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Estate Planning

Liberty Estate Planning Articles


A Living Will: Your Medical Directive 

A Living Will: Your Medical Directive

Article Description:

How do you feel about life-support systems for the terminally ill? How much thought have you given to the decisions your family may face when contemplating the choice of maintaining or terminating life-sustaining medical treatment for you? Certainly, it is an easy subject to avoid considering. However, it is important to recognize there are measures you can take now that can help solidify your thoughts and wishes on the subject, thus providing your loved ones with guidance in the event such decisions become necessary.

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Benefit Trade-Offs in Property Titling 

Benefit Trade-Offs in Property Titling

Article Description:

A fairly common occurrence among married couples is the holding of most, if not all, of their property as tenants by the entirety. Quite often, couples are unaware of the alternative methods of titling, as well as some of the trade-offs involved in selecting a particular form of holding property.

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Estate Planning for Lifetime Partners 

Estate Planning for Lifetime Partners

Article Description:

There have been some distinct changes in the American cultural and sociological landscape in recent years. Among them is the increasing number of unmarried couples living together. This trend has spawned some difficult and complex estate planning challenges for the individuals involved. This article provides a brief look at some of the more common estate planning issues affecting these individuals.

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Estate Planning Fundamentals 

Estate Planning Fundamentals

Article Description:

Many individuals put off planning their estate. For some, this is due to the misconception that estate planning is only necessary for the wealthy or only involves tax planning, which can be done “later.” For others, it’s because they simply have a difficult time contemplating their own death—a perfectly natural reaction. Yet, it is important to recognize that regardless of these issues, solidifying the future of your family is probably high on your list of priorities. That’s why a well-structured estate plan is invaluable. Through it, you can control the distribution of your assets and possessions during your lifetime and after your death, as well as name guardians for your children or plan care for other dependents.

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ILITs: Minimizing Taxes 

ILITs: Minimizing Taxes

Article Description:

Many estate planning practitioners view the irrevocable life insurance trust (ILIT) as one of the most flexible and useful tools they can put to work on behalf of their clients. While the issue of where the ILIT fits into the overall estate planning process can be somewhat confusing, a closer look reveals its potential advantages.

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Intellectual Property: Estate Planning Concerns 

Intellectual Property: Estate Planning Concerns

Article Description:

If you are an inventor, author, artist, or owner of a closely held business, you may have already taken steps to ensure the protection of your intellectual property rights. Business ideas, visual art, published or unpublished literary and musical works, inventions, computer programs, and designs of clothing and architecture can be protected by law through copyrights, patents, and trademarks. These valuable assets also need to be carefully considered when planning your estate, so that they are transferred to your heirs according to your wishes upon your death.

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Practical Uses for Practical Trusts 

Practical Uses for Practical Trusts

Article Description:

Trusts are valuable tools that can help you and your family achieve a variety of financial and estate planning goals. As you plan your long-term strategies, you may find many practical ways to use trusts to manage your investments, retirement, business interests, charitable goals, and your estate. Let’s look at several types of trusts that may be helpful to you.

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Qualified Disclaimers and Post-Mortem Planning 

Qualified Disclaimers and Post-Mortem Planning

Article Description:

One of the most common estate planning strategies for married individuals is for each spouse to leave his or her entire estate to their surviving spouse. Due to the unlimited marital deduction, an entire estate (regardless of size) can pass upon the first death to the surviving spouse without incurring any Federal estate taxes. However, such a strategy fails to take advantage of the applicable exclusion amount that each individual can transfer to heirs completely free of gift or estate taxes, potentially subjecting the survivor’s estate to higher than necessary future taxes. This undesirable situation occurs because all property remaining in the survivor’s estate will otherwise be subject to estate taxation.

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Tax Savings with a Gifting Program 

Tax Savings with a Gifting Program

Article Description:

One way to help reduce the size of one’s taxable estate is to give assets away—the smaller the taxable estate, the smaller the Federal estate tax liability. In today’s tax environment, gift giving during one’s lifetime can be an effective estate and gift tax minimization tool.

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