A revocable living trust offers several benefits, including avoiding probate, managing property for beneficiaries who don't want or aren't able to manage it themselves, reducing or eliminating estate taxes, and ensuring family resources are used wisely. A trust has three parties - a grantor who establishes the trust, a trustee who manages the trust assets, and beneficiaries who receive trust benefits. The grantor transfers assets to the trustee to manage according to the grantor's instructions in the trust agreement. With proper planning, a revocable living trust can reduce costs and taxes associated with transferring property after death while providing management and protection of assets for beneficiaries.
Judith P. Kenney & Associates, P.C., assists clients in all areas of Estate Planning, Trust Administration, Guardianships, Probate Law, Tax-Exempt/Non-Profit Organizations, Charitable Foundations, Estate and Gift Tax Returns and Planning, as well as Litigation in Trust and Probate Matters. Judith P. Kenney has been working in the area of Estate Planning for over 30 years and is Board Certified in Estate Planning & Probate Law by the Texas Board of Legal Specialization.
It is imperative that you understand what each fiduciary role encompasses and what should be considered when making a decision about whom to appoint. Learn more about fiduciaries in this presentation
A presentation explaining the importance of preparing an estate plan sooner rather than later. A brief explanation of the component parts of an estate plan is included.
"How to transfer your wealth to the next generation through estate planning" took place on April, 8th at the Tower Club, Vienna, VA. Our special guests were Mr. Milton Buffington and Mr. Saeid B. Amini, two well known experts that shared, for two hours, their experience on identifying legal issues and mechanisms that businesses and individuals can use to transfer their wealth and assets more efficiently, to the next generation.
This was a complimentary seminar hosted by Saeid B. Amini and Milton Buffington through the courtesy of Provanedge Financial and Richard B. Osmann, Ed.D.
Judith P. Kenney & Associates, P.C., assists clients in all areas of Estate Planning, Trust Administration, Guardianships, Probate Law, Tax-Exempt/Non-Profit Organizations, Charitable Foundations, Estate and Gift Tax Returns and Planning, as well as Litigation in Trust and Probate Matters. Judith P. Kenney has been working in the area of Estate Planning for over 30 years and is Board Certified in Estate Planning & Probate Law by the Texas Board of Legal Specialization.
It is imperative that you understand what each fiduciary role encompasses and what should be considered when making a decision about whom to appoint. Learn more about fiduciaries in this presentation
A presentation explaining the importance of preparing an estate plan sooner rather than later. A brief explanation of the component parts of an estate plan is included.
"How to transfer your wealth to the next generation through estate planning" took place on April, 8th at the Tower Club, Vienna, VA. Our special guests were Mr. Milton Buffington and Mr. Saeid B. Amini, two well known experts that shared, for two hours, their experience on identifying legal issues and mechanisms that businesses and individuals can use to transfer their wealth and assets more efficiently, to the next generation.
This was a complimentary seminar hosted by Saeid B. Amini and Milton Buffington through the courtesy of Provanedge Financial and Richard B. Osmann, Ed.D.
Why is an estate plan important? The estate tax is probably the largest single tax you
are ever likely to pay. With the highest maximum rate at slightly under 50%, it’s
important that you create a plan that’s right for you and your heirs.
An estate plan can help you to:
•Preserve assets and wealth.
•Ensure your assets are distributed according to your wishes to the right people at
the right time.
•Minimize or defer taxation.
Do you have a written estate plan? If you do not have a written estate plan, including a will, power of attorney, and a healthcare surrogate designation/living will directive, now is the time to create one. If you have a written plan, perhaps it’s time for a review. By Jim Dressman, DBL Law
From the Oklahoma law firm Cazes Roberts, PC:
A concise yet practical review of what Oklahoma estate planning is, why some would want to do Oklahoma Estate Planning and the tools used in Oklahoma Estate Planning.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
Why Trusts may be of Value
Trusts have generally been used to help people who fall into two basic categories: people who need financial assistance and people who are unable to manage their own money properly. Hence, trusts have been used to benefit children, those over the age of majority who are immature and otherwise unable to manage large sums of money, those with disabilities who aren’t able to manage their own affairs, and those with substantial creditors.
What are your rights when you're a beneficiary of a trust? What if you're NOT the trustee, but only the beneficiary, and you are having trouble getting information from the trustee. You see the trustee is responsible for administering the trust on behalf of the beneficiaries - not for themselves, unless the trustee also happens to be a (or one of) the beneficiaries too. Are they as beneficiary confusing their duty as trustee and vice versa.
Why is an estate plan important? The estate tax is probably the largest single tax you
are ever likely to pay. With the highest maximum rate at slightly under 50%, it’s
important that you create a plan that’s right for you and your heirs.
An estate plan can help you to:
•Preserve assets and wealth.
•Ensure your assets are distributed according to your wishes to the right people at
the right time.
•Minimize or defer taxation.
Do you have a written estate plan? If you do not have a written estate plan, including a will, power of attorney, and a healthcare surrogate designation/living will directive, now is the time to create one. If you have a written plan, perhaps it’s time for a review. By Jim Dressman, DBL Law
From the Oklahoma law firm Cazes Roberts, PC:
A concise yet practical review of what Oklahoma estate planning is, why some would want to do Oklahoma Estate Planning and the tools used in Oklahoma Estate Planning.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
Why Trusts may be of Value
Trusts have generally been used to help people who fall into two basic categories: people who need financial assistance and people who are unable to manage their own money properly. Hence, trusts have been used to benefit children, those over the age of majority who are immature and otherwise unable to manage large sums of money, those with disabilities who aren’t able to manage their own affairs, and those with substantial creditors.
What are your rights when you're a beneficiary of a trust? What if you're NOT the trustee, but only the beneficiary, and you are having trouble getting information from the trustee. You see the trustee is responsible for administering the trust on behalf of the beneficiaries - not for themselves, unless the trustee also happens to be a (or one of) the beneficiaries too. Are they as beneficiary confusing their duty as trustee and vice versa.
Preserving wealth for future generations – the benefits of a trustRichard Cayne Meyer
There are important points to understand about what actually happens to the control of assets once they are placed in trust. For more info, visit - http://www.richardcayne.com/richard-cayne-meyer/preserving-wealth-for-future-generations-the-benefits-of-a-trust/
WILLS AND TRUSTS DIFFERENTIATING BETWEEN WILLS AND TRUSTSbilalpakweb
So what are wills and trusts, and what do they mean? Simply put, will and trusts are legal documents that enable people to distribute their assets and belongings as they see fit. Click on the "Expand" links in the boxes below to gain an understanding of how wills and trusts differ.
The more complex an estate is in terms of asset diversification, management expectations and distribution objectives, the more pertinent a carefully crafted living trust becomes in terms of its overall financial benefit and functionality. living trusts are useful for high net worth individuals or estates that are seeking to supplement their wills with more specific asset management criteria.
Is It Time To Revisit Your Trust And IRA Beneficiary?
Faq Planning With A Rev Trust
1. Estate and Family Planning with a Revocable Living Trust<br />The principal advantages or benefits derived from a Revocable Living Trust are: (1) avoidance of probate (2) property management for beneficiaries who do not want management responsibility or who should not have the responsibility, (3) the reduction or elimination of estate taxation, and (4) assuring financial resources and other resources are used wisely for the benefit of family members and others.<br />A Trust is a formalized statement for the management of property contained in a written document. Every Trust has three parties: (1) the creator called the quot;
Grantor, Trustmaker, Donor or Settlorquot;
(2) the property manager referred to as the quot;
Trustee,” and (3) the parties who receive the benefits in the form of income or principal payments called the quot;
Beneficiaries.”<br />A Trust is created by a Grantor who turns financial assets over to a Trustee to be managed in accord with the Grantor's written instructions contained in the Trust Agreement. A Trust is a Testamentary Trust when it is written in a Will and the assets of the Trust have to pass through Probate under the Will before the Trust will receive them. A Trust is a Living Trust when it is created by the Grantor by a written agreement during his/her lifetime, and the assets are transferred to the Trustee simultaneously with the signing of the written Trust Agreement or during the Grantors lifetime.<br />A Trust is revocable when the Grantor reserves, in writing under the agreement, the power and authority to revoke, modify or amend the Trust Agreement.<br />Any person, including the Grantor, can act as Trustee under the Trust Agreement. Any bank or savings and loan association having trust powers can act as Trustee. The Grantor may receive the income produced by the trust assets as long as he/she lives or may direct other uses of the income and principal of the Trust.<br />Whenever the Grantor appoints himself/herself as Trustee, he/she will name some other person or bank to take over as Trustee upon his/her death or disability. If the Grantor is to receive the income from the Trust, he/she will designate who is to receive the income and principal after he/she dies. Distribution of the Trust income and principal is made after the Grantor's death, in accord with the instructions contained in the Trust Agreement. The assets owned by and passing under the Trust are not subject to the Grantor's Will and do not become probate assets passing under the Will when the Grantor dies.<br />Generally, estate tax planning is best accomplished when both spouses are living, since the benefits of the marital deduction can be utilized. In 2011 and 2012, there is no estate tax on estates under $5 million. If in 2011 and 2012 both husband and wife should die, a total of $10 million may be available to eliminate or reduce estate taxation.<br />Successful trust planning requires some familiarity with the laws concerning real and personal property, probate and federal and state income and estate taxation. Appreciation for individual and family needs is most important. A Trust is a very flexible arrangement that can be tailored to meet difficult problems such as property management and protection for minor beneficiaries or physically or mentally disabled people.<br />Properly planned and utilized, the Revocable Living Trust can reduce the expense of transferring property at death, provide protection, property management and asset protection for incompetent beneficiaries or poor money managers and reduce the amount of estate taxation occurring on the Grantor's death or Grantor’s survivor’s death.<br />