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Posted on April 4, 2018 in Firm News
D- “D” stands for DIVORCE, which can play an important role in estate planning, especially if there are stepchildren. See, Q tip in coming posts.
E-“E” stands for ESTATE and EIN. The value of the assets in your ESTATE when you pass away will determine how much your ESTATE will owe in taxes. Removing assets from your ESTATE before you die can help eliminate taxes. Your living trust/your ESTATE will not generally need an ” EMPLOYER Identification Number (EIN) until you pass away.
F-” F” stands for FUNDING your trust. If your attorney or financial advisor determines that you should have a trust, it is vital to the existence of the trust that it has assets transferred (FUNDED) into it. A trust without assets has no legal effect, and your assets will be forced to pass through the public PROBATE process.
To Be Continued……………..
