Will vs Trust Will vs Trust – Which Is Right for You? No matter your age, there is a necessity to plan for unforeseen circumstances. This includes planning for your death and deciding how you would like your property distributed. An estate plan allows you to do just this. Without an estate plan, the transfer
estate planning
How Does a Bypass Trust Work?
Bypass Trust A Bypass Trust allows you to provide for your surviving spouse and leave assets to your children, without the burden of estate taxes. Some BackgroundAs of 2023, the federal estate tax exemption is $12,920,000. This means estates valued below that number are exempt from the federal estate tax. The value of an estate
What is Step-Up Basis and How is it Beneficial for Trusts and Estates?
What is Step-Up Basis and How is it Beneficial for Trusts and Estates? Step-up basis allows for the tax basis to be stepped up to fair market value upon the transfer of an asset at death. What is basis? The IRS defines basis as “the amount of your capital investment in property for tax purposes.”
Put Your Home in a Trust
Put Your Home in a Trust Owning a home is a quintessential part of the American Dream. During the excitement and joy of signing closing papers and receiving keys, very few homeowners stop to consider how to protect their home in the event they pass away. One way homeowners can protect their homes, amongst other
You hit the lottery jackpot! Now what?
Lottery Jackpot We play the lottery jackpot when we are feeling lucky. But how does a winner ensure they stay lucky when they hit it big? Hitting the lottery jackpot might seem like a dream come true: by spending a few dollars and selecting a few numbers, a person can win an enormous amount of
Benefits of Estate Planning: Why Updating Your Estate Plan Helps You Keep Up with Life’s Contingencies
Benefits of Estate Planning The sun is out, the birds are chirping, and you are feeling jubilant. You have just left an experienced Trusts and Estates attorney’s office, and your robust estate plan is assembled exactly to your specifications. You have created a will, designated your medical and financial powers of attorney, and executed a
Avoiding Probate Hassles with a Heggstad Petition
Avoiding Probate Hassles with a Heggstad Petition Creating a living trust allows a person to control their assets while still alive, and to then distribute such assets upon their death to the people or organizations selected beforehand, thereby avoiding probate. But what happens when an asset that should have been included in a living trust,
Estate Planning with Cryptocurrency
Estate Planning with Cryptocurrency Estate planning with cryptocurrency can quickly devolve into a futile treasure hunt. However, it does not have to be that way. Careful planning can turn a wild goose chase into an orderly process with minimal surprises. Estate planning with cryptocurrency requires a more deliberate process than other types of estate planning
Essential Estate Planning Checklist
Estate Planning Checklist One of the common misconceptions the estate planning team at RJS LAW hears is that estate planning only applies to wealthy people with lots of assets. This could not be further from the truth. A proper estate planning checklist should encompass everything you own and include instructions as to how you want
The Gift of Giving: What is a Charitable Trust?
What is a Charitable Trust? The simple answer is that a charitable trust is a trust in which a charity is a beneficiary. The more complex answer is that there are two main types of charitable trusts: charitable remainder trust and charitable lead trust. This article primarily focuses on charitable remainder trusts as they are