A well drafted estate plan, with the use of trusts, can protect your beneficiaries from their creditors and can afford protection in the event of their divorce. Provisions can even enable your children to benefit from their inheritance during their lives, yet avoid creditors and pass trust assets to their children or other beneficiaries at their death. . . . read more »
It is vital to any successful estate plan to clearly designate and update beneficiaries, for assets passing outside the Will. Failure to review and coordinate beneficiary designations for life insurance policies, 401(K) plans, IRA accounts and other holdings could result in distribution of your estate in conflict with the provisions of your Will. Of course, it is just as important to maintain these declarations as situations change. . . . read more »
Charitable giving can carry significant benefits when it comes to planning for your estate. Taking advantage of the associated tax exemptions and deductions can greatly reduce the costs of estate tax and income taxes on your taxable estate assets. . . . read more »
The loss of a family member can be overwhelming and draining on the grieving family members often left with the burden of financial and planning arrangements. State law permits individuals to dictate desired actions in the event of their passing, including Disposition of Last Remains. . . . read more »
A Will is vital to any successful estate plan. It details how your estate is to be managed, and, after payment of bills and taxes, how it is to be distributed. The Will names a Personal Representative (sometimes called Executor in other states) as the person to administer the estate according to the terms of the Will. In addition, there should be coordination between the Will and assets titled in ways that result in other methods of distribution at death, such as assets held in joint tenancy or passing by designation of beneficiary. . . . read more »
An integral part of any thorough estate plan addresses the matter of personal, tangible property. Division of personal property can often result in disagreement among family members, and is important to avoid. A Personal Property Memorandum provides a "less formal" means of directing the desired division. . . . read more »
A Financial Power of Attorney grants to a designated agent the ability to act on behalf of the principal. These documents can range from specific, limited tasks, to all the rights and powers you yourself have. They can take effect immediately, or only in the event of disability. . . . read more »
A taxable estate consists of all your assets including your home and other real estate, life insurance policies, retirement accounts, bank accounts and joint accounts. If the total of these assets exceeds the applicable estate tax deductions and exemptions, upon your death your estate will be taxed before the remainder is distributed according to your Will. These tax laws are an ever evolving and complex system requiring a knowledgeable and experienced hand; the consequences of a faulty plan could result in significant unnecessary costs. . . . read more »
A Trust agreement is an agreement between an asset holder and Trustee, to manage and distribute those assets, for the benefit of a beneficiary or beneficiaries. Trusts can be a powerful tool in estate planning as they provide a great deal of supervision and flexibility over direct distribution of assets. . . . read more »
Transfer of property as part of an estate can be done through several routes in a well structured estate plan. Each route carries its own implications involving estate and income tax, probate involvement and other factors. . . . read more »
A solid estate plan should address tax issues. Among your options, varying tax strategies can reduce your taxable estate and income. Beth Sparks Hunt pllc, has the financial knowledge and expertise to assess your goals in a full estate plan, minimizing your tax liability as much as possible. . . . read more »
