Most asked questions
We have put this section together to answer most of your basic questions
A trust will become the owner, or the controller of your assets identified with a deed, title and/or contract/policy number.
If you are the owner of the assets, before you place them into your trust, you maintain complete authority, as the Trustee(s) to handle and manage your assets in the same manner as you did in the past.
Your properly prepared Trust by AFEPI, will eliminate probate on assets you allow the Trust to own/control. The Trust will expedite the distribution of your assets to your heirs, exactly as you predetermine and most of the time, in a very short time.
Maybe. If your asset is an IRA, 401-k or other Qualified account, then yes, they will be taxed.
AFEPI can share some strategies to eliminate or reduce those taxes.
If your asset is not considered ‘qualified assets”, then your beneficiary(ies) will receive the assets on a stepped up basis, without taxes.
Contrary to a popular myth, a ‘Revocable Trust’ does not protect you from a lawsuit. Remember, you still maintain 100% authority to handle your assets in anyway you desire, just as before you created your Trust.
Contrary to a popular myth, as enticing as it is, does not eliminate your requirement to pay income taxes. There are ‘some ways’ to defer or reduce the taxes you owe, and we can help you to understand how to legally do so.
Not difficult at all. When AFEPI creates your Trust, we will be available to answer any questions or to help in these areas. Essentially, you would complete the same process that you would have, if you didn’t have a Trust. We provide documents to aid in these instances, as part of your Trust package.
A good benefit of the Trust is that your spouse can move forward with the funeral and grieving process and the Trust will not be a burden to them. No changes in the Trust will be required. If there is ever a doubt, please contact us, as many people will think certain changes are required, typically they are not.
Once the surviving spouse is ready, after the funeral and receipt of the death certificates, AFEPI can help answer any questions, complete forms, and assist in any transfers that are needed. There is no charge for our services in this area. Remember our motto is “We will be there when you need us the most”. This will be one of those times.
Primarily, most people will name the most qualified child and an alternate to be the “Successor Trustees” (the proper name for this position).
It can, and this is a subject to be discussed and decisions based upon your specific situation.
Typically, the Trust will allow your ‘Successor Trustee” or ‘Power of Attorney’ (again typically the same person) to write checks and pay your bills, ‘if’ you become incapacitated. This is in place for a variety of reasons designed to protect your assets more fully.
Yes, you can eliminate anyone who might be eligible to receive your assets, upon your death.
There are many and varied situations that make this viable. Remember, once you pass away this Trust can not be changed. Therefore, your wishes are locked in afterwards.
AFEPI will help you by creating the provisions in your Trust to appoint your Guardian(s).
We will then create provisions that allow the Guardians to use your assets for the benefit of your children until such time as you want them to receive the balance of their shares. This could include provisions for health, education, maintenance, and support.
There is a process whereby, you can leave an inheritance for your loved one without jeopardizing their government benefits. AFEPI will help you to achieve this goal.