If someone names you as trustee of their trust, it’s important for you to know what duties you will have to perform once they pass away in order to legally transfer the trust’s assets to its beneficiaries. This process is known as trust settlement, and can take between 12-24 months depending on the trust’s complexity.
Have an A-B Trust? Crucial Settlement Information You Need to Know if You Become the Surviving Spouse
If you and your spouse set up an A-B trust in years past, you are not alone. Since our inception in 1998, many of our married clients have established such trusts with the help of AmeriEstate Legal Plan, Inc. If your spouse dies, however, you, as the surviving spouse, must take more-or-less immediate steps to “settle” this trust and give it new forms.
Between the pandemic, skyrocketing inflation, and now a de facto recession, it’s been a rough couple of years. If you’re like many people, you may feel like things are out of your control. Regardless of how many bad things are happening in the world, to think you have no control is simply untrue. You have more control than you realize. You are responsible for the decisions that determine where you end up in life and there major ones that you need to take into consideration now before it’s too late.
A tax burden is the responsibility of an individual or a group of people to pay a greater portion of the existing taxes. There are many things you can do to decrease your tax burden, like utilizing a health savings account, maximizing your retirement contributions, turning investment losses into gains and more!
Industry leaders, Shauna A. Wekherlien, President and CEO of Tax Goddess Business Services, and Greg Reese, President and CEO of AmeriEstate Legal Plan discuss taxes and estate plans. Learn about gift taxes, changes in the estate tax, and strategies to protect precious assets and save money on taxes.
Estate planning is one of the most important tasks you will ever be tasked with accomplishing. In order to truly plan where your money will go, it’s important to stay updated on the latest exemption changes. In this blog, we discuss all you need to know about important changes to estate tax exemptions for 2022.
A gift tax is required whenever a significant gift is given to an individual and a comparable gift is not received in return. The responsibility for the tax falls to the gift giver. Here, we explore a few things you should know about gift taxes, the way they work, and how the gift tax exemption has changed for 2022.
When you think about retirement planning, the first things that likely come to your mind are your IRA, 401(k), or employee pension plan. While it’s true that these important financial plans will make your retirement years considerably more comfortable and secure, your personal estate plan also needs to plan for your eventual retirement and aging.
In honor of National Estate Planning Awareness week, we have put together a must-read blog that highlights the most important items to be considered when getting your estate in order. Read now for more information about listing your assets, establishing a living will, creating a power of attorney, and more.
This webinar discusses what happens when your loved one passes away and how the administration of a trust requires a personal representative to follow several steps to distribute and take care of the assets on behalf of the beneficiaries. While this is not an easy task, it can be managed properly. We explain the process of dissolving a trust and the steps that need to take place.