We often consider Estate Planning documents such as a Will, Trust, Property Power of Attorney, and health care documents to be the building blocks of an Estate Plan. Our clients are sometimes surprised by the emphasis we place on how assets are owned in the estate planning process. Instead of being an afterthought to the preparation of your Will or Living Trust, this task of asset organization should be central to your planning. It after can be the difference between successful planning and a mess.
Not surprisingly, the details of asset ownership are more complication than we expect. My friends at the American Academy of Estate Planning attorneys are doing a little primer on property ownership. This first installment looks at ownership of property outside of trusts. While a necessary and important part of Estate Planning, thinking of the documents as the starting point for an Estate Plan skips several important steps. This article is the first in a two-part series. The first part examines the various ways to hold title to assets and the second part examines the effect that title may have on an Estate Plan. Read on to learn more.
- The Kiddie Tax is No Child’s Game - June 25, 2022
- How Do I Title Thee…Part 1 - June 14, 2022
- Tax Reporting with Trusts - August 17, 2021