Despite the fact that trust law can be very complex, it can also open the door to some wise estate planning options. On a basic level, trusts can be used to distribute assets to beneficiaries in accord with a grantor's wishes. A trustee is assigned to oversee the administration of the assets included in the trust. Interestingly enough, trusts can be administered while grantors are alive or after they pass away.
Losing a family member is a stressful experience, no matter the circumstances. Between sorting through emotions and financial affairs, there is a lot to be concerned about. In order to prevent loved ones’ headaches, a person might create a will to spell out who they want to receive certain assets or property. However, wills alone may not be enough.
For many Minnesota residents, some of the best summer memories are formed at the family lake cabin. As such, individuals may want to take measures to make sure that the property stays within the family or changes hands in a way consistent with the owner's wishes.
One of the benefits of thorough estate planning is that it can help people deal with their grief after losing a loved one. Death is never a pleasant experience, but seeing that an estate is executed according to a person's final wishes without a hitch can help the healing process move forward. The individuals responsible for overseeing the administration -- executors, trustees or fiduciaries -- play a role in making sure that a will executed properly.
Everyone knows that family matters can be complicated. Even though relatives may truly love one another, long-standing disputes can put a strain on relationships. Unfortunately, this reality can come into play after the death of a loved one if proper steps aren't taken.
The recent and tragic death of "Sopranos" actor James Gandolfini illustrates just how important sound estate planning can be when death unexpectedly occurs. Last month, Gandolfini passed away at the age of 51 in Rome, leaving behind an estate with an estimated value of $70 million. Sadly, however, many reports are stating that tens of millions of dollars of his estate may be lost to taxes alone. Importantly, many believe that these taxes could have been diminished with proper estate planning.