Thinking about selling a highly appreciated asset such as a real estate investment, corporation or business can be overwhelming. While it is certainly a positive to have highly valued assets, navigating the tax laws surrounding such assets is a difficult process. One option that is becoming more and more popular for persons in this position is a Deferred Sales Trust.
Living trusts are a solid cornerstone to any estate plan, along with the traditional last will and testament. However, there are two main types of living trust: revocable and irrevocable. Both of these have different uses and different places in your estate plan.
Dealing with the death of a loved one is extremely difficult, whether the family expected the death or not. We at AmeriEstate understand how sensitive this time can be for families. Often, one of the last things that you may want to do is go digging through the legal and financial complexities of your deceased loved one's life. However, survivors often have to make critical and time-sensitive decisions directly in the aftermath of a loved one's death.
Families with any children need to take special care when estate planning, particularly if the children are still in their minority and would need guardians after the parents died. Dying intestate has a number of consequences that robust estate planning can easily avoid. This is true for families with any number of children, and even those with none.
Savvy estate planners know that revocable living trusts are a cornerstone of any comprehensive estate plan. However, knowing exactly what to put in the estate plan can be a challenge.
One of the most difficult aspects of setting up a new business is choosing what kind of business to form. Commonly, new business partners are choosing between limited liability companies, S corporations and C corporations. There is no magic formula: which one is right for any business depends on a variety of factors.
Nobody likes to think about being medically incapacitated. However, when it comes to managing your estate, it is vital to plan for the worst case scenario. For instance, if you know that dementia runs in your family, creating a plan early is of paramount importance.
Many Americans are under the notion that estate planning is only for those who are in their golden years, but nothing could be further from the truth. Actively incorporating estate planning as part of every lifetime milestone can help ensure that your financial well-being grows with you. Of course, there are some aspects of estate planning that are best tackled in your golden years after you have maximized your assets, but life's earlier milestones deserve an equal amount of financial attention and planning.
The idea of losing your spouse to death may be very painful. However, death is a reality of life and you must take all possibilities into consideration when attending to your estate plan. This is especially salient if your partner is ill or it is otherwise apparent that he or she is likely to die before you do.
Often, persons starting on their estate planning journey have a keen eye on their beneficiaries: this is why living trusts are so popular, as living trusts often allow our clients to pass down big-ticket assets like property without the hassle of probate. However, if you happen to have a person with special needs in your life, the estate planning process becomes even more important.