PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

For some, trusts are a necessary component of an estate plan

For some estates, trusts are a good compliment to wills.

2014-03-26
March 26, 2014 (Press-News.org) For some, trusts are a necessary component of an estate plan

Article provided by Hegwood & Associates, P.C.
Visit us at http://www.hegwoodlaw.com

When most people think of estate planning, most think about drafting wills. Although wills are certainly an important part of estate planning, sometimes they are not enough to accomplish an individual's goals. Sometimes, in addition to a will, it is necessary to set up a trust. Trusts may be set up while the individual is still alive or may be created by a will. Although they are not a complete substitute for a will, a trust offers many benefits not found in a will.

Trust advantages

One of the big advantages of trusts is that they allow property subject to the trust to skip the probate process. During this process, the court determines whether the will is valid, identifies the individual's heirs, ensures that the estate's debts are paid, and distributes the estate's assets according to the terms of the will (or according to the law, if the individual died without a will). Unfortunately, this necessary process can be expensive and lengthy. Since the estate foots the bill for the costs of probate, it can significantly decrease the value of the estate, especially if there are complications. Unlike a will, property in a trust skips this process entirely and is distributed according to the provisions of the trust immediately upon the individual's death.

Another helpful advantage of trusts is that they are much more flexible with regard to distribution of property than a will, as they allow individuals control over when their heirs receive their assets as well as how the assets are to be used. For example, individuals can specify that their children do not receive their inheritances until a certain age or until certain conditions have been met (e.g. finishing college). Additionally, individuals can specify how their heirs may use their assets (e.g. for educational purposes). Wills, on the other hand, do not offer this level of control.

Trusts are also useful for large estates, as they can help avoid taxes. Due to the flexible nature of trusts, they can be structured in a way that minimizes or eliminates the need to pay estate taxes. Additionally, trusts can help protect the privacy of the individuals involved. Since trusts do not have to go through probate, which is a matter of public record, the terms of the trust are not accessible by the public.

Speak with an attorney

Although a useful option, trusts are not right for everyone. Because of this, it is wise to speak with an experienced attorney before beginning the estate planning process. An attorney can assess your situation and recommend the estate planning solution that would best carry out your goals.


ELSE PRESS RELEASES FROM THIS DATE:

Wrongful termination case provides lessons for Pennsylvania employees

2014-03-26
Wrongful termination case provides lessons for Pennsylvania employees Article provided by Jared Jacobson Law, LLC Visit us at http://www.jaredjacobsonlaw.com A former Oracle employee alleges he was unlawfully fired after he voiced complaints about discriminatory practices. According to the man, he began to complain after being instructed to offer an Indian employee significantly less pay than his Caucasian counterparts. As a result, the man is suing the company for wrongful termination. More on the case The case, out of California, began when a sales executive ...

GamesPub Ltd. Unveils Free-to-Play Games on ToomkyGames

2014-03-26
The company states that free-to-play online and downloadable games of various genres are allocated in a new tab entitled "Featured Games". Consumers are offered popular game titles along with fresh ones absolutely for free. John Button, a company representative, informs: "We've decided to create a new page primarily to pamper our users with new positive experience and secondarily to keep abreast of the times, where such games tend to win gamers' hearts. These games are allocated in a separate page for user convenience" GamesPub Ltd keeps making all reasonable efforts ...

National Brain Tumor Society Wraps Inaugural Brain Tumor Race in Charlotte

2014-03-26
National Brain Tumor Society, the largest nonprofit organization dedicated to the brain tumor community in the United States, wrapped its first ever Charlotte Brain Tumor Race this past Saturday at Freedom Park in Charlotte, N.C. The inaugural event hosted 1,200 brain tumor survivors, patients, family members, caregivers, and friends for an inspiring, family-friendly day. Sponsored by Carolinas HealthCare System and Piedmont Natural Gas, the Charlotte Brain Tumor Race raised nearly $170,000, surpassing its initial fundraising goal. All proceeds will go toward funding critical ...

Call for Applications: International Relations Online

2014-03-26
The Center for Global Politics at Freie Universität Berlin invites qualified candidates to apply for the M.A. program International Relations Online. The innovative blended learning program is designed for professionals who want to obtain a degree whilst staying on the job. The program helps students to achieve qualifications relevant for higher positions in governmental agencies, multinational corporations, NGOs, media and international organizations. International Relations Online offers: - A degree from a German university of Excellence - A program taught in ...

Prominent Community Leaders Join Susan G. Komen Orange County 2014-2015 Board of Directors

2014-03-26
Susan G. Komen Orange County has announced its 2014-2015 board of directors, which includes the additions of two new Orange County community leaders. Joseph Stein, owner and founder of Simply Innovate LLC, and Dr. Robina Smith, breast cancer surgeon at St. Jude Medical Center, join the nonprofit's existing team of esteemed advocates. The board of directors will guide the organization's initiatives this year, aimed at raising critical funds and providing life-saving breast cancer diagnostic and treatment services to Orange County residents. "Joseph and Robina's unwavering ...

Helping the Disabled with Bathing: Caregiver Half Height Doors

2014-03-26
Taking a shower or bath is a time of relaxation and cleansing for most of us and we couldn't imagine not having this luxury. For those who are disabled or aging, however bathing can be a time of anxiety. Bathtubs and showers can be slippery environments with hard surfaces and sharp corners. For those in wheelchairs, the transfer process can be difficult and has the potential for falls and other injuries. United Disabilities Services is now offering to Construction Professionals a Caregiver Half Height Door for showers and bathtubs that allows a caregiver to assist ...

TheCollecte.com Launches Its Newly Redesigned Website Connecting Fashionable Consumers with Today¹s Hottest Emerging International Designers

2014-03-26
TheCollecte.com, the ultimate one-stop online shopping destination for today's stylish consumers, launches its newly redesigned e-commerce platform today. The new platform allows users to access and purchase the freshest and newest women's clothing, accessories, art, and home brands with the click of a button. Created by two Fashion Institute of Technology alumni, Stephanie Erbilgin and Maria DeLisi-Minichiello, TheCollecte.com is a collection of curated products from up-and-coming designers from around the world. The website is a lifestyle boutique offering only the ...

Employee Energy Expert at eePulse, Inc. Chosen as "2014 Top Technology Trendsetter"

2014-03-26
The employee energy experts at eePulse, Inc., http://www.eepulse.com, announced today that their CEO, Theresa Welbourne, Ph.D. was chosen as a "2014 Top Technology Trendsetter" in the Technology Leader category by Survey Magazine. Dr. Welbourne is the founder, President, and CEO of eePulse, Inc., the Director of the Center for Entrepreneurship and the FirsTier Banks Professor of Business at the University of Nebraska, Lincoln (UNL), and an affiliated research scientist at the Center for Effective Organizations, Marshall School of Business, USC. According to the March ...

LongIslandNY.tv Announces The Anti-Drug Show

2014-03-26
LongIslandNY.tv, a web-based TV network operating out of Long Beach NY, is airing a multi-segment program called The Anti-Drug Show as a response to a series of drug-related deaths in the vicinity. The program's executive producer and host, David Feldman, who is also one of the network's partners, commented: "I knew some of these kids personally. They were great kids, and it's important to dispel the myth that addiction strikes only certain demographics. Everyone is at risk. Addiction is a truly democratic disease." The initial programs were interviews with a mother, ...

Make Your Office 365 Migration a Walk in the Clouds at MEC 2014

2014-03-26
Sherpa Software will be sharing industry experience and best practices as they demonstrate their Microsoft Exchange solutions at the upcoming Microsoft Exchange Convention (MEC) 2014 in Austin, Texas. The increasing popularity of Office 365 has created many challenges when it comes to data migration. Sherpa Software can help make your migration a walk in the clouds with attachment management, content filtering, public folder management and PST importing. You made the decision to migrate - now it's time to decide what to do with all the legacy data. Sherpa has a long ...

LAST 30 PRESS RELEASES:

New antibiotic for drug-resistant bacteria found hiding in plain sight

New mapping identifies urgent opportunities to strengthen Singapore’s children’s mental health ecosystem

New research reveals significant prevalence of valvular heart disease among older Americans

Outdoor air pollution linked to higher incidence of breast cancer

Thiophene-doped fully conjugated covalent organic frameworks for efficient photocatalytic hydrogen peroxide production

Earth’s ‘boring billion years’ created the conditions for complex life

Health data for 57 million people in England show changing patterns of heart diseases before, during and after the pandemic

Cycling ‘near misses’ in London worst at rush hour and on roads without dedicated infrastructure

Roots in the dark: Russian scientists uncover hidden carbon dioxide uptake in plant roots

Biochar and hydrochar show contrasting climate effects in boreal grasslands

Turning trash into treasure: Scientists transform waste plastics into high-value carbon materials

Boys don’t cry? How picture books can teach gendered ideas about pain

In global collaboration, IU scientists unlock secrets to the building blocks of the universe

Young adults fear mass shootings but don’t necessarily support gun control

How unlocking ‘sticky’ chemistry may lead to better, cleaner fuels

Cutting balloon treatment prior to stent placement comparable to intravascular lithotripsy for patients with calcified coronary artery disease

Novel sirolimus-eluting balloon appears noninferior to conventional therapies for treatment of in-stent restenosis

Nearly half of US workers don’t know work experience could count toward a degree, according to University of Phoenix survey

Super-high-pressure non-compliant balloons for treatment of calcified coronary lesions noninferior to intravascular lithotripsy

Saudi Native Dr. Hani K. Najm named next vice president of the American College of Cardiology

Getting steps in one long walk a day cuts risk of death and CVD better than multiple short walks

The way you walk: 10–15 minute bouts of walking better for your cardiovascular health than shorter strolls

Beyond electronics: harnessing light for faster computing

Researchers find possible cause for increasing polarization

From soft to solid: How a coral stiffens its skeleton on demand

New software tool MARTi fast-tracks identification and response to microbial threats

Rare brain cell may hold the key to preventing schizophrenia symptoms

A new tool to find hidden ‘zombie cells’

New Cleveland Clinic research finds up to 5% of Americans carry genetic mutations associated with cancer risk

Once tadpoles lose lungs, they never get them back

[Press-News.org] For some, trusts are a necessary component of an estate plan
For some estates, trusts are a good compliment to wills.