WHEN IS IT TIME TO DO ESTATE PLANNING?

A couple of examples: Young Successful Doctor My nephew helps groups of Doctors set up their practices in clinics.  He gets to know them, their families and their goals in life.  He has convinced some of them to talk with me and do their Estate Planning so their...

Web’s basic example 2 Holdings[2]

In the example illustration above Mr. & Mrs. Jones would place their home in an asset holding trust and their autos in an asset holding trust. All financial assets, i.e. stocks, savings, insurance policies etc., would go into the primary trust and continue to...

Problems Due to Incapacitation

When a property owner has either sole or joint tenancy ownership and then becomes mentally incapacitated, the property is in legal limbo.  This is due to the incapacitated owner being incapable of conveying legal title or signing legally binding documents.  This can...

Trust VS. Wills, Which Is Best For You?

A trust is a legal entity or device used to take care of property in special ways. Trusts are created by a legal agreement, basically a contract, between two parties. These contracting parties are known as the grantor and the trustee. The grantor and trustee create...

Problems with Probate

If you die with any property titled in your personal name, there must be a probate process for that property (assuming the estate is above a minimal size). Probate is the state’s legal procedure for handling three major functions for your estate. (1) A final and...

Joint-Tenancy Ownership

The biggest reason people own property in Joint-Tenancy is because they look at only one aspect of that type of ownership. A Husband may say … “If I die I want the house to go 100% to my wife without any Probate problems and visa versa.” There are several undesirable...

Estate Taxes

Federal Estate Tax in the United States is a Tax on the transfer of the Estate of a deceased person.  The Tax applies to property, whether real or personal, via a will, through an Intestate Estate or Trust. The Estate Tax is part of the Unified Gift and Estate...

Why do Estate Planning?

Dying Intestate: We need to do estate planning to avoid dying “Intestate”. Dying intestate means dying without having created either a Will or a Trust which provides instructions for passing your estate on to your heirs. Dying intestate is like taking your property...

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