A Sample Financial Planning Notebook And Diary
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My Will: If I were to die today, I would give make my brother the executor and beneficiary of half my estate, and the Waltons the beneficiary of my other half. (Please keep in mind my entire estate would probably not exceed , 000.
Estate Tax: The Federal estate tax is imposed “on the transfer of the taxable estate of every decedent who is citizen or resident of the United States.” There is no telling what the estate tax will be when I am old, but I need to worry about the subject when I am nearing the end of my retirement.
Using a trust: A grantor transfers property to a 2n d party, called a trustee. The trustee holds the property for a 3rd party, called the beneficiaries. The trustee is charged with keeping the property until the grantor indicates that the property be moved to the 3rd party beneficiaries. This could be used in order to avoid paying taxes in a higher bracket. This would also be used if an heir is a minor. In that case, the grantor might not want his heir to take immediate control of the assets.
Written by DanimalMonster
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