Transferring assets through your will or through a life estate agreement
or living trust can provide financial benefits to you and your heirs.
Bequests are one of the most popular and simplest ways to leave a
legacy and decrease estate taxes because you may change them at any
time. You may choose the form of your bequest:
A Specific Bequest states the exact amount of cash, real estate,
securities, or other property to be gifted.
A Percentage Bequest states the percentage of the estate to be gifted.
A Residuary Bequest names Shepherd to receive all or a percentage
of assets remaining after other bequests are fulfilled.
A Contingent Bequest states Shepherd will only inherit if your
primary beneficiaries predecease you.
Life Estate Agreements
This irrevocable agreement gifts real estate to Shepherd while the
donor retains the right to use the property for life. Tax benefits, which
may include federal income, gift, and estate tax savings, are realized
when the property passes to Shepherd.
To create a living trust, a donor transfers assets such as cash, securities,
or real estate to a trust, with the assets invested and spent for the benefit
of the trustmaker. The trustmaker is taxed on the income and capital
gains when they are distributed.
Living trusts may be revocable or irrevocable. An irrevocable trust
avoids probate, reduces taxes, and creates a current income tax
deduction. The assets cannot be removed from the trust.
A revocable trust may be amended or revoked at any time during the
trustmaker's lifetime, and the assets may be removed by the trustmaker
as long as he or she is alive and competent. This type of trust does not
qualify for a current income tax deduction.
To make a planned gift, please contact us at 304-876-5378. We will be happy to
work with you and your financial advisor to create a plan that's right for you.