Blog – Estate Planning

Who pays the taxes on a grantor’s trust?

In the August 6th blog, we learned about how grantor’s trusts work, but who pays the taxes on a grantor’s trust? The simple answer is it depends. The grantor pays the taxes if the grantor is still living on their personal income tax return. If the grantor has passed away, the trust and the beneficiary(ies) […]

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The different types of trusts

As mentioned in the August 3rd post, there are many different reasons that individuals create a trust. It is imperative at the attorney meeting that you are clear about what you are trying to accomplish.

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Why a trust might be a good idea

We are often asked, do I need a trust? Our standard answer is, it depends, what are you trying to accomplish? There are many reasons that a trust may be necessary or may be desired. Irrevocable versus revocable trusts have different purposes. Special needs, testamentary, spendthrift, medical expense, life insurance, and charitable remainder trusts – […]

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Income estates – Who pays the taxes?

In the July 27th post, we discussed asset estate returns: when they are required, what is included, and when to file them. Today’s discussion is about income estate returns: when to file, common deductions, and items that cannot be deducted. The first step to determine if an income estate return needs to be filed is […]

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Will you be required to file an asset estate return?

In the July 23rd post, you learned what an estate is, now let’s talk about the taxes. Many people do not know an asset estate return is required to be filed if gross assets, both probate and non-probate assets, exceed $11.4 million. Non-probate assets are the assets that have beneficiaries named on them like bank […]

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Why do you need a will?

What does a will do? Your last will and testament states who you want to manage your final affairs and how specific assets will be distributed. Whether the will determines how an asset is distributed and if it is part of your estate is determined by how the asset is titled, owned, and if there […]

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What will happen if you cannot manage your financial affairs or make your own health decisions?

The recent COVID pandemic has left many thinking about the possibility of death, worrying about plans they have put in place, or the plans they have not put in place. For many, stress is created by the idea if I plan for my death, it means it is going to happen soon. We hope you […]

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Feeling Charitable?

Americans are known as some of the most charitable people in the world. When natural disasters occur, we donate to relief efforts. We often support causes that friends and family members hold near and dear. At Planning with Purpose, with our passion for education and being self-supporting, we often ask clients to support Mom’s House.

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There is no guarantee that these investment strategies will work under all market conditions. Each investor should evaluate their ability to invest on a long-term basis, especially during periods of downturns in the market.

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