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.
Works
Cited
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
www.bhhsneproperties.com
Office: 172 West Main Street
Avon, Ct. 06001
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