Funding the Living Trust

22 Aug

The benefits of forming a revocable living trust cannot be emphasized enough. This is especially true for married couples who have an estate in excess of $ 2M because as of January 1, 2013 (unless Congress miraculously takes action before then), the new estate tax laws will be in effect SUBSTANTIALLY REDUCING the marital deduction.

 

This short article however speaks to the big mistake people make by failing to fund their trust. Forming the trust itself is only step one. Step two requires transferring assets into the trust once it is formed. The benefits of having a funded revocable living trust include:1) it keeps the assets private because no probate court is involved  2) it eliminates expensive will contest proceedings 3) it speeds up the distribution process and 4) for those with just one child it simplifies planning for that child whom they wish to benefit.

 

A living trust therefore is the best means to hold assets for your benefit while you are alive and to specify who gets what when you die. However in order for your estate to enjoy the benefits of this estate planning tool, you must take the additional step of actually transferring your assets into the trust once it is formed. If you fail to the transfer assets you are defeating the whole purpose of the trust because if the trust is not funded, they will pass outside of the trust and possibly wind up before a judge in probate court.

 

Some  types of assets automatically bypass probate court such as life insurance, savings bonds, and jointly titled bank accounts. But if you own real estate as an example or a your own business, a failure to transfer title to the trust may result in these assets being subject to probate court division. this means time, money, and loss of privacy. 

 

Stephen J. Gross is an attorney with 30 years experience handling real estate and business law transactions and litigation including real estate agent/seller non disclosure cases, preparation of trusts and related estate documents, asset protection from judgment creditors for higher net worth individuals, college financial aid planning for people who own investment real estate and/or their own business, and arbitration of shareholder and business partner dispute cases. A free initial phone consultation is offered. To reach us please call 310- 652 8090 and/or visit sjgassociates.com.

What to Expect During Laparoscopy

15 Aug

Laparoscopy is a minimally invasive surgical technique used in procedures such as tubal ligation, gallbladder removal or hiatal hernia repair. It is normally performed in the outpatient surgery unit of a hospital. In most cases, patients can return home a few hours after a laproscopic procedure.

What happens during laparoscopy? Is there any risk associated with laparoscopy? What is the recovery period following laparoscopy? Know all the answers. http://goo.gl/xnAN8

Posted by: Jehuda Renan, M.D

Tips for how to clean the solitaire diamond ring

15 Aug

Diamonds are the hardest substance, but it does not mean that we can bring life back by using any old cleanser. Coatings and other materials used to enhance diamonds can sometimes be removed by harsh chemicals or vigorous scrubbing, so take care when it’s time to make your diamond ring sparkle. http://goo.gl/vaG1g

Posted by: Hopkins Jewelers

Dietary Tips for Digestive Distress

13 Aug

You’ve probably eaten a large, spicy meal at one time or another, only to end up with an upset stomach (or other digestive woes). The occasional bout of heartburn isn’t something of great concern, but when it happens frequently, it’s time to stop and take notice. Check out the common symptoms of digestive distress . http://goo.gl/rVkXj

Posted by: Jehuda Renan, M.D

Jewelry Appraisals & Lab Certificates

13 Aug

Jewelry appraisals and lab certificates are two important types of reports about your gemstones and jewelry, but they do not serve the same purpose. Don’t assume that labs and jewelry appraisers are qualified or unbiased. You should use someone whose services are not connected to the firm that is selling the jewelry or gemstone. http://goo.gl/ByxKA

Posted by: Hopkins Jewelers

Four Tips for Selling Your Diamond Jewelry

10 Aug

Unlike gold, which has a quantifiable melt value, resale prices for diamonds have no one objective measure, making it easy for inexperienced sellers to become confused and overwhelmed.To help unravel the mysteries of diamond selling, here are four tips to consider before hocking your stone. http://goo.gl/2Cffp

Posted by: Hopkins Jewelers

Sun Safety Tips for Beachgoers

8 Aug

Summer may be fading fast, but the sun isn’t going anywhere. People heading to the beach this August should take precautions. With 3.5 million new cases of skin cancer diagnosed annually, beach goers need to take sun protection more seriously than ever. More than 90 percent of all skin cancers are associated with sun exposure. The Skin Cancer Foundation recommends the following beach sun safety tips. http://goo.gl/Uu4CU

Posted by: Jehuda Renan, M.D