When you are creating your last will and testament, you are going to be deciding how your money and your possessions are going to be divided after you die. One person that you probably don’t want to give a slice of the pie too, is your attorney. Here are a few ways to create your last will and testament without costly attorney fees.
Why plan? Well, even if you’re just leaving behind the $10 bill in your wallet, who will inherit it? Do you have a spouse? Children? Is it theirs? Should it go to just one of them, or be split between them? This (quite simply) is what estate planning is all about. Estate planning determines how your money and assets (property – both real and personal) will be distributed after your lifetime.
I explained it is not the size or complexity of the estate that determines the use of a trust, although it is true that a larger estate will benefit more from a trust, it is the desire to take control of the estate and keep it out of court that drives this decision to the question, do I need a living trust.
She will get a huge tax deduction based on her charitable contribution to the trust. It will be so big that the IRS will let her carry the unused portion forward for a total of six years. It’s a good bet she will pay no income tax for the next six years.
When you hire the right estate trusts and wills, you aren’t renting their time or their printer, but their brain and their heart. You are hiring an ally who will help you get your affairs in order, and keep them in order across time and as the law, tax policies, and your life change. The will should be free.
A tax attorney can even help you with business decisions such as making new company asset purchases. They will make sure that everything is above board and that you are getting the best tax break available for today’s market.
The important thing is to do your research and figure out if selling royalties is the right thing for you. After all, there could certain situations where selling your royalties is not a smart move.