Presented by Daniel Toriola Real estate business is a really tough business. One has to overcome loads of difficulties to get to a respectable position in real estate. Real Estate Business Investment is not a small capital needed to invest on. And usually it is long-term. Click here to know more Affordable Business Web Hosting - Only 41 cents / month Onwards. Plus $5200 Worth Of Freebies! Nobody Can Beat Our Rates. Period. Click here to know more What’s New With Your Living Trust? By Jeffrey Broobin What’s New With Your Living Trust? by Jeffrey Broobin Some time ago, Congress made certain changes to the estate taxes. As a result of the changes, effective January, 2004, the tax free amount increased to $1,500,000. (Back in 1997 it was $600,000.) This allows a married couple to leave a minimum of $3,000,000 tax free. Your Living Trust does not need to be changed to incorporate these changes. However, there are other developments which might be appropriate to consider. 1) You might want to consider a Dynasty Living Trust. The advantage of using the generation skipping tax exemption is greater during the grantor’s lifetime. Once property is transferred to a dynasty Living Trust, all appreciation and accumulated income generated by the property until the grantor’s death will be exempt from estate tax as long as it remains in the Living Trust. Basically, this is a grown-up Minor's Living Trust. 2) Another more recent development is worth considering. Since after one spouse dies, the Survivor has full control of the Surviving Spouse's Living Trust, including the right to change the beneficiary (through the General Power of Appointment), it is important to insure that the children from the first marriage inherit their deserved portion. This is what could happen. You die. Your Living Trust divides into two or three shares. Your wife, who has control of the Living Trust, spends your half of the estate, remarries, and leaves her half to the new spouse (not your intention). You may discuss this now with your spouse and decide that the assets you have acquired during your lifetime together belong to both of you. While you still want your spouse to be happy and maybe even remarry, you want your joint assets to be inherited by your children, not the new spouse. It is possible with the standard A - B - C Living Trust held by most married couples, which allows the Survivor's half (the A Living Trust) to be changed, to incorporate an instruction that the A Living Trust (the Survivor’s half) will be locked. With this feature, the surviving spouse may spend everything, but Are You Living Or Surviving? Successful Living Guide - How To Have Vibrant Health & Energy, Make & Save Money, Improve Romance (100's of keywords convert) Page 1 Presented by Daniel Toriola whatever is not spent must be left to your family rather than the new spouse. 3) Because time has passed since your Living Trust was first written, formerly young children are not so young anymore, and the successors you selected to make your decisions may no longer be appropriate because they are too old. Please review these designations listed in your Living Trust and Powers of Attorney (financial and Health Care). Furthermore, the inheritance age threshold designated for minor children at the time you made your Living Trust may no longer be appropriate. At the time, you were guessing about what these minors would be like, say, when they became 25 years old. Maybe you now think it is necessary to adjust that age restriction. 4) Be certain that the people you appointed still have their copies of your Health Care Power of Attorney. They should have a copy handy because in an emergency they may need to make medical decisions quickly. 5) Make it easy for the people you Living Trusted to deal with your financial matters. 1.Make sure they know where to find your advisors. 2.If you have your own business, make a plan to deal with your death, beginning with the first day after your death. 3.Make a list of investments (name of institution, account numbers) so your assets can be found. (Bank / stock accounts, retirement plans, life insurance, safe deposit box, etc.) 4.If all the information is in your computer, make sure that an appropriate Living Trustworthy person has access to the password. 6) Make sure that your assets which have any form of registration are properly titled in your Living Trust. These assets include bank accounts, stock, and real estate. Now is a good time to verify that all such assets are held properly. You also will receive Forms 1099 showing interest or dividends received during the past year, and K-1s for Partnerships. Check each real property tax bill, Form 1099, and K-1 to ensure that it reads something along the lines of: John and Mary Doe, Trustees of the Living Trust of John and Mary Doe, dated January 1, 2004. There may be other property which should also be in the Living Trust but may not provide annual reporting, such as stock which does not pay dividends and, therefore, no 1099 is provided. You should also verify that Pension Plans, IRAs, and Life Insurance beneficiaries are properly designated. Creditors (such as your mortgage holder and credit cards) do not need to know about the Living Trust. Only those holding your property should have notice. If you inherited any property or received a substantial gift since formation of the Living Trust, you should consider its status and your plans for it. Likewise, the ramifications of a change in your marital status since formation of the Living Trust should be considered. If you refinanced your property since doing the Living Trust, bought new property, or opened new investment accounts, you should verify that the property is back in the Living Trust. As a good idea to remove all uncertainty with regard to the current and up-to-date nature of the information in your Living Trust, you might want to sign a statement each year informing that all personal property is listed in the Living Trust. Retire In Luxury For Pennies Retire early and reduce your cost-of-living by retiring in Mexico and living better than you do now! Page 2 Presented by Daniel Toriola Also, review your estate plan yearly to make sure that you still trust the people you have chosen to act on your behalf after your death. Note that Legal Helper Corp. provides an easy-to-use, quick, and economical online method for creating completed revocable living trust. - http://www.legalhelpmate.com/living-trust-online.aspx Living And Raw Foods The largest community on the internet dedicated to educating the world about living and raw foods. Page 3 Presented by Daniel Toriola Avoiding Estate Probate With a Living Trust By Frank Rodriguez We have all heard the horror stories of probate. In fact, most infamously, the estate of the late Elvis Presley was significantly reduced in value to probate taxation. Just because the King himself didn't follow the proper estate planning procedures doesn't mean you should too. For good reason, it's a good idea to avoid estate probate whenever possible. The good news is that it's not a difficult or complicated thing to avoid probate. When it comes to clearing out your estate, the probate process can be both time-consuming and costly. Even if you have a will set up, your estate must still go through the probate process. There are a few ways to avoid this, most commonly setting up a living trust. A living trust can be a great way to pass along assets without the long delays that are so commonly associated with the probate process. There are a few more ways to avoid probate like life insurance, for example, but establishing a living trust covers your entire estate. Establishing a living trust used to be a big ordeal. You have to find an attorney well versed in estate planning issues that could draft you up a suitable living trust based on your situation. For obvious reasons, things could get pretty expensive, pretty quickly. In the past, it was just easier to draw up a simple will. But, it no longer has to be that way. He advances of the Internet have had a rather large impact on our lives. These advances have made it much easier to research living trust issues. In fact, you can do everything online now, from the research to setting up your custom living trust. And the beauty of all this is that you don't have to pay an expensive attorney to just fill out forms on your behalf. If you're like most of us that like to do things themselves, filling out simple forms is a great way to reduce the costs associated with setting up a living trust. Taking this approach has the potential to save you thousands of dollars, in fact. It's not at all unusual to see online services offering living trust set-up for small fractions of what it used to cost. Setting up a living trust is one of the best ways to transfer your estate to another entity, but how do they work? The individual that puts their property into the living trust is named the trustor. He trustee is the individual that manages the assets and property. And of course, the individual or entity that receives the benefits from a living trust is called the beneficiary. Most of the time, the trustor plays the role of both trustee and trustor. A living trust has several advantages when compared to a will. A living trust allows anyone to be chosen as the trustee. Also, when it comes to a will, a will is a matter of public record, where is a living trust is not. The costs associated with going through probate, with a will, are considerably more expensive when compared to setting up a simple living trust. This is important for a number of reasons; it avoids the headaches that are often associated with estate probate, saving your beneficiaries the trouble. Also, for the sake of your beneficiaries, avoiding the costs of probate will leave them with more of your estate, much like you intended. It is always recommended that you seek a qualified estate planning attorney, well versed in estate probate and living trusts, if you have complications or questions that may not be the norm. Setting up a living trust, http://www.themoneyalert.com/HavingFaithinYourLegacy.html, is one of the most critical estate planning steps to avoiding probate, http://www.themoneyalert.com/AvoidingProbateArticle.html, for your family. However, probate is just Saving Your Marriage With Trust & Love We provide a complete roadmap for saving your marriage or relationship - Learn the secrets now! Page 4 Presented by Daniel Toriola one of the several benefits you can get from a living trust. Don't delay, set one up today. Trust My Auto Mechanic What your auto mechanic doesn't want you to know can save you thousands! Insider report. Page 5 Presented by Daniel Toriola Related eBooks: Avoiding Estate Probate With a Living Trust Trust-based Estates: The Revocable Living Trust 3 Common Estate Planning Issues Last Will and Testament: Will-based Vs. Trust-based Estates Four Reasons For Creating a Trust Get more Free PDF eBooks at FreePDFeBooks.com Related Products: E@sy List Cleaner The First and Second Adam Your Own Bible Research Library Quick-Turn Marketing Exposed How to Buy a Car Without Getting Ripped Off! Malamaal.com: A genuine resource center for Quality Ebooks and Softwares This PDF eBook is for free Distribution only, it cannot be SOLD Top Webmaster Software Products Quality webmaster software products with Master Resell Rights Private Label options. 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"Avoiding Estate Probate With A Living Trust"