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A charitable remainder trust is an excellent way to pass on assets from your estate to the charity of your choice, while also giving you and your beneficiaries a sizeable tax break. It’s an especially sound option for people who wish to make large donations to charities upon their death. However, you should keep in mind that a charitable remainder ...

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Advance directives are legal documents and tools that outline your wishes concerning the long-term medical care, particularly at the end of your life. These tools are especially useful in the following situations: You cannot make your own medical decisions You are in a state of terminal illness or incapacitation You meet certain other requirements as outlined in state law

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Establishing a durable power of attorney for finances is a straightforward and reliable way to arrange for someone to manage your finances in the event of your incapacitation. This designation will remove a significant amount of stress from your family members, who might otherwise be unable to maintain the financial affairs of your estate. Below is a general overview of ...

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As you work on your estate plan and begin to make plans for how you will pass down your real estate assets, you must consider the methods you will use to do so. Real estate could be the most valuable asset in your entire estate, which means surviving family members will have lots of interest in what will happen to ...

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Any property a person holds in joint tenancy automatically passes down to the surviving joint tenant(s) when one of those tenants passes away. This is referred to as a “right of survivorship,” and it’s the easiest way to transfer property that multiple people owned once they have all passed away. The right of survivorship is the principle that guides how ...

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If you are at all concerned about providing your loved ones with uninhibited access to an inherited individual retirement account (IRA), you may want to consider an IRA trust to alleviate those worries. In the past, IRA trusts were not very common. But a 2014 U.S. Supreme Court ruling has led to more financial advisors recommending their use to many ...

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One of the most common estate planning tactics for married couples is the joint ownership of their assets. When one spouse passes away, the other receives all the property without having to go through the probate process. This also eliminates any potential estate taxes at the first death because federal law allows for an unlimited marital deduction. Although this strategy ...

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No matter your level of income, having a comprehensive estate plan is one of the most important steps you can take to secure the future of your loved ones and your assets. However, even among high-net-worth families, studies show that nearly 40 percent have not engaged in sufficient financial and estate planning. It takes the assistance of a professional and ...

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There are various methods available to married couples that can help them reduce their estate tax burdens. The marital deduction trust is one of these mechanisms, as it allows spouses to pass their estates to the surviving spouse without that property is subject to taxation at the time of the first spouse’s death.

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California State Sen. Scott Wiener (D-San Francisco) recently introduced S.B. 726, a measure that would serve as a response to a recent federal proposal from the administration of President Donald Trump. The President has been vocal in his desire to repeal the federal estate tax. As it currently stands, there is a 40 percent tax on individual estates valued at ...

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