Estate planning involves a wide variety of options. Of course, one starts with the basics of drafting a will with the help of an attorney with experience in handling estate law issues. During those initial consultations, it may come to light that a revocable trust is a good estate planning tool to address the needs of the client.
If you have ever had an emergency healthcare situation, you know how scary it can be to feel forced into making a medical decision in a hurry. You might feel as though you do not have all the information you need. Or maybe you wish you had more time to choose, or at least agree with, your plan of action.
Many people will mourn the loss of a loved one, but they often will take solace if the decedent bequests or gifts money or assets to them. Sometimes, however, these thoughtful gestures are actually more trouble for the prospective beneficiary than if they had never received them. In these circumstances, renunciation of the gift may be the smart course of action. This can be done for any reason but is often done for tax purposes.