A special needs trust or a supplemental needs trust can be established to help a disabled individual who is receiving assistance from the government -- or is eligible to receive it. Disabled people, who cannot support themselves and rely on government assistance, are not allowed to have more than a certain amount of personal assets, so family members can't just give them money to pay for just … [Read more...]
A Checklist for Settling a Living Trust Estate
A helpful checklist on how to settle a Living Trust Estate. Most of us have an estate, a legacy we leave to our families. We also have a choice over how that legacy will be passed on. If we choose to do nothing, we are choosing to allow the State to administer our estate and to determine who receives our legacy. An average probate can cost 5 to 10 percent of the gross estate. Avoid probate by … [Read more...]
Common Myths About Do-It-Yourself Estate Planning
Some common myths about doing your own Estate Plan. MYTH: I have chosen a godparent for my children, so it is not necessary for me to nominate a legal guardian for them in case something happens to me. FACT: Traditionally, the role of a godparent is to faithfully assist the godchildren in leading a spiritual and moral life. It is not a nomination or appointment to become the child's … [Read more...]
Adding Children to Title of Real Property
Adding Children to Title of Real Property or Other Significant Assets May Create Problems People often have their own ideas of the easiest way to pass on their homes or other property to their children when they pass away. Later on, they may seek the services of an attorney to help them prepare a more comprehensive estate plan, such as a Revocable Living Trust. It is not that unusual for … [Read more...]
How to Make Tax Free Gifts
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...]
Common Questions Regarding Trusts and Second Marriages
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...]
Estate Planning Is a Process and Not a Destination
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...]
