(Estate Planners) - When two people make a will together, the instrument is known as a joint will. In a joint will, the two people making the will bequeath all of their assets and property to one another. The joint will also contains provisions concerning the distribution of assets and property when the second person passes away.

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(Estate Planners) - The qualified terminable interest property trust or QTIP trust is sometimes also referred to as a marital qualified terminable interest property trust. This trust is established to provide a surviving spouse with lifetime income that is derived from money that is earned by the assets that are transferred to the trust.

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(Estate Planners) - Passing along the wealth that you accumulate in your lifetime can be challenging. You naturally want to leave your beneficiaries and loved ones well-provided for, but you do not want to see your money taken by the government in the way of estate tax and other tax when you pass away. You may also wish to see a favorite charity benefit from your estate.

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(Estate Planners) - A generation skipping trust is not just designed for the elite or wealthy. This type of trust provides a great way to safeguard any family’s assets from excess tax, creditors and ex-spouses looking for their “share” of the estate, just to name a few. The generation skipping trust also protects assets that might grow with time, like stocks.

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(Estate Planners) - A credit shelter trust is sometimes referred to as a bypass trust. The credit shelter trust is intended to allow married couples to take full advantage of the lifetime exemption for estate taxes and minimize federal tax on their combined estates. This trust allows each individual a one-time exemption from estate or so-called death tax and gift tax.

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(Estate Planners) - The sole purpose of an A/B trust is to save on death taxes (estate taxes) that are assessed by the Internal Revenue Service when someone dies. This type of trust only works for those that are married when they pass away. The A/B trust can be beneficial to couples and their children or other loved ones in a variety of ways and is a very viable estate planning tool.

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(Estate Planners) - No one likes to think about dying, but the truth is that none of us will live forever. If you have been putting off making out a last will and testament, there is no time like now, when you’re young and healthy, to do just that. Wills are not just for the elderly or the super-rich. If you die before making a will, your assets will be distributed according to the law, not according to your wishes.

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