Revocable Trust Can Meet Estate Planning Needs
How can you ensure that your investment property gets transferred to the correct heir in the event of your death? Is there a way to meet your estate planning needs and still allow you to enjoy the investment property's income while you're alive? A revocable trust may be able to meet these estate planning needs.
Paying For Long Term Care With Property
A trust can be used to shelter assets and give ownership to the trustees of the property, or other assets. However, if the previous owner goes into nursing home care soon after the trust is set up, it can be undone by the state to pay for the original owner's care. While using cash or other assets to pay for long-term care isn't as appealing as having Medicaid pick up the bill, that's what assets are there for.
Personal Finance and Declining Dollar
As the U.S. dollar declines in value it makes American assets such as the Chicago Skyway more desirable to foreign investors. How does a declining dollar value affect your pocketbook? When you travel you may get less currency in exchange for U.S. dollars. In addition to a declining dollar, Americans have been able to borrow money to buy items such as cars at low interest rates.
Estate Planning: Power Of Attorney And Living Wills
Estate planning such as designating power of attorney is a smart move. A living will, has nothing to do with the financial aspect of estate planning, but allows you to describe the kind of medical treatment you want in certain situations. A durable power of attorney is a good move as far as estate planning, because it lets you select someone to make tough decisions and pay bills for you after you are no longer able to choose.
Estate Planning: Wills And Power Of Attorney
Ready to get your estate in order? Look no further for estate planning advice Here's how to get your estate planning started with living wills, powers of attorney for health care, and powers of attorney for financial matters.
Estate Planning Helps Avoid Excessive Taxes
When you have rental property that you want to bequest to your children you should do some estate planning. You can change the real estate title while you're alive or wait until your passing depending on your estate planning. Depending on how you pass along the property your children may face an increased cost basis when they sell the home, resulting in higher taxes. To reduce taxes on an estate it's helpful to set up a trust as part of estate planning.