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GRATs are useful estate planning tools.

Will Your Estate Plan Work Now?

Under the new law, not only must all of the tax on IRAs and plans benefits be paid much earlier than it was before, but the rate will likely be much higher too, since that income will be bundled into the recipients’ peak earning years.

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A spendthrift trust ensures that your heirs don't squander their inheritances.

What are the Penalty-Free IRA Withdrawals?

The contributions you make to your individual retirement account (IRA) are intended to supplement your income during your retirement years. However, as much as you’d like to let your IRAs remain untouched until retirement, unforeseen expenses may force you to withdraw some of those assets early.

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The estate tax is a tax on the very wealthy.

What Exactly Is the Estate Tax?

The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.

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A trust is a good way to avoid probate.

Avoiding Probate with a Trust

In other words, family members who are not named to inherit anything in the will may still see the list of all of the assets. If you don’t want that result, you can avoid it by establishing a trust.

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