Archive for the Estate Planning Category

The Special Needs Trust: Planning for a Disabled Dependent

If you have a child, sibling, parent, spouse, or other loved one who is physically, mentally or developmentally disabled – whether from birth, illness, injury or drug abuse – he or she may be entitled to valuable government benefits (SSI and/or Medicaid) now or in the future. […]

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The Perfect Gift for the New Adult in Your Family

What are you planning to give your teenager when he or she legally becomes an adult? A car? A deposit for an apartment? A trip to Europe? Those are all fine gifts, depending on how much you can afford to spend. But here’s one you may not […]

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How Should You Hold Title to Real Estate?

Your home is probably the most valuable asset you own. Yet most people don’t think about how to hold title until the title company poses the question when you buy or refinance. But this deserves careful consideration, because how you hold title to real estate has far-reaching […]

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Business Owners: Have You Planned Your Exit?

You’ve worked hard building your business, but have you thought about what will happen when you are no longer there running the show? According to one study (Small Business Review, Summer 2001), only 30% of all family-owned businesses survive to the next generation; only 12% make it […]

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The Family Limited Partnership

How to Transfer Your Business (and Other Assets) to Your Children Without Losing Control A family limited partnership will let you remove your business, and any future appreciation on it, from your estate now, and still keep some control. It is especially useful when the business might […]

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Gifting… An Easy and Satisfying Way to Reduce Estate Taxes

If you have a sizeable estate, you may want to consider giving some of your assets now to the people or organizations who will receive them after you die. Why? First, it can be very satisfying to see the results of your gifts – something you can’t […]

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Giving Your Assets to Your Children Now Can Cause Serious Problems

Sometimes people will transfer title of their assets to their adult children while they are living, thinking it will make things easier for their children when something happens to them. Doing this will prevent the court from controlling the assets if you become incapacitated and it will […]

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Making Gifts Now Can Reduce Estate Taxes Later

Your estate will have to pay estate taxes when you die if the net value (assets minus debts) is more than the exempt amount at that time. Currently the federal estate tax exemption is $5 million (adjusted for inflation); every dollar over the exempt amount is taxed […]

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Private Charitable Foundation

Many people who have been charitably inclined during their lifetimes like the idea of establishing a charitable foundation that will continue after they die. The foundation can be created while you are living, or it can be established after you die. To qualify, a small percentage of […]

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Qualified Personal Residence Trust

A qualified personal residence trust lets you continue to live in your home but transfer it to your children now so you will save estate taxes when you die. When you set up a qualified personal residence trust, you transfer your home or vacation home to an […]

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