Estate planning is the process of arranging, while you are alive, what will happen to your estate, your children and your wealth after you die.
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income, rather than the trust itself paying the tax. However, these beneficiaries are not subject to taxes on distributions from the trust’s principal.
Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.
A bill requiring nursing homes to plan for the next pandemic is one step closer to being made law, after gaining approval in both chambers of the Legislature on Wednesday.
Vanessa Bryant has filed legal docs to protect all of her children. She is asking a judge to amend Kobe’s trust, so she can provide for their youngest daughter, Capri, who was born after the most recent trust document was drafted and signed.
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on, in light of the current pandemic.
One essential component of your financial plan involves designating power of attorney to someone you trust, in case you are incapacitated or unable to complete a task on your own.
No one likes to think about the end of their life, but it’s an important topic that many people put off until it’s too late.
Whether you’re planning ahead for your own heirs or have been asked to serve as executor for someone else, it pays to understand what the role requires.
Without a proper elder law estate plan, the children’s responsibilities are even more exhausting, stressful and sad.