An
Estate Planning Overview
Estate planning can be described as the process of transferring
assets, during life as well as at death, to ensure that they are
distributed in the manner the estate owner wishes. Although saving
taxes is a priority, most important is the estate owner's desire to
transfer assets to the people he or she wants, in the proper amount
and with the proper timing.
Spending
Questions for Couples
Successfully sharing money with another person doesn't happen
automatically. Even the best of partners need to establish a system
for keeping up with day-to-day and long-term spending issues.
Should You
Create a Joint Trust?
If you're married, perhaps you and your spouse are thinking about
setting up living trusts. If so, you might ask, "Can't we have just
one living trust for the two of us?" Is a joint trust a good
idea?
Fulfill
Three Goals With One Trust
As you plan your estate, what goals come to mind? Of course caring
for your surviving spouse so he or she is financially secure is
always at the top of your list. You may also be interested in
setting up a trust in order to maintain control over the principal
assets so eventually they will pass to designated
beneficiaries. And finally, you want to avoid the imposition
of any federal estate tax on those assets.
Blended
Families Benefit From the QTIP
A type of trust known as a qualified terminable interest property
(QTIP) trust is a popular estate planning tool often used for
second marriages. If you want to provide for your spouse but still
have ultimate control over where the trust principal is
distributed, this trust may be for you.
Choose the
Right Trust Plan for Your Will
All trusts aren't alike. When you put a trust in your will, it
should be drafted precisely in order to satisfy your wishes and
goals. Just any old boilerplate text or preprinted legal form won't
do.
Put
Some Kick Into Your Estate Plan by Using Trusts
Are you looking for new ways to protect your family and your money?
Would you like to cut estate taxes and probate costs, too? Trusts
can be the answer.
For additional information on gift planning, contact Susan
Damiani, Director of Gift Planning, at (718) 990-7562 or e-mail damianis@stjohns.edu