Whereas probate is generally the process by which a will is determined to be valid, trusts can be established during an individual’s lifetime. After an individual’s passing, most trusts also bypass probate.However, what happens when a decedent’s...
Month: November 2014
Do you know whether you might need to file an estate tax return?
Readers may know that an estate tax return does not have to be filed for estates whose taxable value is below the estate tax exemption. For 2015, that amount will be $5,430,000.For many estates, a filing may be unnecessary. Yet could there be another reason for filing...
Exploring some of the unique features of testamentary trusts
Can a will contain a trust? An attorney knows that answer to be yes. Upon the settlor’s death, a trust described in a will, known as a testamentary trust, becomes active and the designated trustee takes control of its management. However, a testamentary trust...
Trusts can help secure a legacy for multiple generations
Estate planning can involve a variety of tangible and intangible concerns. In addition to passing property to heirs, an individual may wish to impart certain personal meanings or lessons.For example, although minimizing tax obligations may be a legitimate concern,...
