What is a trust? A trust is a legal entity created to manage assets for the benefit of designated beneficiaries, according to specific terms set by the grantor. 14 Can a trust be part of an estate? Yes, assets within a trust can be part of an individual's broader estate plan but are...
Trusts are often established as part of the estate planning process, and can be used as a tax-efficient means of passing on assets such as land, money and shares. They allow the person responsible for setting up the trust to retain a degree of control as to the way in which the assets...
Plan your future Trusts and estates Take steps to ensure your legacy. Estate planning checklist: 8 steps to secure your legacy Read more Estate planning documents: Living trusts vs. will vs. living will Read more Why estate planning is important ...
An Estate plan may include a Will. A Will is one part of the Estate plan for purposes of providing clarity to your executor and property disposition. What should I consider when appointing an Executor? An Executor is a person or estate professional (trust company) appointed in your Will to...
Trusts for business owners For clients who own trading businesses, trusts can be useful succession and tax planning vehicles to ensure the preservation of our clients’ wealth. For example, it may be possible to transfer shares in a business into a trust free from inheritance tax, while also ...
Do you want to plan your funeral, and how should it be paid for as part of the distribution of your assets? Do you want to consider setting up alasting power of attorney(LPA) for property and wealth or for health and wellbeing, so a close friend or loved one can make decisions on ...
Floor Plan and Layout Another thing to consider when purchasing a home is the floor plan and layout. You’ll want to make sure that the home you choose has a floor plan that meets your needs. Do you need a large kitchen for entertaining? Or do you prefer a more open concept floor pla...
Here are three ways to capture relatively low rates in your estate plan. 1. Intrafamily loans When making a cash loan to a family member, you're required to charge a minimum interest rate—known as the Applicable Federal Rate (AFR)—based on the loan's length (you can find the ...
Estate planning is a broad term that is used to describe the process that individuals go through to plan the administration of their assets and liabilities before and after they die. This process also includes writing a will, reviewing accounts and assets, creating joint accounts, preparing other ...
It is equally important to plan for the possibility that you will become incapacitated. It's crucial to have a power of attorney, healthcare proxy, and living will in place. Other common mistakes, according to the site Trust & Will, include: Failing to communicate. Talk to your loved ones...