http://estateselfhelp.com Estate Plans, Wills, and other Big Decisions. Mon, 11 May 2009 21:15:02 +0000 http://backend.userland.com/rss092 en A qualified terminable interest property trust (QTIP) is often included as a subtrust for a married couple. When combined with bypass subtrust that captures the amount of the first deceased spouse's lifetime exemption, the QTIP allows the assets be used for the income benefit of the surviving spouse while ... http://estateselfhelp.com/trusts/2009/05/11/qtip-trusts-and-californias-total-return-trust/ Trusts fall into two categories; revocable and irrevocable. Revocable trusts are often called living trusts, and they can be canceled or revoked at any time. Irrevocable trusts are permanent, once created and funded they cannot be canceled or modified. Revocable Living Trusts These common trusts are normally ... http://estateselfhelp.com/trusts/2009/04/29/common-types-of-trusts/ A recent Wall Street Journal article (4/5/2009) cited some prudent extra steps and some good ideas for individuals with chronic illness when they prepare their estates. Here is a quick summary: 1. Power of Attorney This document allows others to act on your behalf - paying bills, filing taxes, etc. ... http://estateselfhelp.com/estateplanning/2009/04/25/estate-planning-for-the-chronically-ill/ Can you inherit your parent's bills when they pass away?  Generally not.  Careful planning can make sure you don't fall prey to "Negative Inheritance". Normal secured debt (like car loans and mortgages) are backed by the asset, and by the people who signed or co-signed the loan documents.  If you didn't ... http://estateselfhelp.com/estateplanning/2009/04/21/inheriting-debt/ First - what is an Irrevocable Life Insurance Trust (ILIT)? This special type of trust is set up to keep life insurance proceeds out of the estate. But there are other benefits; a recent article on JD Supra by the attorney John C. Martin covered ILITs (Irrevocable Life ... http://estateselfhelp.com/trusts/2009/04/21/irrevocable-life-insurance-trusts-5-reasons/ Yes, there is a lot to do in December. Don't leave gifting to the last minute - get it done now to insure your gift happens in this calendar year. If you are gifting cash, remember the $12,000 exclusion limit. You can gift more than $12,000 but ... http://estateselfhelp.com/estateplanning/2008/12/02/one-more-holiday-chore/ This post is written for the person on the hot seat - present and responsible for the actions required in the hours and days after a loved one passes away. If the death occurred in a hospital or hospice, the staff will be very helpful. They will pronounce the patient ... http://estateselfhelp.com/when-the-end-is-near/2008/11/06/immediately-after-death-what-to-do/ This is a difficult time. On top of the emotions you have responsibilities and decisions to make. This post hopes to outline some priorities and helps you create a to do list. With your parent If you haven't already, now is the time to discover your parent's wishes regarding end ... http://estateselfhelp.com/when-the-end-is-near/2008/11/05/your-parent-is-dying-you-are-the-executor-now-what/ After years of incorrect understanding of gift taxes, today I did some research online and found a few interesting misconceptions and their correction. The definitive source online is the IRS site, with the relevant page located at: IRS Gift and Estate Tax Overview Misconception #1: The recipient of gifts over ... http://estateselfhelp.com/estateplanning/2008/11/04/gifting-and-the-irs-misconceptions/ Right now a lot of us are depressed, or at least our portfolios are.  That's not all bad news. Because some of our assets are reduced in value, we can gift more to our heirs this year without penalty.  This is a great time to gift stocks to your heirs, ... http://estateselfhelp.com/uncategorized/2008/11/04/assets-values-depressed-good-news-for-gifting/