Do you have a will, trust or power of attorney? Are you completely confident that these documents will serve your family well? Are you sure that your attorney is expert in income, estate and gift taxes as well as state estate law. Does he have your best interest at heart?
Do you understand what your attorney has created for you? Is it too big to read? If you have any doubt whatsoever, don’t risk all that you have saved over the years. With me, estate planning is all about you!
My motto is ease and effectiveness. With my experience I know many ways to achieve piece of mind. I can show you simple ways to put your assets to work for your family. I know ways to protect minor beneficiaries and to provide for yours, mine and ours. For example, there is the Revocable Living Trust.
Like most experts, I favor the Revocable Living Trust as the primary estate planning document. Suze Orman With the amount of the estate and gift tax exemption for 2016 rising to $5,450,000, fewer and fewer taxpayers need to worry about death taxes. In fact, I know strategies that allow a couple to shelter twice that. This means that you can focus on taking care of your loved ones.
With your RLT, you can name a trustee to manage your assets, on behalf of minor children after your death. You can assure that even if those children are in the care of your former spouse, that spouse will not have access to your assets. An RLT allows you to select different persons, with different expertise, to handle appropriate aspects of the trust. For example, you can name an investment advisor. You can authorize a “tie breaker” in case two trustees cannot agree. You can give a family member the power to veto certain uses of trust assets.
For more general information about revocable living trusts. See Revocable Living Trusts