03/09/2024
ESTATE PLANNING
Grasp the importance of wills and advance directives and learn how estate planning methods can be used to transfer wealth.It is inevitable that someday you will die. As a gift to those you left behind,keep your will, advance directivez and other legal documents in good order. It will help your family carey out your wished and deal with your assets as you would have wanted.
WILL
a legal document of your decision regarding the dispersion of your assets and the caring for your dependents following your death.
TESTATE
having made a legally valid will
INTESTATE
without a valid will
EXECUTOR
the person who will tend to your esttate according to the wishes outlined in your will.
LETTER OF INTENT
a letter to the heirs and executor outlining your wishes for your funeral arrangements, who to notify of your death and other wishes.
ESTATE TAX
a tax imposed on an estate at the time of the owner’s death.
INHERITANCE TAX
a tax levied upon recieving property as heir or next kin under the law of intestacy; the tax measured by the value of the property received.
BYPASS TRUST
a trust that allows you to possibly bypass estate and ingeritance taxes.
DOMICILE
a place where an individual has a fixed and permanent home for legal purposes.
TRUSTOR
a person who puts money into a trust.
TRUSTEE
a person who manages the money in a trust
BENEFICIARY
the person or persons who ate entitled to the benefit of any trust arrangement.
REVOCABLE TRUST
A trust for the benefits of others, because it allows the trustor to avoid paying estate taxes by moving assets outnof an estate; provisions can never be revised.
IRREVOCABLE TRUST
a trust for the benefits of others, because it allows the trustor to avoid paying estate taxes by moving assets out of an estate; provisions can never be revised.
CHARITABLE REMINDER TRUST
A tax exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then dinating the remainder of the trust to the designated charity.
PROBATE
A process of proving in a court that a document is the last valid will and testament of a deceased person.
POWER OF ATTORNEY
A legal document that designates another person to acr on your behalf should you become incapacitated
ATTORNEY IN FACT
A person who is given a written authority to act on behalf should you become incapacitated.
ADVANCE DIRECTIVE
A legal document that expresses yoyr wishes regarding medical treatment in the event of incapacitation.
LIVING WILL
A document that outlines your preferences or directions for the administration and the withdrawal or witholding of life-sustaining medical treatment in the event of terminal illness or permanent unconsciousness
DURABLE POWER OF ATTORNEY FOR HEALTH CARE
A power of attorney that becomes effective in the event that you become incompetent or unable to manage your affairs; often identified within an advance directive.
Read and learn. Education is the key and preparation is very important. Have a questions? Ask me how.
