While most estates are not subject to the federal estate tax, those estates valued in excess of $11.4 million in the year 2019 are. To compensate for these taxes, those concerned about passing on all they’re worth, often purchase life insurance to provide additional funds from which to pay these taxes. Without your knowing it, […]
Archives for May 2016
REASONS TO USE THE LIVING TRUST
Due to the recent attention given to the Living Trust in the popular media, I took a somewhat skeptical look at the strategy in another column. The focus of that previous column was to explain that the Living Trust was not the perfect estate planning tool for everyone. I attempted to explain that there are […]
LIVING TRUST HYPE
Do a Google search, and you might find an advertisement warning readers that writing a Will may be one of the biggest mistakes they can make. “It’s true”, the advertisement might exclaim, as it goes on to detail the horrors associated with settling a Will. Fortunately, the advertiser offers a simple solution: the Living Trust. […]
UNIFORM TRANSFER ON-DEATH SECURITY REGISTRATION
A NEW FORM OF OWNERSHIP In Pennsylvania, the law allows you to register your bank accounts and certificates of deposit so that your named beneficiary automatically becomes the owner upon your death. To achieve such a result, you simply open the account in your name, but list the account as being “in trust for” your […]
WILL SUBSTITUTES AND AVOIDING PROBATE
When many consider estate planning, they immediately think of their Will. After all, the Will controls who receives our assets when we die. In practice, however, the Will may not control the disposition of any of our property. To understand how the Will works, you have to understand that our assets pass at our death […]