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August 29th, 2011

What is a Simple Trust?

(Estate Planners) - As far as the Internal Revenue Service is concerned, and for the purpose of taxation, there are two types of trusts, simple and complex. If a trust is classified as simple, this merely refers to how the trustee distributes income to the beneficiaries of the trust.

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June 13th, 2011

What is an Oral Will?

(Estate Planners) - An oral will, also sometimes referred to as a nuncupative will, as the name suggests, is merely a verbal accounting of a testator of how he or she wishes for property and assets to be distributed upon death. The oral will is similar to a traditional (written) will, but is spoken. It is rare for an oral will to be used in modern times, although it is certainly a viable option in some circumstances, such as in an emergency situation where there is no time for a written will to be prepared before death occurs.

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June 6th, 2011

What is a Joint Will?

(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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May 30th, 2011

What is a Holographic or Handwritten Will?

(Estate Planners) - The holographic or handwritten will is a “step above” having no will at all. This type of will is considered valid in many states; in fact, in almost thirty states, even a holographic or handwritten will that has not been witnessed is valid. The holographic will must be prepared in the handwriting of the testator. Even in states that recognize the validity of a handwritten will, the laws are very strict and particular.

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May 23rd, 2011

What is a Deathbed Will?

(Estate Planners) - ather than die intestate, or without a will, some people choose to create a deathbed will when they realize that their death is imminent. The deathbed will is sometimes called a holographic will. This simply refers to the fact that it is usually handwritten. Regardless of its hasty creation, there are some jurisdictions that will recognize a deathbed will as a binding and valid last will and testament.

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April 11th, 2011

What is a Testamentary Trust?

(Estate Planners) - The testamentary trust is a trust that is often created when a parent’s potential death might trigger the distributions of large sums of money, like life insurance policy proceeds, to minor children or young adult children. This type of trust often allows for a child to become more mature before being tasked with the responsibility of handling a lot of money.

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March 21st, 2011

What is a Revocable Trust?

(Estate Planners) - If you have concerns about how the beneficiaries of your estate will manage their inheritance when you have passed away, a revocable trust may be the best option for you. There is often at least one heir in the family who has trouble managing their money, and leaving that individual with a large sum could end up with disastrous results.

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February 28th, 2011

What is a Charitable Remainder Unitrust with Net Income Make-up Provisions (“NIMCRUT”)?

(Estate Planners) - One estate planning tool that is viable for a number of different donors is the charitable remainder unitrust with net income make-up provisions. This type of trust will allow you to transfer assets to a charitable trust and then receive income from those assets for your lifetime, or for a period of years that you specify.

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February 21st, 2011

What is a Charitable Remainder Unitrust (“CRUT”)?

(Estate Planners) - When planning an estate, the charitable remainder unitrust or CRUT is often a popular choice. This type of trust allows for you to transfer your assets to a charitable remainder trust now and receive income for the rest of your life or for a period of years. When you die, the charity of your choice will receive the assets wholly and fully. This type of charitable trust is often chosen by those donors who need an income for life or for a particular time period and who desire a rise in income as the value of the trust increases.

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February 7th, 2011

What is a Charitable Remainder Annuity Trust (“CRAT”)?

(Estate Planners) - Making decisions about how to distribute the wealth that you accumulate over the course of your life can be challenging. The charitable remainder annuity trust is a standard type of trust that allows you to have income for the remainder of your life while giving a favorite charity a substantial gift when you pass away.

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