When a loved one dies, family members don't always act rationally. This is especially true when the will is read and one or more members feel as though they did not receive what they perceived as their fair share of the estate or were passed over entirely.
What are powers of attorney?
The future is unpredictable. We don't know when something can happen that might incapacitate us from being able to make important governing decisions about our estate. But what is in our control now is the ability to put certain things in place so that if we were to die or become incapacitated, our estate and other practical matters would be put into the hands of a trusted person that will become an agent.
What are tax exemptions?
When planning your estate or considering whether to create a will or a living trust, it is important to consider whether you will be entitled to tax exemptions. Tax exemptions allow you to be able to lower the income that can be taxed, therefore increasing your pocketable income. Tax exemptions must be claimed, and you are generally able to claim them on your own behalf, but also on behalf of your spouse and any dependents that you have.
Preparing for an efficient audit
When creating a retirement plan or a living trust, you must ensure that you are ready to have your tax return examined at any time. It's very important that you are prepared for this and you have the information that the auditors will require readily available.
What are testamentary and inter vivos trust funds?
Trust funds are a great way of compounding and building wealth in the long-term. There are two main types of trust funds, and it can sometimes be difficult to understand the differences between the two. These two types are testamentary trust funds, and living trusts. Living trusts are also commonly known as inter vivos funds, and that can lead to some confusion.
