TOD/POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.TOD (Transfer on Death) designations, POD (Pay on Death) designations, and beneficiary designations can be useful in the right circumstances. Each of these tools allows for an automatic transfer to the named beneficiary at the death of the owner. But these tools can have a few shortfalls. First, if the … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax.Kiddie Tax is Worse Than Ever … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you.What is a GST Trust? … [Read more...]
New Tax Proposal re: Retirement Savings
There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly. Read on to learn more about these proposals and whether they might impact you or your clients.New Tax Proposal re: Retirement Savings … [Read more...]
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects.New Estate Tax Proposal … [Read more...]
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not.Naming a Trust as Beneficiary of an IRA … [Read more...]
5 Reasons Young Families Should Talk to Estate Planning Lawyers
Estate planning lawyers can provide invaluable help to people of all ages. Parman & Easterday works closely with clients at all different life stages to make sure their plans provide for and protect their families. It's important to have the right plans in place to safeguard the assets you have acquired and provide for your family members should something happen to you.Many people believe that only seniors need to worry about having an estate plan in place. The reality is that it is … [Read more...]
Tools Overland Park Estate Planning Attorneys Help You Use
Overland Park Estate Planning Attorneys provide you with different legal tools that can help accomplish your future goals. There are a wide variety of different strategies you can create to accomplish your estate planning goals or to plan for your legacy. There are also tools that you can create to ensure your family is safe and protected in case you get sick.Understanding the different ways to keep your hard-earned assets safe, provide for loved ones, and get ready in case of illness can … [Read more...]
Why Have a Revocable Trust?
When you create your first estate plan, it may be a very rudimentary plan consisting of nothing more than a Last Will and Testament. As your estate and your family grow, you will need to add tools and strategies to that initial estate plan to address the changes in your life. One estate planning tool you may consider incorporating into your plan is a revocable trust. There are numerous and varied ways one can be used to further your estate planning goals. Understanding How a Trust Works A … [Read more...]
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item.The Little Things May be the Most Important … [Read more...]
