http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/index.html LawInfo - Legal Resource Center offers free legal forms and free legal documents that is designed to help consumers and businesses resolve their legal issues http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Federal/what-is-the-difference-between-a-will-and-a-t.html <p>A Will and a Trust serve different purposes. Most people don`t have either one. A Will and a Trust are similar in the effect that both let you designate exactly how you want your assets and other personal property to be distributed to your friends, family and other loved ones after you die. The difference between a Will and a trust is that a Will probates through probate court, but a trust doesn`t. A Trust is administered outside of the probate court after you die.</p> <p><em>People prepare a trust to avoid paying these probate taxes. Generally, you would not need to prepare a trust to avoid probating your Will if you net assets amount to less than $1 million (This amount which is exempt from Federal Estate Tax increases to 1.5 million in 2004 and 2005, 2 million in 2006 through 2008, 3.5 million in 2009 and then in 2010 there is no federal estate tax. However in 2011 the Federal Estate Tax is returned to the 2002 level).</em></p> <p><em>In this case, a Will would serve the same purpose as a trust because the federal tax laws do not tax a person`s asset for the first $1 million (different amount as noted above in subsequent years) after they die. </em></p> Estate Planning FAQs Wed, 11 Jun 2008 19:54:22 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Federal/what-is-an-estate-tax.html <p>The Estate Tax is a tax on the value of your property transfered to your hiers upon your death.&nbsp; The federal government allows every person to give away, either through lifetime gifts or upon death a certain maximum dollar value of property without being taxed. This is known as your Lifetime Exemption.&nbsp; The maximum amount of the lifetime exemption does change from time to time as determined by Congress.&nbsp; Any assets you own at your death that amount to more than&nbsp;lifetime exemption in place&nbsp;are then taxed at a progressive Estate Tax.</p> <p>Certain transfers are not counted toward the lifetime exemption, such as a gifts of up to certain amounts&nbsp;made by you to any person per year, or gifts given to pay for tuition or medical expenses.</p> <p>The Internal Revenue Code also allows married persons to gift, or leave at death,&nbsp;certain property to their&nbsp;spouse which may qualify for marital deductions, which may also be exempt from tax.&nbsp; </p> <p>The estate tax laws can be complex and also vary from year to year in terms of the amount of available deductions or exemptions.&nbsp; Therefore, it is highly recommended that individuals or couples seek the advice of a qualified estate planning attorney to discuss which estate planning tools would best suit their particular situation.&nbsp; The attorney can recommend ways you can not only&nbsp;achieve your&nbsp;goals&nbsp;for your property upon death, but also help you to&nbsp;minimize estate tax liability to the fullest extent allowed under the applicable laws.&nbsp; </p> Estate Planning FAQs Mon, 23 Jun 2008 21:45:37 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Arkansas/index.html Free Arkansas Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/California/index.html Free California Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Connecticut/index.html Free Connecticut Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Delaware/index.html Free Delaware Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/District-of-Columbia/index.html Free District of Columbia Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Florida/index.html Free Florida Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Idaho/index.html Free Idaho Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Illinois/index.html Free Illinois Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Maine/index.html Free Maine Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Maryland/index.html Free Maryland Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Massachusetts/index.html Free Massachusetts Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Michigan/index.html Free Michigan Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Minnesota/index.html Free Minnesota Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Mississippi/index.html Free Mississippi Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Missouri/index.html Free Missouri Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Montana/index.html Free Montana Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/New-Jersey/index.html Free New Jersey Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/New-York/index.html Free New York Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/North-Carolina/index.html Free North Carolina Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Oklahoma/index.html Free Oklahoma Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Pennsylvania/index.html Free Pennsylvania Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning/Virginia/index.html Free Virginia Estate Planning FAQs State specific Estate Planning FAQs Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Durable-Power-Of-Attorney/index.html Free Durable Power Of Attorney FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Planning-Sub/index.html Free Estate Planning FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Estate-Taxes/index.html Free Estate Taxes FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Guardianship/index.html Free Guardianship FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Power-of-Attorney-Estate-Planning/index.html Free Power of Attorney FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Probate-Estate-Planning/index.html Free Probate FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Trusts-Estate-Planning/index.html Free Trusts FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT http://resources.lawinfo.com/en/Legal-FAQs/Wills-Estate-Planning/index.html Free Wills FAQs Estate Planning Sub-categories Wed, 25 Nov 2009 17:57:58 GMT