Most gifts of money or valuable assets to another are considered by the IRS to be taxable to the person making the gift. Exceptions Under current IRS rules there are four ways to make tax free gifts that are not taxable to the person making the gift: Annual gifts capped at $14,000 (indexed for inflation) Lifetime gift exclusion ($5.45 million in 2016 indexed for inflation) Payments … [Read more...] about How to Make Tax Free Gifts
Basic Questions on Trusts and Second Marriages Written by: Greg Reese, President & CEO, AmeriEstate Legal Plan, Inc. Questions: Are you in a second marriage, did you have children from the first? What happens when your spouse has children that you’ve grown fond of? How do you treat children from a prior marriage versus the children in a current … [Read more...] about Common Questions Regarding Trusts and Second Marriages
Written by Greg Reese, President / CEO AmeriEstate Legal Plan, Inc. Question: How much is the allowable gift and estate tax lifetime exemption amount for 2016? Answer: the 2016 gift and estate tax lifetime exemption for 2016 will increase from $5,340,000 in 2015 to $5,450,000 per individual (or $10,900,000 for a married couple). Question: What is meant by the “exemption … [Read more...] about 2016 Estate & Estate Tax Planning
A trusted expert resource in the most difficult of times AmeriEstate has the expertise and compassion necessary when a loved one has died or is experiencing a significant loss of health. Our experts know how to come alongside you and your family during this transitional time and ease the complex financial and emotional issues of trust administration. When there is a loss of a loved one, it can … [Read more...] about Trust Administration
A Revocable Living Trust portfolio consists of the Trust and also Pour-Over Wills, Durable Powers of Attorney for Asset Management and the Health Care Directives. You, or you and your spouse are the Trustors and Trustees of the Trust – you are the owners and managers of your Trust. It’s really just two decisions: First, who is going to inherit … [Read more...] about What Kind of Decisions Will I Be Making?
Let us be your guide in securing your essential estate planning needs. From information and education, to counseling with your qualified attorney, to preparing and recording deeds and other Trust funding support, the AmeriEstate team is here to assist you from beginning to end. We use a simple 3-part process: … [Read more...] about Getting Started is Easy!
A-B Marital and A-Marital Do you know the type of married trust created in your estate plan, and how it works? As husband and wife, you created a Revocable Living Trust to protect your loved ones and protect your estate’s real property and financial assets from a Court Probate. Another reason is to reduce or eliminate Federal Estate Tax liability concerns, upon both your deaths. It is … [Read more...] about Two Variations of Most Common Married Revocable Living Trusts
Written By Stephanie Lane, Sr. Client Resource Director What happens when a domestic partner becomes incapacitated or dies? In reality, it can be devastating to both the partner and their children. Not only at the time of death, but also while living and incapacitated. Without proper planning, you basically give up control of your estate and management of your well being upon incapacity. Even a … [Read more...] about Same Sex Couples Estate Planning Overview
At AmeriEstate Legal Plan, we like to emphasize to our members seeking estate planning, is that estate planning is exactly that: “planning.” The plan changes over time. One thing our provider attorneys try to emphasize with our member clients is that the plan today may be different from the plan tomorrow and that ANY time ANYONE mentioned in ANY of the documents undergoes some change … [Read more...] about Estate Planning Is a Process and Not a Destination
We receive a lot of questions about what, if any administration is needed for a Living Trust after one spouse has died. A lot of the older trusts will have been created with credit shelter, or A-B provisions. An A-B Trust REQUIRES the administrative division of the trust assets upon the death of the first spouse. As a simplified statement, an A-B or A-B-C Trust is designed, in part, to … [Read more...] about Trust Administration on Death of First Spouse