Estate planning is something that people often procrastinate about, and it is true that you may have time to plan your estate when you are older. However, there are no guarantees. People of all ages pass away on a daily basis, and you are taking a risk if you go through life without a will or a trust, and your family would ultimately pay the price. You may finally relent and decide that you will create a simple last will so that you have some type of bare-bones plan in place. In fact, even a … [Read more...] about Do I Need Anything in Addition to My Will?

You may view a trust as something that is only useful for an individual who is very wealthy. This is not entirely true, but there are trusts that are used by people who have accumulated a great deal of wealth, largely because high net worth individuals could be exposed to estate taxes. There is a federal estate tax, and it carries a $5.43 million exclusion during the current calendar year. If you are transferring more than $5.43 million, you have to be concerned about the federal estate tax. … [Read more...] about What Advantages Do Trusts Provide?

If you want to maintain control of your assets while you are living as you simultaneously facilitate fast and efficient asset transfers after you pass away, you may want to consider the creation of a revocable living trust. Let's look at some of the benefits in detail. Ongoing Access You may take pause before creating a trust, because you are under the impression that you would no longer have control of the assets in the trust. There are irrevocable trusts, and revocable trusts. If you … [Read more...] about Why Would I Want a Revocable Living Trust?

The estate tax can be a huge factor to take into consideration if you have enjoyed a considerable level of financial success. This tax carries a 40 percent maximum rate, so we are talking about a very significant level of asset erosion. Most people in the United States are not faced with estate tax exposure, because there is a credit or exclusion that is relatively high. In 2014, the amount of this exclusion is $5.34 million. This is the amount that you can transfer tax-free. If you are … [Read more...] about What Is the Estate Tax Marital Deduction?

Estate planning is a holistic, ongoing process. You should put a plan in place as soon as you become a responsible adult. Topics covered in this whitepaper include: Last Wills Trusts Incapacity Planning Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is Estate Planning in Pennsylvania?

Should I Have a Durable Power of Attorney in Pennsylvania? from Joseph M. Masiuk Estate planning is often looked upon as a purely financial endeavor. You should certainly arrange future asset transfers, but you should also consider the eventualities of aging. Learn more about durable power of attorney in Pennsylvania in this presentation. … [Read more...] about Shoud I Have a Durable Power of Attorney in Pennsylvania?

There are numerous different ways that you can facilitate future asset transfers. The best course of action will vary depending on the circumstances. You should certainly discuss things with a licensed estate planning attorney so that you can make fully informed decisions. You may hear about so-called "simple solutions." They can sound great on the surface, but when you dig a little bit deeper, you see some potential drawbacks. With this in mind, let's look at joint tenancy with right of … [Read more...] about What Is Joint Tenancy?

There is a federal estate tax that can come into play if you want to transfer large amounts of money to your heirs. The line in the sand that stands between those who must pay the tax and those who are exempt exists in the form of the federal estate tax credit or exclusion. In 2014, the amount of this exclusion is $5.34 million, and the maximum rate of the estate tax is 40 percent. Federal Gift Tax If you are exposed to the federal estate tax, you would logically consider giving gifts to your … [Read more...] about What Is the Annual Gift Tax Exclusion?

There are various different ways to get assets into the hands of your loved ones after you pass away. Some of the possibilities may sound like simple but effective solutions. However, when you dig beneath the surface, there may be some significant drawbacks. With this in mind, we will look at POD accounts in this post. Payable on Death The acronym POD stands for payable on death. Banks and most brokerages will provide a payable on death option. When you open a payable on death account, you … [Read more...] about What Is a TOD or POD Account?

Different types of trusts are used in the field of estate planning, and they serve varying purposes. One distinction between trusts is the matter of revocation. There are irrevocable trusts, and there are revocable trusts such as the revocable living trust. In a general sense, the major difference between the two trusts is somewhat self-explanatory: you can revoke one type of trust, and you cannot revoke the other. Asset Protection If you have a revocable living trust, you are called the … [Read more...] about Does a Revocable Living Trust Provide Asset Protection?