| Nominee Trusts |
| The trust is probably the most flexible document in the estate planner's book. There are several special purpose trusts designed and drafted to accommodate special situations or objectives. Keep in mind that the special purpose trusts, as with all trusts, will have one or more trustees, with a mechanism for trustee replacement; one or more beneficiaries, with provisions covering all possible changes, such as death, disability, etc.; a corpus or assets transferred to the trustee; and provisions covering the management and disposition of those assets in all circumstances, up to the termination of the trust.More... |
| Gifts During Life - I |
| An intentional transfer of property made from the generosity of the transferor is known as a gift. The person who makes a gift is known as the donor. The person who receives a gift is known as the donee.More... |
| State Death Taxes |
| Almost every estate incurs some state death tax. In some cases the state death tax equals or exceeds the federal death tax. The amount of these taxes should be "guesstimated" by the estate's attorney or accountant so that you can begin to assemble enough cash to meet the demands. If you must sell estate assets to raise cash, your goal must be to obtain the highest price and best terms possible. The sooner you begin the process of analyzing liquidity needs, the less likely it is that this forced sale will turn into a fire sale.More... |
| Trust Elements - Beneficiary |
| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.More... |
| Making Final Arrangements -- Body Disposition |
| When thinking about your estate plan, you should also reflect on what kind of body disposition and ceremonies you desire. Planning can save money as well as save your survivors from uncertainty and further grief. A will is poor place to express your preferences because it probably will not be located and read until weeks after your death. Instead, you can write out a statement of your preferences that will be promptly available at your death to ensure that your wishes are carried out.More... |
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