DELGALLO.com WEALTH MANAGEMENT ESSENTIALS –A few Provisions to Consider within Your Estate Planning Documents
By LEONARD J. DELGALLO JR., M.S. MPASsm, CFP®
(www.DELGALLO.COM) Del Gallo Financial Services, LLC
There are a number of legal documents and methods that can be created and used if necessary through provisions within the will or trust which can then be used in conjunction with any existing revocable living trusts, irrevocable trusts, or other supporting legal documents. A pour-over trust is a type of revocable trust that will allow assets to be placed in it by the will, or by naming it as the beneficiary to avoid having assets go through probate. A contingent trust or standby trust is another revocable trust that is able to manage assets if a client is unable to do so and is triggered by physical, emotional, or physical incapacity. The use of a disclaimer where the beneficiary refuses to accept the transfer of property can be incorporated into the estate planning documents but must comply with federal and state laws. Individuals may appoint themselves, their children, or others as trustees of a revocable trust and have contingent trustees or corporate trustees in place, as a backup, if either Spouse is unable to serve as trustee due to incapacity or some other reason as defined within the trust document.
Any questions please contact Del Gallo Financial Services, LLC by visiting our website at https://delgallo.com/. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Articles created by Len Del Gallo Jr., may not be copied or used without written permission from Len Del Gallo Jr. Please note that some information may be protected by copyright laws. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency.
Leimberg, Stephan R., et al. Tools and Techniques of Employee Benefit and Retirement Planning. 5th ed. Ohio:The National Underwriter Company, 1997. Print.
Leimberg, Stephan R., et al. Tools and Techniques of Estate Planning. 15th ed. Ohio:The National Underwriter Company, 2011. Print.
Leimberg, Stephan R., et al. Tools and Techniques of Income Tax Planning. 3rd ed. Ohio: The National Underwriter Company, 2009. Print.
Leonard J. Del Gallo Jr., Broker Associate in Connecticut & Florida
CT Managing Broker: Berkshire Hathaway HomeServices N.E. Properties
Office: 172 West Main Street
Avon, Ct. 06001
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