What is a Lifetime QTIP Trust? One traditional estate planning model for married couples makes use of the “AB Trust” strategy. After the first spouse dies, the “B Trust” holds an amount equal to the federal estate tax exemption (currently $5.34 million in 2014), and the “A Trust” holds the excess. The “A Trust” is…
How to Minimize Legal Fees After Death Death is a costly business. Aside from funeral expenses, legal fees can take a big chunk out of how much is left for your loved ones after you’re gone. But it doesn’t have to be this way. Careful planning can minimize the legal fees your loved ones will…
If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate? If you are married and you die without a Last Will and Testament, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors: 1. How is…
(Note: Originally published on October 7, 2014) Does Your Revocable Living Trust Reduce Your Estate Tax Bill? Many people believe that once they set up and fund a revocable living trust, property held in the trust will avoid estate taxes after they die. In reality, this may or may not be true depending on your…
(Note: Originally published on October 6, 2014) The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits WARNING: Many people believe once they set up a Revocable Living Trust and transfer assets into the Trust, those assets are protected from lawsuits. This is absolutely nottrue. While Trusts commonly provide asset protection for beneficiaries, few Trusts…
