Estate Planning Myths | AmeriEstate Legal Plan
February 20,
2024

Estate Planning Myths

Myth 1: Estate Planning is only for the Wealthy Truth: Estate planning is for everyone, regardless of their financial status. […]

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How Does a Blended Family Estate Plan? | AmeriEstate Legal Plan
February 14,
2024

How Does a Blended Family Estate Plan?

In the United States, nontraditional families, including blended families with stepparent or stepchildren relationships, now outnumber traditional families. Despite this […]

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Understanding the Step-up in Basis for Assets Acquired from an Inheritance | AmeriEstate Legal Plan
February 13,
2024

Understanding the Step-up in Basis for Assets Acquired from an Inheritance

When it comes to inheriting assets, a critical concept that can profoundly affect your financial situation is the step-up in basis. This term pertains to the adjustment in the tax cost basis of inherited assets to their fair market value at the time of the original owner's death. A clear comprehension of the step-up basis is vital for heirs and beneficiaries, as it can have significant implications for capital gains taxes when an asset is sold. 

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Heir vs Beneficiary: Who Has Greater Right to Your Estate? | AmeriEstate Legal Plan
January 31,
2024

Heir vs Beneficiary: Who Has Greater Right to Your Estate?

The distinction between an heir and a beneficiary is crucial in understanding their roles in estate planning. In the context of rights to an estate, heirs' entitlements are explicitly outlined under a Trust or Will. In cases where there is no formal Estate Plan, heirs are legally recognized as the next of kin, granting them rights to inherit property and assets in the absence of a Will or Trust. The succession order, dictated by state law, typically follows a pattern of spouse, children, descendants, and close relatives.

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How to Leave an IRA to Your Heirs | AmeriEstate Legal Plan
January 30,
2024

How to Leave an IRA to Your Heirs

When it comes to estate planning, retirement assets, particularly Individual Retirement Accounts (IRAs), often constitute a significant portion of a deceased individual's estate. Unfortunately, these retirement accounts are also prone to estate-planning errors, exacerbated by recent changes in the rules governing distributions for inherited IRAs. Amidst this complexity, if you wish to leave your IRA to your heirs, there are crucial considerations to bear in mind.

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January 09,
2024

Does the Bank Need a Copy of Your Trust?

One of the benefits of setting up a trust is to keep your financial affairs private. At AmeriEstate, we often field questions from our clients about how trusts work. We get a recurring question: "Why does the bank need a copy of my trust?” Typically, the question arises after they create their trust and attempt to move bank accounts into the trust, resulting in the bank asking for trust documents to proceed.

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What Expenses Can Be Paid From an Irrevocable Trust? | AmeriEstate Legal Plan
December 19,
2023

What Expenses Can Be Paid From an Irrevocable Trust?

If you’re considering an irrevocable trust, knowing what is permissible can help you make the right decision for you and your heirs. An irrevocable trust provides a few protections that a living trust doesn’t offer, making it an appealing option under certain circumstances. However, once you establish the trust, you can’t amend, modify or dissolve it without court approval or all your beneficiaries signing off, and you may need both.

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