A will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death. To make sure that your earthly belongings go to the people that you wish, a will is an absolute must. You can also include the staples of an Estate Plan to specify health care wishes and final arrangements with customized and state-specific documents that reflect your final wishes. Having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, a will can also spell out exactly how you would like things handled after you have passed on.
Contact James O. Wyre in Conway, Arkansas today to book a consultation for your will & testament!
Trusts are created and established to provide legal protection for the trustor's assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes. Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to your assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well. Other benefits of trust include; Control of your Wealth, Protection of your Legacy and Privacy and Probate savings. To learn more about how to establish a trust, contact us today to book your consultation!
| BASIC TYPES OF TRUSTS | |
|---|---|
| Marital or "A" trust | Designed to provide benefits to a surviving spouse; generally included in the taxable estate of the surviving spouse |
| Bypass or "B" trust | Also known as credit shelter trust, established to bypass the surviving spouse's estate in order to make full use of any federal estate tax exemption for each spouse |
| Testamentary trust | Outlined in a will and created through the will after the death, with funds subject to probate and transfer taxes; often continues to be subject to probate court supervision thereafter |
| Irrevocable life insurance trust (ILIT) | Irrevocable trust designed to exclude life insurance proceeds from the deceased’s taxable estate while providing liquidity to the estate and/or the trusts' beneficiaries |
| Charitable lead trust | Allows certain benefits to go to a charity and the remainder to your beneficiaries |
| Charitable remainder trust | Allows you to receive an income stream for a defined period of time and stipulate that any remainder go to a charity |
| Generation-skipping trust | Using the generation-skipping tax exemption, permits trust assets to be distributed to grandchildren or later generations without incurring either a generation-skipping tax or estate taxes on the subsequent death of your children |
| Qualified Terminable Interest Property (QTIP) trust | Used to provide income for a surviving spouse. Upon the spouse’s death, the assets then go to additional beneficiaries named by the deceased. Often used in second marriage situations, as well as to maximize estate and generation-skipping tax or estate tax planning flexibility |
| Grantor Retained Annuity Trust (GRAT) | Irrevocable trust funded by gifts by its grantor; designed to shift future appreciation on quickly appreciating assets to the next generation during the grantor's lifetime |
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