Advanced Estate Planning
What is an AB Trust?
Married couples can maximize the use of both of their federal exemptions from estate tax by using AB Trusts as part of their estate plan. Here's how the AB Trust system works.
Using AB Trusts to Protect Your Spouse
Have you created an estate plan that provides asset protection for your spouse after your death? If you and your spouse still have simple "I Love You" wills, or if you and your spouse do not have any estate plan at all, then you should consider including AB Trusts as part of your estate plan for the following reasons.
3 Benefits of Advanced Estate Planning
For people with taxable estates, advanced estate planning beyond a basic estate plan is one of the options for minimizing or even eliminating estate taxes after they die. Aside from this, advanced planning can be used to perpetuate family values and protect assets for the benefit of future generations. With these goals in mind, advanced estate planning is really done for three important reasons.
Overview of Current Federal Estate Tax Laws
On January 1, 2010, the federal estate tax was officially repealed, but on December 17, 2010, it was reinstated retroactively. Historically the federal exemption from estate taxes and estate tax rate changed and current law provides that the tax will continue to change as shown in the attached "Federal Estate Tax Schedule."
How to Calculate Your Estate Tax Liability
Whether your estate will be liable for estate taxes depends upon the value of your gross estate, the amount of debt owed by you at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take. Here's how to get an estimate of your estate tax liability.
What is the Future of the Federal Estate Tax in 2014 and Beyond?
The passage of the American Taxpayer Relief Act of 2012 has added some certainty to the future of federal estate taxes, or at least many believe this to be the case. Nonetheless, with the federal deficit soaring to record numbers, the need for increasing revenues will continue for years into the future. So what really is the future of federal...
Revocable vs. Irrevocable Trusts
When it comes to understanding trusts, knowing the difference between revocable and irrevocable trusts is crucial. If you ask for a revocable trust and get an irrevocable one, or vice versa, the legal and tax consequences will be significant.
How Does a Qualified Personal Residence Trust Really Work to Reduce Your Estate?
Here you will learn how a Qualified Personal Residence Trust, or "QPRT" for short, works to remove a primary or secondary residence from the value of your estate and preserve it for the benefit of your heirs.
An Overview of Advanced Trusts
Here you will find quick links to information about a variety of advanced estate planning trusts.
What is a Qualified Personal Residence Trust?
A Qualified Personal Residence Trust, or "QPRT" for short, is a type of irrevocable trust that's designed to hold and own your primary or secondary residence and remove its value from your taxable estate. A QPRT works as follows.