The best approach is to meet with an attorney who understands the Legacy Wealth Planning process. This will ensure you address the financial and non-financial assets of your family. The right attorney will : Help you set up a Living Trust to preserve your financial legacy Draft Health Care documents to ensure your wishes are honored Educate you about completing the My Legacy workbook to share your life story, family history, memories, and life lessons in your own words Write an … [Read more...] about What steps can I take to preserve my legacy?
YES, but you would be better off choosing an attorney whose practice is focused on estate planning. Members of the American Academy of Estate Planning Attorneys receive continuing legal education on the latest changes in any law affecting estate planning, allowing them to provide you with the highest quality estate planning service anywhere. … [Read more...] about Can any attorney create a Living Trust?
No. A Living Trust can help anyone who wants to protect his or her family from unnecessary probate fees, attorney’s fees, court costs, and federal estate taxes. In fact, the Living Trust offers substantial protection for your family, regardless of your total estate. In addition to savings at death, especially if your estate is over $100,000, the Living Trust also provides savings and peace of mind during life, because it avoids the expense and emotional nightmare of an incapacity or “living … [Read more...] about Is a Living Trust only for the rich?
You can certainly go back to the attorney you worked with before, however, few attorneys offer Legacy Wealth Planning. If you want Legacy Wealth Planning, contact a member of the American Academy of Estate Planning Attorneys. … [Read more...] about If I have a “bare bones” living trust should I go back to the attorney who drafted the trust?
Very few estate planning attorneys offer Legacy Wealth Planning. A “bare bones” living trust covers probate avoidance and usually ignores important issues to protect you, your spouse (if married) and your children. Bring your existing trust to your free one-hour consultation and we can review it for you. … [Read more...] about How do I know if I have a “bare bones” living trust?
NO. A Living Trust has been authorized by the law for centuries. The government really has no interest in making you or your family suffer a probate that will only further clog up the legal system. A Living Trust avoids probate so that your estate is settled exactly according to your wishes. … [Read more...] about Is a Living Trust some kind of loophole the government will eventually close down?
YES. In fact, all real estate should be transferred into your Living Trust. Otherwise, upon your death, depending on how you hold the title, there will be a death probate in every state in which you hold real property. When your real property is owned by your Living Trust, there is no probate anywhere. … [Read more...] about Can I transfer real estate into a Living Trust?
NO. The purpose of creating a Living Trust is to avoid living probate, death probate, and reduce or even eliminate federal estate taxes. It’s not a vehicle for reducing income taxes. In fact, if you’re the trustee of your Living Trust, you will file your income tax returns exactly as you filed them before the trust existed. There are no new returns to file and no new liabilities are created. … [Read more...] about Will a Living Trust avoid income taxes?
YES. In fact, most people who create a Living Trust act as their own trustees. If you are married, you and your spouse can act as co-trustees. And you will have absolute and complete control over all of the assets in your trust. In the event of a mentally disabling condition, your hand-picked successor trustee assumes control over your affairs, not the court’s appointee. … [Read more...] about If I set up a Living Trust, can I be my own trustee?
Not only does a Living Trust provide for the disposition of your property (like a Will), but it also offers the following benefits: Provides for the immediate transfer or trust management and distribution in the future of assets after death Allows for a smooth transition of management upon incapacity or death Avoids the expense and hassle of probate proceedings Minimizes estate taxes and defers payment of estate taxes for married couples Allows for continued control over assets … [Read more...] about Why should I have a Living Trust?