StudentShare solutions
Triangle menu

Estate Planning - Research Paper Example

Not dowloaded yet

Extract of sample
Estate Planning

Without a comprehensive estate plan, a significant part of the work you've done throughout your life, both at your job and with your investments, can be lost or given to unintended beneficiaries" (InvestorGuide.com).
Estate planning is also important for recipients of social security benefits as "receiving an inheritance may alter his/her social security entitlement. This is particularly prevalent when one member of a couple dies as the survivor is then treated as a single person with lower thresholds under income and assets tests. This means that the levels of assets and income at which the pension starts to reduce and ultimately ceases are reduced which may result in a lower pension or even a complete loss of pension for the beneficiary" (Social security estate planning implications ).
Now there are more than one way of planning your estate, especially what to expect after death. The most popular of which is the last will and testament. However, recent developments in finance provides estate planners a better way of handling their estate, that which entails lesser cost, direct or indirect to the heirs: trusts and superannuation.
In this particular paper, we will show the many ways in which trust and superannuation supersedes the benefits of the estate planner and their heirs; both through current literatures and through analysis.
"A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust. A 'living trust' (also called an "inter vivos" trust) is simply a trust you create while you're alive, rather than one that is created at your death" (Nolo). One good thing about living trust is it helps one evade probate, helps reduce taxes and also sets up a long-term property management (Nolo).
Trust Versus Will
"The Trust owns the legal title to the property in it while you are still alive, and since a Trust does not end at your death, it will still own the property when you die. You put instructions in the Trust for how the Trustee, or person controlling the Trust, should distribute the Trust property, and the Trustee will carry out those directions" (FreeAdvice.com).
One important feature about the trust is it can be distributed without necessarily going through the probate process - a "legal process which inherited property goes through in order to transfer the title of the property from the decedent to the beneficiary" (FreeAdvice.com). The main reasons why trusts are advantageous especially for the high net worth individual is it is far less expensive to administer (FreeAdvice.com).
On the other hand, "a will is a document that transfers property to others after your death. Because you still own the property at the time you die, all the property transferred in the Will must go through the probate process, which is often slow and costly" (FreeAdvice.com).
Below is a summary of the advantages of a trust over a will:
Avoid probate - Unlike ...Show more

Summary

Every individual is considered a steward of all that is entrusted to him: whether time, talent, wealth, people and anything of value. Most individuals are blesses with resources but go bankrupt and poor because of the failure to plan and foresee things. Estate planning is very important, especially for those who have family and heirs…
Author : verdiegoodwin
Estate Planning essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"Estate Planning"
with a personal 20% discount.
Grab the best paper

Related Essays

Real estate industry
Nevertheless, real estate, in technical terms, denotes the land and all its natural parts for example water and trees, as well as all permanently affixed improvements such as buildings, fences, among others. The term real property and real estate are primarily used in common law.
20 pages (5000 words) Research Paper
Problems with real estate career during the recession
..................................................................................4 Methodology ……………………………………………………………4 Measures…………………………………………………………………6 Procedures ………………………………………………………………6 Results……………………………………………………………………7 Conclusions……………………………………………………………….8 Recommendation …………………………………………………………9 APPENDIX …………………………………………………………….
9 pages (2250 words) Research Paper
Industry Analysis of Real Estate Law
A legal boundary assists in the limiting of a unit of real estate or even the immovable property such as land. This boundary in most cases may appear as a discontinuation especially where there is terrain such as a hedge, a ditch, or a wall.
13 pages (3250 words) Research Paper
Organizational Tax Research and Planning - Estate Tax
The Internal Revenue Service (IRS) is the body charged with the administration of estate tax. In the present provisions of IRS, estate tax is taxable at a maximum rate of 35 percent and exempted up to $5,120,000.
10 pages (2500 words) Research Paper
Australian Financial Planning Business
The colors used in the site are different shades of blue, soft on the eyes but clear to read. The site offers many links to information rather than all on the main page. Accessing the site is simple and once there it is easy to use links. It is, however, important to add "au" to the end of the address or you will be directed to an entirely unrelated Web site.
4 pages (1000 words) Research Paper
Real Estate Investment Trusts
It also makes a comparative assessment of investment outcomes which clearly indicate that UK-based REITS have adopted a market-correlated approach to increase investors' gains with little regard for strategic-operational environment and its multifaceted regulatory bottlenecks.
30 pages (7500 words) Research Paper
Recommendation of taxtion for sole proprietor Canada incorporate
determined by their impact to such an extent that the existing corporate taxation rules in Canada with special application to sole proprietor business are deemed to have both a degree of primacy and immediacy to the overall business strategy (Usa, 2005). It’s this contingency
13 pages (3250 words) Research Paper
Problems with real estate career during the recession
Working n real estate does not offers difficulties to the investors only, but also to their selling agents. Brokers normally earn handsomely in peak seasons despite some few
9 pages (2250 words) Research Paper
Arizona Real Estate Market
Fore closures became imminent and some investors made loses. The real estate market is recovering and investors are beginning to participate in the market. Arizona’s real estate
6 pages (1500 words) Research Paper
Corporate Income Taxes - Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax
This implies that my client (the grantor) seizes to have any control over the property as he has effectively removed his rights of ownership to the trust and the assets. My client is likely to have crucial benefits when he establishes the irrevocable trust.
2 pages (500 words) Research Paper
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation