From: www.aaepa.com
When I began practicing law, clients created irrevocable trusts with caution because the trust was then set in stone. By the time I left private practice, clients created irrevocable with more frequency and considerably less caution because changing irrevocable trusts became commonplace. Trusts and Estate practitioners have numerous options to consider if they want to change an irrevocable trust. The first part…
Let’s look at the advantages and disadvantages of a life estate deed in Georgia.
A Georgia Life Estate Deed offers several benefits.
Here are some of the key advantages:
-Retain control and use of the property: The life tenant can continue to live on, use, and enjoy the property for the rest of their life, while still maintaining control over its management and maintenance.
-Bypass probate: One of the main benefits of a…
REAL ESTATE MATTERS: Parents worry about tax burden of selling property to child
The reasons for transferring ownership to children vary.
Q: I have lived in my parents’ house for the past 19 years. I’ve been paying rent the entire time. They want to sell it to me for less than the market value but are afraid of the huge capital gains taxes. The home was purchased 19 years ago for $120,000 and the home has…
Legacy planning includes more than naming beneficiaries for the material things that you leave behind. It also includes documenting your wishes, in accordance with your values, for living life on your own terms. And it’s about planning ahead with your loved ones in mind.
It may seem like a daunting task, but it doesn’t have to happen all at once. You can start by having conversations with your family that will…
From: Sterling Foundation Management
Recent IRS actions may create an opportunity to receive a premium price for your charitable remainder trust interests.
On June 1, 2023, the IRS finally adopted “new” mortality tables. We place the word “new” in quotation marks because the tables in question are based on 2010 data.
The world has changed drastically since 2010, and so the IRS’s new tables are…
From: floridaestateplanning.com
In this whitepaper I’ll review two recently enacted Florida statutes that provide additional opportunities in your estate plans. I’ll also review one strategy to consider if you have adult children with highly appreciated property. The first statute affects married couples, The Florida Community Property Trust Act. The other new Florida law is for clients who want a professional trustee, but don’t want…
From: www.aaepa.com
Revocable Trusts lay the foundation for many an Estate Plan. They serve various functions, like avoiding probate, planning for incapacity, protecting beneficiaries, and providing continuity after death. Revocable Trusts provide the grantor with flexibility by giving the grantor the right to change the trust during their lifetime. Well-written trusts contain explicit instructions regarding the steps…
From: floridaestateplanning.com
Many clients don’t consider visiting with an estate planning attorney until they reach their 60s, 70s or even 80s. That’s a shame because younger clients could benefit from such a relationship in any number of ways.
During the Savings & Loan crisis back in the 1980s, for example, an entrepreneur by the name of Sam Idelson teamed up with David…
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