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Estate Planning and Trusts

Tuesday , 12, April 2022 Comments Off on Estate Planning and Trusts

A CONTRACT is defined from the Latin word contract us. An agreement between two or more parties, especially one that is written and enforceable by “law.” To enter into by contract; establish or settle by formal agreement. An agreement between two or more parties that creates obligations to do or not do the specific things that are the subject of that agreement.

OWNERSHIP from the word possessor is defined as someone who has the legal right to possession with the legal right to transfer possession to others.

Estate, (inheritance) Patrimonio (possession) is a term used in common “law” used to denote the sum total of all possessions by a person at the time of his/hers death.

 If you want to buy a death estate in Varberg ( which is also known as ” köpa ett dödsbo i Varberg ” in the Swedish language ), then you can browse the web.

A Trust is a Contract. A legal arrangement between two or more persons defining the ownership and distribution of his/hers possessions, under the “law.”

Estate Planning And Trusts, therefore, is the written legal agreement (contract) outlining a contractual obligation between the parties.

WHAT IS AN ESTATE TAX?

An Estate Tax is a tax on your possessions on the date of your death, up to 55%. Take inventory of what you own: Cash, Savings and checking accounts, CDs, Stocks, Mutual Funds, Bonds, Treasuries, Exempts, Jewelry, Cars, Stamps, Boats, Paintings, and other collectibles, Real Estate … main home, vacation spot, investment realty, your Business, Interests in other businesses, Limited Partnerships, Partnerships, Mortgages and notes receivable you hold, Retirement plan benefits, IRAs, Amounts that you expect to inherit from others.

Your federal death (estate) tax, up to 55%, is based on the “fair cash value” of your property on the date of your death, not what you originally paid. State probate and death taxes are based on the “location” of your property. Thus, if you own property in different states, each state has to be probated and each will want its fair share.

The only real alternative to a will arrangement is to set up a trust structure during a lifetime which, with careful planning, can operate to eradicate these delays, administration costs, and taxes as well as give a large number of additional benefits. For these reasons, the use of TRUSTS is increasing dramatically.

The problem is: Many Americans have no plan. They incorrectly assume joint ownership takes care of things, or they believe that their property is not worth enough to be concerned about.