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Not Understanding How Your Assets Will Pass on Your Death
Many people think a Will, will control how their assets will pass when they are no longer, yet most assets today pass outside of Wills. For example, assets held in joint tenancy pass to the surviving joint tenant. If there is a surviving named beneficiary (as there are on retirement accounts, POD, TOD and life […]
Dynasty trusts
Dynasty Trusts also referred to as Legacy Trusts are an instrument that has been used by the wealthy to preserve the wealth and legacy of family assets for generations upon generations. Most of the high net worth families from the late 1800’s to early 1900’s enjoyed the benefits of the Dynasty Trust. It is also […]
Funding Your Trust
Which Accounts go into the trust? Checking, Savings and brokerage accounts, all your non-retirement accounts should be transferred to trust. If you bank with a bank that has a banking location, you will need to take your Estate Planning Binder (if you are married, both spouses must go together) to the bank and let the […]
Should You Make Gifts to Your Heirs Now or Should You Wait Until You Pass?
You want to leave gifts for your heirs, but should you wait until you pass away? Or should you give some money to them now? Here are the rules. Gift Tax versus Estate Tax Gift tax is the tax imposed by the federal government on any transfer of property to an individual without any compensation […]
