Charitable remainder trusts can increase your income, avoid capital gains taxes, lower or eliminate estate taxes, serve as another type of retirement plan, serve humanity and put a warm feeling in your heart. Here is an example that applies to anyone contemplating selling a highly appreciated asset.
Obviously, there is an “understanding” between the parents and children to ignore these letters, as it is a part of the overall estate plan. The annual gifts and the ensuing yearly Crummey letters do not have to go to children with a legal capacity, such as age 18. I have seen letters written to 4-month-old babies. In this case, even though the baby was not able to read the letter or understand the wills and trusts rationale behind it, it did not exercise its right to the gift. Phew, another legal bullet dodged.
You might be able to find many items for your bathroom at estate sales. When someone passes away, often times their estate will be sold at an auction. If you go in with a good idea of what you are looking for, you may be able to land a great deal on tubs or faucets for your bathroom.
Last week, I prepared a roasted chicken in mom’s slow cooker. I’m not certain of its age, but would venture to say it’s a 1970s model. As I placed the bird in the pot, I remembered this was the same meal I had made for her on Mother’s Day; just a month before she died. She said it was the best chicken she had ever eaten.
You should also try to find someone who is willing to make time for you when you need it. Make sure that the hours work with your schedule. If you work a 9 to 5 job, then a lawyer who only meets with clients during this time on the weekdays is probably not the best for you since you will have to miss work for each meeting. This is why many attorneys offer weekend and evening appointments. You are also advised to find out if there is more than one legal expert willing to meet with you. If you have questions that you need answered fast, and your estate trusts and wills is in a meeting, it is nice to be able to talk to someone else who knows about your case, such as a paralegal or a partner lawyer in the firm.
As a rule the education system of the modern world is aimed at raising good employees. All the skills learned at school have nothing to do with starting and running your own business. Furthermore, for some obscure reason few institutions educate you on the intricacies of property investment. All the tuition and education on finance is concentrated on savings, pensions and annuities.
Have a support team. Not everyone has the support of their family and that’s why it is so important to have the right people that have the right information to help you build your financial empire. You should be the start quarterback of a team of professionals like an estate planning attorney, insurance broker, financial advisor and accountant. They should be loyal trusted members of the team that are fee based and are always looking out for your best interests.