What Should You Not Put in a Living Trust? | AmeriEstate Legal Plan
February 12,
2024

What Should You Not Put in a Living Trust?

When you create a living trust, it’s often tempting to try to shelter everything you own by putting all your most valuable assets in it. A revocable trust offers numerous benefits, protecting you from creditors while you live, giving you control over your assets, and offering flexibility in how you distribute your assets after death. It also protects your privacy and saves your beneficiaries from the probate process.

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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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Can a Trustee Sell Trust Property Without All Beneficiaries Approving? | AmeriEstate Legal Plan
December 06,
2023

Can a Trustee Sell Trust Property Without All Beneficiaries Approving?

Trustees have fiduciary responsibility for managing a trust, so they must act in the best interests of the beneficiaries and in good faith. Can a trustee sell trust property without all beneficiaries’ approval? It depends on the trust type and terms. However, in most instances, the trustee does not need approval to sell property held in the trust.

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The 2024 Estate & Gift Tax Exemption - What You Need to Know | AmeriEstate Legal Plan
December 03,
2023

The 2024 Estate & Gift Tax Exemption: What You Need to Know

The Estate Tax and Gift Tax are federal levies imposed on the transfer of an individual’s wealth upon their demise or when a gift surpasses the exempted amount during the donor’s lifetime. Typically, any transfer beyond this exemption threshold incurs a tax rate of 40%.

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Storing Your Estate Planning Documents in a Safe Place | AmeriEstate Legal Plan
December 03,
2023

Storing Your Estate Planning Documents in a Safe Place

Getting organized as the year draws to a close in December sets the tone for a fresh start in 2024. A pivotal part of this preparation should be storing your estate planning documents. Ensuring these critical papers are secure yet accessible becomes an integral aspect of laying the groundwork for a well-prepared future.

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