Using a bypass trust is another way to avoid the estate tax. In this case, Meat Loaf could have created a trust to hold an amount equal to his unused individual lifetime exclusion amount ($12.06 million), with any excess passing to his wife either outright or through a marital trust, therefore bypassing estate tax liability.
Author Archives: Skvarna Law
By the time he died, Meat Loaf had appeared in hundreds of TV shows, endearing himself to a younger generation with roles in Wayne’s World and Fight Club. He married twice, and had two children.
Is everything the same today as when you signed your will, trust agreement, and other estate planning documents? If not, then take steps to make sure your estate plan reflects those changes.
Failure to take the time to craft an estate plan could leave the state where you reside at the time of your death in the driver’s seat. Laws in most states set forth how to apportion property.
People overlook many of these tasks and responsibilities on a day-to-day basis. However, consider how much money or time you would need to complete them if the stay-at-home parent is unable?
Many financial institutions allow account holders to sign documents that transfer funds immediately to another person upon the account holder’s death.
Most people prefer to keep this type of information private. So, the best way to ensure discreteness is to keep your estate out of probate.
Your estate attorney can set up joint ownership to create and transfer property. However, this solution comes with its own set of concerns. TOD and POD accounts efficiently and immediately transfer funds to the named recipient after the account owner’s death, outside of probate.
Most people think disability affects other people. However, approximately 61 million U.S. adults live with a disability. That translates to one in four adults. What’s more, between one and four 20-year-olds become disabled before reaching retirement age.
We live in an increasingly digital world now. And courts increasingly determine whether a will created and stored on a computer, tablet, or cell phone and e-signed meets the traditional requirements of being “in writing” and “signed by the will maker.”