One of the most useful estate planning tools is a trust, which can be used to create a legacy of wealth and protecting assets. One question to consider when creating one, is whether a grantor or non-grantor trust is more appropriate. A non-grantor trust is any trust that is not a grantor trust.
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in, unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.
For parents who have a child with special needs, planning for their loved one’s life after they themselves are gone can be overwhelming. Breaking the process down into manageable parts and working with specialized professionals and companies can help.
There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.
Selecting medical powers of attorney is an important step that aging parents should take to ensure they get the care they wan,t if they are unable to advocate for themselves.