Does your real estate portfolio include properties in addition to your primary residence? If so, the type of ownership you have over your real estate can vary depending upon several key factors. Let’s take a look at some different kinds of real estate and discuss what the best kind of ownership for each may be. Your Primary Residence Your ownership over your home matters because it received a special tax treatment as your primary residence. In some states, married couples can gain creditor protection through tenancy by the entirety. This can protect either of the spouses from their creditors – except…Read More
A properly funded trust allows you to avoid probate, minimize taxes, organize and maintain control of your estate, and provide for yourself and your heirs. In its simplest terms, a trust is a book of instructions wherein you tell your trusted people what to do and when to do it. While there are many types of trusts, the major distinction between trusts is whether they are revocable or irrevocable. Let us take a look at both so you will have the information you need: Revocable Trust A revocable trust is also known as a “living trust” because it can benefit you during your…Read More
Our team at Legacy Law Centers understands that it can be hard to get motivated about your estate planning. Although creating an estate plan sounds about as fun as getting a root canal, it’s crucial if you want to protect your legacy after you pass away. Regardless of your income level, you probably want to make sure that your loved ones are protected and receive your hard-earned money and property when the time comes. Below, we discuss three common roadblocks that often stop people from drafting an estate plan to protect themselves and loved ones: #1: We Don’t Want To Talk…Read More
Our dedicated legal team at Legacy Law Centers understands that there is a wide range of trusts you can include in your estate plan. And while choosing the right type of trust to protect your assets can seem daunting, we are here to listen to your concerns and devise a plan that is tailored to your unique situation. Below, we discuss six common trusts to help you gain a better understanding of your options. Special Needs Trust A special needs trust allows you to leave money or property for the benefit of an individual with special needs without disqualifying them from government benefits. Under federal…Read More
While many of the people who visit our law firm understand that having a comprehensive estate plan is smart if you want to protect your future and family, we also encounter those who don’t follow through and fail to start planning. But do you know what happens if die without crucial estate planning tools? Here is what will generally happen if you die without a will or trust, also known as interstate, and what will happen with a will, and with a revocable living trust. For this example, we assume you have two children, but no spouse: Intestate If you die intestate, then all of the accounts and…Read More
While it is smart to set funds aside for your children’s or grandchildren’s future education expenses, there is still the possibility that not every penny you have set aside will actually be used for college. Some people earn scholarships and no longer need all of the money set aside, while others may attend a trade school that costs substantially less than what you planned for. If you are wondering what you can do with money leftover in a college savings plan, the answer will depend on how you managed the funds. Add Funds To A Health Education Exclusion Trust Funds that are…Read More
At Legacy Law Centers, we understand how important it is to plan for your children’s post-secondary education. That is why we are here to help you determine which legal tools you need to include in your estate plan to provide for your family’s particular education needs. Health & Education Exclusion Trust A health and education exclusion trust (HEET) is a type of irrevocable trust that you customize to you avoid paying gift and generation-skipping transfer (GST) taxes on tuition and medical care expenses for your grandchildren and great-grandchildren. If you pay tuition fees from a HEET directly to an educational institution on…Read More
With students returning to school for the fall semester, many remain uncertain whether they will be attending their classes in person or learning online. If you are the parent of a college student, one thing is certain regardless of how your child will be learning during the pandemic, higher education is still going to be costly. This is why it is crucial to start creating a flexible plan for potential expenses that meets your unique needs. Coverdell Education Savings Accounts If you invest funds in a Coverdell education savings account, the money can only be used for “qualified education expenses.” These…Read More
After you pass away, your assets and property will be distributed to the beneficiaries named in your will or the state’s default distribution scheme. Following the death of a loved one, most people just want to get through the probate process as soon as possible so that they can grieve in peace. However, the entire probate process can take between 18 and 24 months to complete. During his time, your loved ones can be forced to endure unnecessary stress as they try to obtain access to your accounts and property. While there are many reasons that your loved one’s time can be…Read More
When a person’s estate passes through probate after their death, it can be subject to a number of different expenses, such as fees for attorneys, executors, appraisers, and accountants. Depending on how complex the estate is, and how long the probate process takes, these fees can add up to thousands of dollars. If you want to reduce such expenses, then consider these three tips that can help you avoid probate. Name A Beneficiary Accounts and other property that is in your name must go through probate after you pass away. But if you name a beneficiary during your lifetime, then…Read More
