Many people create charitable trusts as part of their estate planning portfolios. Generally, a charitable trust is an allocation of assets that provides funding for certain types of charitable causes. For example, a person with a lifetime interest in classical music...
A U.S. District Court recently made a very big ruling that could impact future cases, but some background is needed to see how things got to this point. The case involves a living trust and a bankruptcy filing. It all began back in 1997, when a woman decided to set up...
You don't have to use a trust with your estate plan in New York. You can simply divide your assets in your will and call it a day. However, there are some benefits to trusts that you may want to consider. First of all, you may want to begin distributing your assets...
There are a lot of things to think about when considering estate planning. Most of us are primarily concerned with what will happen to our assets and property in the event that we should become unable to look after those interests on our own. Your pets can also be...
A retirement account is something that you really need to understand when considering your will and your heirs, as it may be a large portion of your overall wealth. There are a few different ways in which it can be passed on, and your will typically does not decide...
One of the biggest considerations in estate planning is avoiding an adverse tax consequence. When a person dies and his or her estate goes to another, there is often an estate tax associated with that transfer that must be paid. These estate taxes can be quite...
An unfortunate legal battle has surfaced in the case of Robin Williams' estate, and the issue has left his children "heartbroken," according to legal documents. In December of last year, Susan Schneider Williams -- who was married to the actor three years prior to his...
When you buy life insurance policies, you want that money to go to your family members -- not the government -- if you pass away. However, there are ways in which the government manages to tax even these policies. This is done by counting the money from the policy as...
For many Americans, owning a family business is the pinnacle of entrepreneurial success. Family business owners often enjoy the benefit of sharing the experience of growing the company with their loved ones. Another benefit of owning a family business is that...
Under current U.S. tax laws, transferring wealth at the time of your death often means that you will incur significant tax liabilities. Fortunately, the Internal Revenue Service considers the ownership of wealth differently when it is passed on using certain ownership...
