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What is Estate Planning?
What is Estate Planning?
What are charitable gifts?
Charitable gifts are donations to charitable, religious, educational, cultural, service, and healthcare-related organizations. Our tax laws recognize the role of charitable organizations in meeting public needs that are a benefit to society, and as a result, these laws provide incentives to encourage charitable gifts. When planning your estate, you should talk to an attorney about whether charitable giving is an option for you to consider.
What is joint tenancy ownership?
Joint tenancy ownership is where 2 or more people hold title to an asset together. Unlike other types of joint ownership, upon the death of one of the owners, the deceased person’s interest passes automatically to the surviving joint tenants. This is called the “right of survivorship.”
How do I create a joint tenancy?
A joint tenancy is created in a document, usually a deed, that must specifically say ownership is with a “right of survivorship.”
Do I Need Life Insurance?
Not everyone needs life insurance, but it is helpful after the passing of a loved one. Life insurance is often used to supplement lost income and retirement savings, pay off debts and cover funeral costs.
Do My Life Insurance Proceeds Pass Through My Will?
Not usually. Life insurance proceeds usually pass outside of your will. Life insurance proceeds will be paid to the beneficiary that you named with the insurance company.
What is a revocable trust?
A revocable trust is a document used to manage assets. The trust agreement appoints a trustee, who holds the assets (trust property) and manages the trust. Usually, the person creating the trust (the grantor) acts as the trustee so long as he or she is competent. The grantor can change or cancel the trust at any time during his or her life. When the grantor dies or becomes incompetent, the trust becomes irrevocable, meaning it cannot be changed or canceled.
What is a special needs trust?
A special needs trust is created by a family member or other person for the benefit of a disabled person (the beneficiary) using the disabled person’s money or money he or she will receive.
Why would you need a special needs trust?
These trusts are usually set up when a disabled person gets money from a lawsuit, settlement, an estate, or insurance policy.
What is a will?
A will is a written document saying what you want to happen to your assets at your death. Generally, a will should list your beneficiaries (who you want to get the assets) and which items you want them to get. A will should also name an executor, who is the person who will be responsible for taking your will to probate court and handling your estate.
What is probate?
Probate is the process where a deceased person’s (the decedent) assets are collected; the debts, taxes, and costs of the estate are paid; and any balance is given to the beneficiaries (people named in the will) or intestate heirs (people determined by the law because there was no will). Probate is usually a formal process in court.
What is a power of attorney?
A power of attorney is a document that authorizes someone to make decisions for you with regard to finances, property, and other similar matters. The person giving the power of attorney is called the “principal.” The person named in the power of attorney to make decisions is the “attorney-in-fact.”
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