[go: up one dir, main page]
Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Simplified Living Trust for Beginners: Step-By-Step Guide to Hassle-Free Estate Planning , Probate Avoidance, Wills, Trust, Asset Protection and Honoring Your Wishes
    Simplified Living Trust for Beginners: Step-By-Step Guide to Hassle-Free Estate Planning , Probate Avoidance, Wills, Trust, Asset Protection and Honoring Your Wishes
    Simplified Living Trust for Beginners: Step-By-Step Guide to Hassle-Free Estate Planning , Probate Avoidance, Wills, Trust, Asset Protection and Honoring Your Wishes
    Ebook116 pages1 hour

    Simplified Living Trust for Beginners: Step-By-Step Guide to Hassle-Free Estate Planning , Probate Avoidance, Wills, Trust, Asset Protection and Honoring Your Wishes

    By Gwendolyn King

    ()

    Read preview

    About this ebook


    In "Simplified Living Trust for Beginners," Gwendolyn King invites readers on a transformative journey through the often daunting landscape of wealth preservation and estate planning. With a conversational and approachable style, Gwendolyn demystifies complex financial strategies and legal concepts, making them accessible to everyday

    LanguageEnglish
    PublisherGwendolyn King
    Release dateMay 27, 2024
    ISBN9798330200269
    Simplified Living Trust for Beginners: Step-By-Step Guide to Hassle-Free Estate Planning , Probate Avoidance, Wills, Trust, Asset Protection and Honoring Your Wishes

    Related to Simplified Living Trust for Beginners

    Related ebooks

    Finance & Money Management For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Are You Ready for Longevity? 4 Steps to Take Now

      Aug 13, 2018

      Did you know that a non-smoking 65-year-old woman today has a 50% chance of living until 88? A non-smoking 65-year-old man has a 50% chance of living until 85? That's how life expectancy works - the longer you live, the more likely you will live lon

      4 min read

    • Article

      Wills Are Vital In Transferring Wealth To The Next Generation

      Oct 24, 2020

      IT IS a fact that most people fail to plan. One cannot help but wonder why people commit to a lifetime of creating wealth but do not take the time to draft a will to deal with their assets when they die. Wills play a vital role in transferring wealth

      2 min read

    • Article

      Beneficiary Designations: 5 Critical Mistakes to Avoid

      Apr 5, 2019

      Many people might not realize that their will does not control who inherits all of their assets when they die. Many assets pass by beneficiary designation -- which is the ability to fill out a form with the financial company holding the asset and na

      3 min read

    • Article

      Why Do I Need a Trust?

      Aug 31, 2022

      There are some simple estate planning techniques that you can use, such as adding beneficiaries to your retirement accounts or adding transfer on death (TOD) designations to after-tax accounts. When you pass away these assets will avoid probate and c

      3 min read

    • Article

      Trapped by Capital Gains? Opportunity Zone Funds Provide a Way Out

      Nov 29, 2019

      It's tough to think of a highly appreciated asset as the problem child in a portfolio. The goal is to choose investments that will flourish, after all. And those strong performers are typically the ones you love best and hold onto the longest. But t

      2 min read

    • Article

      How to Search for Old Savings Bonds

      May 1, 2018

      [Question]My grandfather and father passed away when I was 8 years old. I heard they had savings bonds for me. I'm 37 now and have no one left to ask about it. How do I find out if there really are any savings bonds for me, and how do I go about find

      2 min read

    • Article

      Are Debt Collectors Overcharging You? How to Protect Yourself

      Aug 25, 2022

      It’s tough enough trying to get ahead of a debt that’s gone to collection; it’s worse when a debt collector piles on fees, charging you extra to give them money. Yep, that’s right. According to federal officials, some debt collectors charge consumers

      3 min read

    • Article

      Busting Trust Myths

      Sep 3, 2020

      “Trust busting” is the term often used to describe instances where a court finds in favour of a claimant trying to access trust assets. Here, though, I do not want to talk about “trust busting”. Instead I want to bust some trust myths. There has been

      2 min read

    • Article

      The Insurance Company Denied My Claim. What Should I Do?

      Aug 6, 2020

      You’d think if you had an all-risk insurance policy, your home or business would be covered for just about anything, right? Wrong. There are always exclusions and gray areas, and in these cases, how you deal with a claims adjuster “can be the differe

      3 min read

    • Article

      How Much Should Go into Your Special Needs Trust?

      Jun 10, 2019

      One of the most difficult challenges in planning for a child with special needs is figuring out how much money it is going to cost to provide for the child, both while the parents are alive, and after the parents pass someday. All too often, it seem

      4 min read

    • Article

      Should You Do Your Own Taxes or Hire a Professional?

      Jan 30, 2020

      For some people, tax season poses little worry, and the process occurs painlessly. Simply populate the requisite fields on your 1040 with info from your W-2, claim the standard deduction, sign on the dotted line and e-file. After that, the check is

      4 min read

    • Article

      HOW TO... Get Off A Blacklist

      Sep 23, 2019

      HOW TO... Get Off A Blacklist
      2 min read

    • Article

      Smart Strategies for Couples That Run a Business Together

      Apr 21, 2022

      Gail Nott was a marketing consultant and her husband, Cory, a tech consultant, when they joined forces in 2018 to help other consulting and coaching businesses expand. Married since 2005, Gail, 46, and Cory, 53, of Nicasio, Calif., found it tough goi

      5 min read

    • Article

      Can You Just Walk Away from a Debt-Riddled Business and Start Fresh?

      May 28, 2020

      In the wake of the coronavirus shutdown, many business owners are under immense financial stress caused by the economic impact of a nearly worldwide standstill. Some may be in or at risk of breach or default. Creditors may be jockeying for payment an

      7 min read

    • Article

      How to Opt Out of Forced Arbitration

      Jul 3, 2019

      Heads up, Chase credit card customers: The issuer is adding a binding arbitration agreement to nearly all of its cards (excluding the AARP card)--but you still have time to opt out. Chase will soon bar cardholders from banding together in a class-act

      1 min read

    • Article

      How To Add Treasury Bonds, Bills And Notes To An IRA

      May 16, 2019

      [Question]Can you purchase Treasury securities for an IRA directly from the U.S. Treasury through TreasuryDirect? How can you add them to an IRA? [Answer]TreasuryDirect.gov is intended as a way for individuals to buy securities from the Treasury and

      1 min read

    • Article

      7 Ways to Utilize Your Life Insurance Policy’s Cash Value

      Apr 23, 2021

      Permanent life insurance policies—like universal, variable and whole life—offer more than a death benefit. Some include cash value, which is a pool of money you can use while still alive.  If you’ve had a policy for years, the cash value could be con

      1 min read

    • Article

      There’s A Bond For That

      Apr 6, 2021

      There’s A Bond For That
      2 min read

    • Article

      Get Smart About Social Security

      Nov 1, 2017

      GETTING THE MOST out of Social Security is all about waiting as long as possible to start filing for benefits, right? Not quite—especially if, as a business owner, you get to decide how you are paid. You can actually live on a lot more money in ret

      4 min read

    • Article

      Caring For Elderly Parents

      May 24, 2019

      Caring For Elderly Parents
      2 min read

    • Article

      Repo Risk: Beware Illegal Car Repossessions

      Jun 13, 2022

      Used cars are suddenly so much more appealing than they used to be. With prices near historic highs and inventory near record lows, some officials are warning people with car loans that unscrupulous lenders may use more aggressive - and possibly ille

      4 min read

    • Article

      Consider Your Trustee Carefully: It Makes a Difference

      Oct 14, 2019

      You've made it to a place in your estate planning where it's been determined that setting up a trust will help accomplish the many goals you have for your family. You've done extensive research and worked with your adviser to select the type of tr

      2 min read

    • Article

      Update Estate Plans in Light of New Tax Law

      Apr 28, 2018

      The new tax law has led some seniors to assume that they can delete estate planning from their to-do lists. But that is a dangerous assumption. Yes, the new tax law roughly doubles the federal estate-tax exemption, to about $11.2 million per person-

      4 min read

    • Article

      20 IRS Audit Red Flags

      Nov 14, 2019

      20 IRS Audit Red Flags
      11 min read

    Related categories

    Reviews for Simplified Living Trust for Beginners

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Simplified Living Trust for Beginners - Gwendolyn King

      Simplified Living Trust for Beginners

      Your Step-by-Step Guide to Hassle-Free Estate Planning, Wills, Trusts, Asset Protection, and Honoring Your Wishes

      Gwendolyn King, MSW, LCSW

      Copyright © 2024

      All Rights Reserved

      Dedication

      To my beloved brother, Earl Bryant Jr.

      This book is dedicated to the loving memory of my brother. He was the one who filled my life with laughter, many lessons on acts of love, and endless inspiration as I had the opportunity to be his life coach and later his caregiver for the duration of his terminal illness. Though you are no longer with us in your body, your spirit remains a beacon, illuminating every step of this journey. 

      Your presence is deeply missed, yet your memory is etched into my heart and the pages of this book.  This book is a testament to our bond and your impact on my life. You are remembered, cherished, and honored with every word written and the story told.

      Although we are separated by physical distance, our spiritual connection transcends, forever bound by the unbreakable bond of sibling love. With all my love and gratitude, this book is dedicated to you, big brother.  May your legacy endure, and may your spirit continue to inspire and uplift all who turn these pages. 

      Until we meet again,

      Your "Lil Sis",

      Gwendolyn.

      Acknowledgment

      As a Licensed Clinical Social Worker (LCSW) with over 37 years of experience, I have had the profound privilege of accompanying individuals and their families through some of life’s most poignant and challenging moments. Throughout my career, I have been continually humbled by the resilience, strength, and unwavering spirit of those facing a life-altering illness or their end-of-life journey, particularly in the face of unexpected challenges and hardships.

      I wish to express my heartfelt appreciation to the families with whom I have had the privilege of journeying, both before and after the death of a loved one. Your courage, resilience, and willingness to deal with difficult circumstances, particularly in cases where proper estate planning and end-of-life preparation were not in place, have left an indelible mark on my heart.

      Navigating the complexities of grief and estate settlement without the guidance of a living trust can be an overwhelming task, fraught with emotional and logistical challenges. Yet, your unwavering determination to honor the wishes of your loved ones and ensure the well-being of those left behind speaks volumes about the depth of love you have and your commitment to your family. Your experience has reinforced the critical importance of open communication, advance care planning, and establishing legal documents to facilitate the orderly management of assets and affairs following a loss. 

      Your resilience, courage, and unwavering spirit have inspired me to continue advocating for compassionate care and proactive end-of-life planning for all.

      With heartfelt appreciation and warm regards,

      Gwendolyn King, MSW, LCSW

      Preface

      In a world where the creation of wealth is often celebrated, its preservation is an art that has yet to be mastered. Simplifying Living Trust for Beginners is not just another book on wealth management; it’s a beacon for those navigating the murky waters of estate taxes and trust laws. Gwendolyn, your guide in this journey, doesn’t just theorize about financial strategies; she demystifies them.

      With a conversational tone that feels like a chat over coffee, she delves into the intricacies of trust creation—not as a mere financial tool but as a means to cement your life’s work and love into an endured legacy. This book aims to be a compass for the everyday individual by providing a step-by-step manual for crafting a trust that safeguards your assets and honors your wishes while sidestepping the pitfalls of tax burdens.

      Gwendolyn’s approach is practical, her advice is actionable, and her wisdom is accessible. As a professional with over a decade of excellent career, she empowers and enriches you with the required knowledge, equips you with strategies, and shares real-world examples that bring the theory to life.

      Whether you’re a seasoned investor or taking your first steps toward securing your family’s future, this book is your ally. It promises not just a well-managed trust but a vessel that provides you with peace of mind. So, join Gwendolyn on this essential journey of securing your legacy, minimizing taxes, and ensuring your story is told exactly as you wish. In the end, the most incredible wealth is a well-preserved legacy.

      Contents

      Dedication

      Acknowledgment

      Preface

      Introduction: Establishing a Lasting Legacy and Guaranteeing Peace of Mind for Your and Your Family’s Future

      Chapter 1: Protecting Your Assets and Honoring Your Wishes

      Chapter 2: Navigating the Legacy Landscape - Unraveling the ABCs of Living Trusts

      Chapter 3: Minimize Estate and Inheritance Taxes

      Chapter 4: Creating Trusts for Minors and Vulnerable Beneficiaries

      Chapter 5: How to Avoid Probate

      Chapter 6: Tax Strategies

      Chapter 7: Conclusion

      Glossary

      References

      Introduction: Establishing a Lasting Legacy and Guaranteeing Peace of Mind for Your and Your Family’s Future

      When questioned about their hopes after passing away, many individuals desire to leave a lasting legacy and ensure their family's financial security. While many individuals accumulate wealth and establish a legacy, they often need more strategic planning.  

      They invest in property, secure various assets, and engage in business endeavors to construct a diverse portfolio aligned with their vision and objectives. Like mostindividuals, you take pride in your accomplishments and aspire to relish the reward of your hard work.

      With that in mind, would you considerthe following?

      What will happen to your wealth when you retire or pass away?

      Have you planned how to preserve and transfer your wealth to your heirs without losing much of it to taxes, fees, or legal disputes?

      Imagine you spent decades meticulously building your wealth, brick by brick, deal by deal. You created a portfolio that secures your future and provides for your loved ones. But have you considered what happens when the final paperwork is signed, the keys are handed over, and your legacy transitions to the next generation? 

      While you may have thought of questions like those I have stated above, this is only true for some Americans! According to an estate planning expert, Rachel Lustbader, only a third of Americans have an estate plan, while two-thirds think having a will is essential.[1] This means that people are aware of the importance of this issue; however, only a third of them have enacted this thought. The problem is that people feel about important matters, yet the planning is almost futile and nonexistent.

      Importance of Estate Planning

      Estate planning involves several components: creating a will, establishing trusts, designating beneficiaries, and naming an executor. These steps help ensure your assets are distributed fairly and efficiently, reduce tax liabilities, and avoid unnecessary legal battles. A comprehensive estate plan enables you to achieve your retirement goals by securing your financial future and protecting your legacy.

      Apart from providing a clear path for transferring your property and assets, a comprehensive estate plan can also help protect your hard-earned legacy from being misused or falling into the hands of unintended recipients. Without an effective estate plan, state laws and regulations may determine the fate of your assets and legacy, which may not align with your wishes and objectives.

      This is where estate planning becomes a financial necessity and a heartfelt act of love and foresight for your family and yourself. It is about ensuring that the fruits of your hard work continue to nourish those who matter most, far beyond the fleeting comfort of four walls. Estate planning is not just about writing a will or setting up a trust. It is a comprehensive process that involves the following: 

      Finding your assets and liabilities and their current and future values. 

      Figuring out your goals and your personal and family values. 

      Choosing your beneficiaries and how you want to distribute your wealth among them. 

      Selecting the best strategies and tools to

      Enjoying the preview?
      Page 1 of 1