries and pass trust funds on to your grandchildren. Beneficiaries can qualify as long as they are 37 ½ [...]
Estate Planning for Large Estates
Estate Planning for Large Estates Estate planning for large estates is complex and may require multiple strategies. In this article, we will briefly review several avenues that are available for estate planning for large estates. Charitable Donations and Wealth Preservation There are several types of trusts that allow you to use charitable donations for tax benefits while simultaneously preserving wealth for your family. Charitable Remainder Trust A Charitable Remainder Trust allows you to set [...]
Funding Your Trust
Funding Your Trust Signing your trust is just the first step in creating a successful estate plan. The second step is funding your trust. This is the process of transferring assets into it. In this article, we will go over the basic steps of funding your trust. Personal Property Personal property includes clothing, furniture, jewelry, and electronics. These assets do not have any formal title, but you will want to sign a general transfer [...]
When Is a Trust Involved in Probate?
When Is a Trust Involved in Probate? In general, a trust will help your estate to avoid probate. However, there are certain scenarios when probate may be required. In this article, we will consider one circumstance when a trust may be involved in probate. How a Trust Works When you create a trust, you create an entity that is separate from yourself. Individuals are subject to probate, but entities are not. For your assets [...]