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Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice Hartnett of the Delaware ...
For many couples, a joint revocable trust is a valuable estate planning tool. They can be easier to manage than separate trusts and administration costs may be lower.
The trust's income can, however, be taxed in the hands of either the trust or the beneficiary. A trust pays CGT at the rate of 20% (individuals pay 10%). Trusts do not pay deceased estate tax (although trusts may be required to pay back outstanding loans to a deceased estate, in which the loan amounts are taxable with deceased estate tax). [54]
Trusts are a helpful estate planning tool for avoiding probate, financially providing for minor children, and managing assets for individuals who cannot do so themselves. Power of attorney .
A TOD account and a will serve different purposes in estate planning. A TOD account allows for the direct transfer of assets to beneficiaries upon the account holder’s death.
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