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Estate Planning Archives - Page 2 of 5 - Wealthspire | Page: 2

account beneficiaries

Pay Attention to How Your Accounts are Titled

By Blog
Do you have sizeable jointly-held accounts with your spouse? Is your estate large enough that it could be subject to federal or state estate taxes? If you answered yes to both of these questions, then pay attention, because your Will may not do what you think it does. What’s the problem here? Your Will is not the end of the story. Your Will might only “work” if your accounts are titled properly. It’s not uncommon for us to see well-drafted Wills with solid tax planning incorporated into the estate plan. In the case of a high net worth client, this…
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A couple reviewing their revocable trust with their Wealthspire Financial Planner.

Revocable Trusts vs. Irrevocable Trusts: What Is the Difference?

By Blog
A trust is an ideal way for individuals to transfer assets either during life or after their passing. At a basic level, a trust is a separate legal entity created to hold certain assets. Once these assets are placed in the trust, they are managed by the trustee. The trust document instructs the trustee on how to manage the trust assets and distribute them to beneficiaries. Individuals and families often use trusts for estate planning purposes, such as to avoid probate, minimize estate taxes, and seamlessly transfer intergenerational wealth.  Let’s take a look at revocable and irrevocable trusts and the…
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Executor

Financial Dictionary
What Is an Executor? An executor, also called an executor of estate or executor of will, manages your estate after death. It is often a temporary and relatively short-term position, but can be time-intensive. It is referred to as “personal representative” in some states. What Does the Executor of a Will Do? An executor of a will has authority from the probate court to manage the affairs of a deceased person’s estate. In other words, an executor is the fiduciary in charge of your probate estate. The executor’s role includes determining what property you owned, taking control of your assets,…
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question trustee

Trustee

Financial Dictionary
Trustee Definition A trustee is a person or a company that manages the trust assets for the benefit of a third party or beneficiary, according to the terms of the trust document. Furthermore, a trustee manages and executes decisions for the beneficiary’s benefit and best interest. When creating a trust, it is important to consider possible questions that can help guide you through the creation process. Is a Trustee the Same as a Beneficiary? Although both are included as part of your overall estate plan, beneficiaries and trustees play different roles. The beneficiary is the individual who may receive the…
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Power of Attorney

Financial Dictionary
What is Power of Attorney POAs are legal documents that allow you to name an “agent” (also sometimes referred to as an “Attorney-in-fact”) to act on your behalf for financial or health care decisions and are key components of any estate plan. This agent is expected to place the principal’s interests ahead of his or her own, which is why it is important to pick a trustworthy agent. Different Types of POA There are many different types of Powers of Attorney (POAs), including a Financial POA, a Healthcare POA, Non-Durable vs. Durable POAs, General vs. Special POAs, and Springing POAs. …
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Trust

Financial Dictionary
What is a Trust? A trust is a legal relationship where the owner, or trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. A trust is traditionally used for minimizing estate taxes and offers other benefits as a part of an estate plan. What is the Purpose of a Trust? While most typically associated with estate planning, trusts are created more broadly for the purpose of achieving certain goals in the transfer of assets. Many common goals in creating a trust include the reduction of…
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mental health trustee

Navigating Mental Health Issues When Serving as Trustee

By Guides & Whitepapers
A Conversation with an Experienced Estate Attorney and Trustee At Wealthspire Advisors, there are several senior advisors who also serve as trustee for their clients. Mike Delgass is one such advisor. Mike is a Managing Director and has been with the firm since 2005. Before Wealthspire, Mike practiced as a trusts and estates attorney and was a partner at two nationally recognized law firms. Mike draws from his extensive legal experience not only to help his clients navigate complex tax planning, but also in his role as personal trustee for some of the families with whom he works. Though there…
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trust tax

How Are Trusts Taxed? FAQs

By Blog
With the tax season fast approaching, you may have questions about how your trust is taxed, who is responsible for tax filings, or how trust income taxes get paid. This blog will answer some common questions you may have about the taxation of your trust. Do all trusts pay income taxes? It depends. A trust is a separate legal and taxable entity. Whether the trust pays its own taxes depends on whether the trust is a simple trust, a complex trust, or a grantor trust. Simple trusts and complex trusts pay their own income taxes. Grantor trusts do NOT pay…
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question trustee

The One Question All Trustees Should Ask Themselves

By Blog
Have you ever seen the show The World’s Most Extraordinary Homes? My favorite segment in each episode occurs when the hosts interview the architects. The architect will describe the origin of his creative vision for the home, how the shapes and colors used in the home might be symbolic of the thing that inspired that vision, and how the materials were sourced and brought to the land on which the home was built. All of these factors coalesce to inform how the home will be lived in. Each of the architects will discuss the care he took in designing the…
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