When you desire to sell one of your highly appreciated assets and also wish to defer payment of capital gains taxes through utilization of the Deferred Sales Trust (DST), the first step of the process consists of meeting with the Estate Planning Team. But who exactly are the members of this elite professional team?
Naming the beneficiaries of an insurance policy seems likes an easy thing to do. If a person is married, the spouse is the beneficiary. The children are often named as contingent beneficiaries. If a person is not married but has children, the children are often named as first beneficiaries. Usually, these are the people that life insurance is intended to benefit, however, without knowing or considering the consequences of the beneficiary designation, the policy holder’s intended goals may be thwarted.
Review this Reef Point case study about distributing your estate among children in unequal circumstances. This article gives some common solutions to distributing your estate to your children.
A revocable living trust is a valuable tool to protect and preserve your assets both for you, your children and future generations. A living trust can help you avoid the unnecessary costs and delays associated with Probate and can help you minimize or avoid estate and inheritance taxes.
It’s important for you to understand what the word “estate” means so that you do not underestimate the broad scope of the term. The “estate” consists of all the property a person owns or controls. Examples of the more well-known items include personal property, real estate, bank accounts, insurance policies, business interests, certain trust accounts and debts, just to name a few.