Health care decisions may become necessary when you reach an advanced age, and you may not be able to communicate your own choices. For this reason it is important to choose a decision-maker in advance when you are planning your estate. This is done through the execution of a document called a durable power of […]
There are different types of powers of attorney, and some of them are particularly useful when you are engaged in the process of incapacity planning. Powers of attorney are utilized to name an agent to be able to act in your behalf in some type of legally binding capacity. A general power of attorney would […]
Most people think that when they receive an inheritance they have to take it. However, you have no legal obligation to take any inheritance. You can actually refuse it. The legal term for doing so is called a “Disclaimer.” When you disclaim an inheritance, the law assumes for purposes of distributing the disclaimed property that […]
When you leave assets to someone in your estate plan, he or she is not legally required to accept them. The inheritance can be disclaimed. This is often done for tax reasons or to avoid inheriting property with more debt that its worth. When this happens, the property generally passes to the next heir according […]
The dynasty trust carries on generation after generation, providing assets and avoiding federal transfer taxes for as long as the assets remain in trust.