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Wills, Trusts, etc.

virtu050

virtu050

P-8 Bubba
pilot
Are there any added tax benefits to having SGLI go to a trust instead of directly to the beneficiary? i.e. Testamentary Trusts?

Otherwise, does anyone have a good setup for a Will to minimize taxes and maximize proceeds for distribution?
 
Just saw a lawyer last week about estate planning. He said that the first 1.5 million (or 3 million is married) is not subjected to a death tax. I wouldn't mess around with this kind of stuff and you are starting to (or already do) have any kind of assets you want protected, go talk to a lawer who deals in estate planning. Your JAG office is definitely a good place to start. You can get a good feel for their expertise and if you need to, can see a civilian lawyer out in town. The civilian lawyers don't typically charge for that initial consultation and you can get a wealth of info in that first hour.
 
Steve Wilkins said:
... I wouldn't mess around with this kind of stuff and you are starting to (or already do) have any kind of assets you want protected, ...
Click to expand...

Good advice from the advice giver!

Most estate planning attorneys will try to sell you a trust. As pointed out, unless you have/expect assets exceeding the limits of Federal Tax exclusion or certain complicated personal issues and etc, a trust could in fact be a heavy negative for heirs to deal with. A will in an absolute must to keep the State out of your estate, no pun intended, a Living Will is a very good idea and benificiary designation critical to your intentions. What I mean is that supposed in your will, and perhaps in other legal documents such as a divorce decree, you/court directs that proceeds from your life insurance will go to your current wife (for example). Well if you forgot to change your benificiary designation on your life insurance and it still specifies your fomer wife, that is who will receive the benefits.

Your JAG Corps is there to help you. Highly recommend a visit.
 
Since we're on the topic, I recommend checking out 10 Documents You Shouldn't Live Without from the Motley Fool. In addition to these, I also think you should have another document that lists all your accounts (credit cards, loans, auto/life/home insurance, etc) with their respective addresses, phone numbers, and passwords.
 
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