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February 05, 2009
Irrevocable Life Insurance Trust
An irrevocable life insurance trust is a useful tool for your estate planning arsenal. Not only does a life insurance trust exclude death benefits from estate taxation, it also keeps life insurance proceeds from undergoing the probate process.
Upon establishment of an irrevocable life insurance trust (ILIT), your life insurance policy is held inside the trust. A contract is used to administer the policy and assigned benefits for designated beneficiaries. Although the life insurance policy cannot be changed once the ILIT is established, the owner retains control over how beneficiaries will receive their benefits.
Real Estate Investing article on "Irrevocable Life Insurance Trust"
January 20, 2009
Florida Probate Lawyer
A Florida probate lawyer handles estates of Florida residents who are deceased. Probate is the legal process used to inventory, appraise and distribute assets and financial holdings owned by decedents. Nearly all Florida estates must undergo the probate process unless they have established a revocable or irrevocable trust.
When possible, it is best to hire a Florida probate lawyer long before you need their services. Probate lawyers can assist with estate planning and utilize techniques which allow people to keep certain assets out of probate or avoid the probate process altogether
Real Estate Investing article on "Florida Probate Lawyer"
January 10, 2009
Estate Planning Probate
Estate planning probate is a technique used to document your final wishes in the event of your death. Many people procrastinate about estate planning; particularly when they enjoy good health and are living an active lifestyle. However, death has a tendency to strike unannounced. Inadequate planning can create a tremendous financial burden for your loved ones should you die unexpectedly.
Estate planning probate usually requires the assistance of a qualified probate attorney. This type of lawyer is adept at estate planning and can help keep many of your assets out of probate. It is important to realize that everything you own must be transferred to probate in order to ensure your wishes are adhered to and rightful heirs inherit your belongings
Real Estate Investing article on "Estate Planning Probate"
November 26, 2008
Inheritance Funding
Inheritance funding is a cash advance method available to heirs entitled to assets held in probate. The probate process can suspend distribution of inheritance for months or even years. As long as the decedent executed a Will and family members are in agreement, probate generally takes six to nine months. During this time, all assets are frozen with the exception of a bank account setup to manage outstanding bills and financial obligations.
In order to obtain inheritance funding, heirs must work with either an inheritance funding company or private investor. In the past, some banks and lending institutions provided cash for inheritance loans. With today's credit crisis, few, if any traditional lending sources offer this service.
Real Estate Investing article on "Inheritance Funding "
November 21, 2008
Estate Planning Attorney
Hiring an estate planning attorney is a crucial part of developing a plan for what happens to your assets and personal belongings in the event of your death. When people die without executing a Last Will and Testament or arranging a living trust, everything they own is placed into probate.
An estate planning attorney can help you avoid probate by implementing irrevocable life insurance trusts, living trusts, and assigning payable-on-death and transfer-on-death beneficiaries. The probate process can take several months to several years to settle. Without implementing estate planning procedures, all your worldly possessions will be distributed to heirs according to probate laws.
Real Estate Investing article on "Estate Planning Attorney "
October 23, 2008
Beneficiaries
Beneficiaries refer to people who are entitled to assets owned by a person who has died. Beneficiaries typically include spouses, children, and direct lineage heirs such as sisters and brothers. Organizations such as charities or educational institutions can also be designated beneficiaries.
Anyone can be named as beneficiaries on property titles to real estate, automobiles, recreational vehicles, motor crafts and financial holdings such as bank accounts, retirement accounts and life insurance policies.