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

Often Overlooked Estate Planning Details

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Even though the Tax Cuts and Jobs Act of 2017 resulted in fewer families being subjected to estate tax, estate planning, or the process of preparing instructions for how your personal assets should be administered and distributed after your death, remains a necessary task for all. More than just the writing of a legal will, estate planning can provide legal clarity to final wishes, name beneficiaries of assets, and outline terms of care in the event of incapacitation. As the process of creating an estate plan can be complex, there are some basic but important details that one should consider…
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401k contributions

What is a Revocable Trust?

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A Revocable Trust – sometimes referred to as a “Living Trust” – is a lifetime trust that can be amended or revoked at any time during the creator’s life. The creator (or “grantor”) of the trust typically also serves as trustee and is also a trust beneficiary during his or her life. At the grantor’s death, the terms of the Revocable Trust direct how the grantor’s assets are to be distributed, essentially acting as a substitute for the Will. Nonetheless, the grantor still executes a Will. This is because the grantor may have failed to transfer title of certain assets…
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end life planning

The Basics of Estate Planning

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Lifetime and testamentary planning Contrary to popular belief, estate planning typically involves more than just signing a Will. It generally involves two sets of considerations: lifetime planning and testamentary planning. Lifetime planning may involve choosing decision-makers to make health or financial decisions on your behalf should you become incapacitated. For higher net worth individuals, lifetime planning may also involve establishing tax-efficient gifting strategies during life. A testamentary plan, on the other hand, will designate the individuals or charities who are to inherit your assets at death, and in what capacity (e.g., outright vs. in trust). In addition, a testamentary plan…
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