Estate Planning

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Facts - Books - News    U.S. Facts Of Law:


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  The tax is scheduled to be repealed for one year in 2010 and revert back to a one million dollar exemption in 2011.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.

 

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How Trusts And Estates Lawyers Can Profit By Facilitating SuperRich Solutions...
How Trusts And Estates Lawyers Can Profit By Facilitating Super Rich Solutions Forbes One of the largest opportunities for trusts and estates lawyers among the wealthy, and more pronounced among the ultra wealthy and super rich, is their interest in private placement life insurance PPLI. Private client lawyers familiar with the nature and more raquo

What The New Tax Law Means For Trusts And Estates Yahoo Finance
Yahoo Finance What the New Tax Law Means for Trusts and Estates Yahoo Finance caption idquotattachment3519quot alignquotaligncenterquot widthquot620quot Sidney Kess/caption Trusts other than grantor trusts, decedent39s estates, and bankruptcy estates must file an annual income tax return, Form 1041, to report their income and expenses

Many Trusts And Estates Lawyers Can Increase Their Incomes By 1 Million Or Mo...
Many Trusts And Estates Lawyers Can Increase Their Incomes By 1 Million Or More In 2018 Forbes The demand for high quality trusts and estates lawyers who can address a variety of tax and related issues for affluent clients is booming. The growth in the number of wealthy families coupled with the amount of monies they control is greater than ever and more raquo

When New Jerseyans Die, What Becomes Of Digital Assets ROINJ.com
When New Jerseyans die, what becomes of digital assets ROI NJ.com And, as he explained, fewer of the 21st century individual39s possessions are things you can touch. Pictures online are replacing traditional photographs, he said. E books are replacing regular books music on the internet is replacing older music

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Facts of Law describing trusts and estates

Facts of Law - Trust and Estate