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Would you rather: Have a living trust OR a testamentary trust? There are two main ways to fund a trust: during your lifetime (living trust) or after your death (testamentary trust). Each approach has its own advantages and disadvantages: 👉 LIVING TRUST Pros: ➡️Avoids probate ➡️Provides privacy ➡️Maintains control over your assets ➡️ Can help reduce estate taxes Cons: ➡️Potential tax implications ➡️Loss of control on assets ➡️Funding complexity 👉 TESTAMENTARY TRUST Pros: ➡️Simple and convenient ➡️Retention of control over assets Cons: ➡️Does not avoid probate. ➡️The terms of the trust become public records. ➡️Limited control on assets ➡️No incapacity planning Factors to consider in choosing the right option: ✅Size of your estate ✅Family situation ✅Tax situation ✅Privacy concerns While both trusts can potentially help reduce estate taxes, the impact depends on the specific tax laws and the estate's value. There may also be minor variations in how trusts are handled depending on the state you reside in.

We're diving into the next crucial topic in our estate planning mini-series! In this video, Walt sheds light on effective strategies for reducing estate taxes, inheritance taxes, and probate fees. Walt also explains the probate process—how it works, its costs, and potential delays, and why understanding it is key to effective estate planning. Here's what you'll discover: - Tax minimization strategies through gifting and trusts - The pros and cons of the probate process - How probate can affect the accessibility of your assets Don't forget to subscribe to our channel and comment with any questions or insights. Stay tuned for more expert advice in our estate planning series! https://lnkd.in/ePCcKjnZ #EstatePlanning #FinancialPlanning #TaxPlanning #ProbateProcess #RetirementPlanning

The third week of October (October 21-27, 2024) is National Estate Planning Awareness Week.  According to Caring.com 2024 Wills Survey, over half of all Americans do not have an up-to-date estate plan and 40% of Americans think they do not have enough assets to have a Will or estate plan. For many people, estate planning is a daunting task. However, taking the time to work with an experienced estate attorney to get a proper estate plan in place can avoid exposing your loved ones and beneficiaries to complex legal proceedings and unnecessary legal fees, taxes and other expenses, while ensuring that you and your assets are properly cared for and managed in accordance with your wishes. For more information and assistance, please visit our firm's Wills, Trusts & Estates Resources page at https://lnkd.in/eCsyejDP. #estateplanning #wills #trusts #powersofattorney #livingwills #probate #taxes

🌟 How Do State Laws Shape Your Estate Planning? 🌍✍️ Navigating estate planning? Your state's laws play a BIG role in how you should approach it. Knowing your state's specific rules is crucial, whether it's the validity of your will, tax implications, or how your property is treated after you pass. Here’s what you need to know: Key Areas Affected by State Laws: Wills and Trusts Validity: Each state has rules about what makes a will or trust legally binding. Probate Processes: Probate could be a breeze or lengthy, depending on where you live. Estate Taxes: Do you have an estate tax in your state? Planning can help minimize what your heirs need to pay. Tips for Effective Estate Planning Across States: Local Expertise is Key: Always work with an estate planning expert who understands your state’s specific laws. Plan for Multi-State Assets: Own property in different states? Make sure your estate plan covers all bases. Stay Updated: Laws change, and so should your estate plan. Keep it up-to-date with regular reviews. Don’t let state lines complicate your legacy. Get informed and get planning! 🌟📜 #estateplanning #estateplanningattorneys #womeninbusiness #businesstips #businessowner #smallbusinessowner

Join us at this Workshop Wednesday for answers to estate planning questions in Louisiana, key documents like wills and trusts, and tips on how to reduce taxes and get prepared. Sign up now! #EstatePlanning #WorkshopWednesday

Join us at this Workshop Wednesday for answers to estate planning questions in Louisiana, key documents like wills and trusts, and tips on how to reduce taxes and get prepared. Sign up now! #EstatePlanning #WorkshopWednesday

May 14: Estate planning for Intermediates. Comfortable with the basics? looking for some more advanced ideas, tax planning or probate avoidance? This is for you. More info and registration at: https://lnkd.in/g3vHGfD3 May 28: Estate Planning for Homeowners and Parents. Have minor children? A home? Lets talk about how to develop a plan that protects them. More information and registration at: https://lnkd.in/g3vHGfD3 #khklaw #glastonburyestateplanning

May 14: Estate planning for Intermediates. Comfortable with the basics? looking for some more advanced ideas, tax planning or probate avoidance? This is for you. More info and registration at: https://lnkd.in/gbQws2Pv May 28: Estate Planning for Homeowners and Parents. Have minor children? A home? Lets talk about how to develop a plan that protects them. More information and registration at: https://lnkd.in/gbQws2Pv #khklaw #glastonburyestateplanning

🏠 Secure Your Legacy with Estate Planning! 📜 🔒 Will vs. Trust: Wondering if you need a will or a trust? Both serve different purposes. Wills outline asset distribution, while trusts offer more control and privacy outside of probate. 👨👩👧 Ensure Your Wishes: Take charge of asset distribution with a clear estate plan. Create a will, establish trusts, and regularly update your plan to reflect life changes. 💰 Estate Tax Insights: Learn about potential estate tax implications. Strategies like trusts and gifting can help minimize tax burdens and protect your hard-earned assets. Don't wait! Start planning your estate today for peace of mind tomorrow. 🌟 #EstatePlanning #Legacy #FinancialSecurity #WillsAndTrusts

When did you get your trust or will done? Does it look old? Is the paper more white and less yellow? It might be time to call an estate planning attorney and get it updated. There may be new tax laws or asset protection laws you can take advantage of. If your estate plan is older than your youngest grandchild, call a good estate planner today.