Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.
I was told that unlike wills, a trust doesn’t require probate and is not taxable. My main asset is a house that I want to pass on to my son. Would a living trust help?
Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.
Some people are concerned that the new conservative 6-3 majority on the Supreme Court will roll back protections for non-traditional families. Regardless of the decisions at the Supreme Court, or the impact on the state family courts, there are many ways that non-traditional families can maintain control.
By definition, a Will accounts for a person’s wishes of how their assets and estate should be distributed and handled once they die. It spells out who should get what and who should do what, after the benefactor’s demise.
Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
