Beginning on Jan. 1, 2019, many of the tax law changes passed in Dec. 2017 go into effect. Many people have heard some of what will happen, but it may still not be clear enough.
In in general, trusts can be a beneficial component of an estate plan. A trust is an arrangement wherein property is managed for the benefit of another party. The party managing the property is referred to as the trustee and the party receiving the benefit is referred to as the beneficiary.
Having a validly executed will is the basic foundation of a good estate plan. A will provides a cornerstone for the estate planner's overall estate plan and directs how property will be divided to beneficiaries. Personal property that may be distributed in a will can include real property such as a home, household items, bank accounts, jewelry, clothing, cars and books, as well as other items of personal property.