Trusts And Estates

Laws governing the disposition and management of a person's estate and the use of trusts in estates fall under the broad category of trusts and estates.

An estate is the accumulation of tangible assets an individual has amassed minus all of the person's debts and liabilities.  Assets can include both real and personal property, cash, securities, life insurance policies, automobiles, assets in trusts, etc.  Generally, an estate will pass to a surviving spouse without probate.  Subsequently, the net assets of an estate will pass, upon death of the estate owner, to the heirs either through the instructions of a will or through a probate court under the laws of intestacy.  Property held in joint ownership with rights of survivorship will transfer immediately to the surviving joint owner.  Gift laws and taxes should be considered before changing ownership of any large asset.

Federal estate taxes currently only apply to estates in excess of two million dollars.  The tax is scheduled to be repealed for one year in 2010 and revert back to a one million dollar exemption in 2011.

Various types of trusts may be used by an estate to pass assets directly to a beneficiary to avoid probate or to defer or, in some cases, eliminate taxes.  By avoiding probate, the wishes of the deceased are less likely to be contested and thus altered and lengthy court battles and legal expenses are avoided.

Trusts can also be used to provide a fixed amount of funds to a beneficiary without giving them access to the entire trust until a certain age.  Large estate owners typically use this ability of a trust to pass larger amounts of assets to heirs without fearing the assets or funds will be quickly squandered or poorly invested.

Trusts And Estates Best Sellers from Amazon.com

Wills, Trusts, and Estates, Eighth Edition
by Jesse Dukeminier, Robert H. Sitkoff, James Lindgren
Amazon Price: $147.02
Customer Review: This is a great textbook. It nicely balances foundational materials with the cases. The layout of the book makes for an easy outline. The rules are clear and thoroughly laid out in each section - I barely needed the supplements I bought.
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The Executor's Guide: Settling a Loved One's Estate or Trust
by Mary Randolph J.D.
Amazon Price: $26.39
Customer Review: I haven't been in a position like this yet but this book will take you through the entire process-from the time of death to the final closing of the estate. "The Executor's Guide: Settling a Loved One's Estate or Trust" is the definitive instruction ...
 

Get It Together: Organize Your Records So Your Family Won't Have To (book wit...
by Melanie Cullen, Shae Irving J.D.
Amazon Price: $14.95
Customer Review: The book was good, the CD was great. You can type information into the forms and print them. Don't get the binder, it is a rip-off. You can make one for $5. No envelopes or anything other than a binder and printed tabs.
 

Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, C...
by Stuart Hollander, David Fry, Rose Hollander
Amazon Price: $19.79
Customer Review: Well written book. Author discusses several real world situations, and describes outcomes of proper vacation home death planning, and consequences of non-planning or avoidance. You do not have to be an attorney, financial planner, or accounant to r...
 

Estate & Trust Administration For Dummies
by Margaret Atkins Munro, Kathryn A. Murphy
Amazon Price: $14.95
Customer Review: I found this book to be practically worthless. If you take the time to thoroughly study the book it may help you understand what the attorney, that you will inevitably have to hire, is talking about. Just hire the attorney, provide the information, a...
 

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• Accidents Happen: Get Your Affairs In Order Huffington Post Blog
Accidents Happen: Get Your Affairs in OrderHuffington Post blogAnd if trusts, complex estates or large assets are involved, definitely hire a professional one typo or skipped signature could end up costing far more
• Cohen Amp Grigsby Attorneys Honored By Pittsburgh Magazine As 2010 FIVE STAR ...
Cohen amp Grigsby Attorneys Honored by Pittsburgh Magazine as 2010 FIVE STAR PR Newswire press releaseHenry Cohen is a director at the firm and a member of the Business, Estates and Trusts, International Tax Advisory Services, Mergers and Acquisitions and and more raquo
• Washington State Settles AposTrust Millapos Case Consumer Affairs
Washington State Settles 39Trust Mill39 CaseConsumer AffairsFor example, individuals with small estates may avoid probate without a living trust. Joint ownership of assets is another way to avoid probate.and more raquo
• Extending The Bush Tax Cuts Washington Post Blog
Washington Post blogExtending the Bush tax cutsWashington Post blogjmr862003 wrote: The estates tax only affects estates worth valued at OVER 1000000.00, so stop with the quotdeath and more raquo
• Fourlegged Heirs Hilton Head Monthly
Hilton Head MonthlyFour legged heirsHilton Head MonthlyPublicity surrounds the embattled estates and the unusually large trusts created for the furry companions of Leona Helmsley and Miami heiress Gail Posner.