STATUS CORRECTION
A three (3) step process:
Estate Trust
Name Correction
and Correction of Records
Comparison between Citizen and Civilian
Citizen Definition:
A legally recognized subject or national of a state or commonwealth, either native or naturalized.
Description:
Any resident of a country that has certain rights and liberties Not part of any military or militant group Military May or may not be a part of the military
Civilian Definition:
A natural person not in the armed services or the police force.
Description:
Is not a part of the military Citizenship Has citizenship May or may not have a citizenship
What is an Estate?
What you leave behind for your loved ones is also termed “legacy”.
Legacy is defined as possessions or money left for your heirs or beneficiaries. Legacy is more than just physical or material things. Legacy is also how you want to be remembered through contributions and achievements you’ve made to your family, community, or the world by way of charity, the arts, properties, or just being yourself.
Some people can leave a legacy of pain and suffering while others can leave a legacy of joy and kindness. Through Legacy or estate planning you can instruct your heirs and/or beneficiaries how you want your name and accomplishments to live on for generations beyond your death.
What is legacy or estate planning?
Legacy or estate planning is the process of arranging in advance how you want your assets to be distributed to your heirs/beneficiaries after you’re laid to rest. However, death is such an uncomfortable topic that 55% of Americans die without a will or an estate plan.
While it is understandable that estate planning can be an emotional and complex task, a well-informed plan can bring a peace of mind and make a big difference in how your estate is handled after death. It is important to understand that if you have specific instructions or wishes and you do not put those instructions or wishes in writing in the form of a will or trust, you are taking a chance that someone else will not have your or the family’s best interests at heart. You are also taking a chance that loved ones will fight over property creating unnecessary discord in the family. And in the absence of a will or trust, your loved ones will more than likely have to go through probate, which can be expensive, for a court to administer your estate and why would you want a stranger to administer your estate when you can plan your wishes in advance?
Arranging your affairs ahead of time is the greatest thing you can do for yourself and your family.
There are several things you need to think about estate planning:
• Taxes – you’ve worked hard all your life to acquire the assets you have and you don’t want the IRS to get one cent more than they’re entitled. You want to know how to maximize what you’re leaving behind and minimize your estate, inheritance, or gift tax liability. “Federal taxes on gifts and estates can be among the highest asses on any financial transaction.”
• Probate can be expensive. This can be avoided by creating a trust.
• Other Expenses Arranging your affairs ahead of time with an estate planning professional will help you to avoid mistakes, minimize taxes, and bring clarity to your wishes, plans, and goals.
Planning how you want things to be left to your loved ones relieves them of a huge burden especially during times of mourning. It’s not as hard as you may think.
Contact us by email and let’s see how we can help you and your family have a peace of mind.
What is a Trust?
A trust is a fiduciary relationship created by a trustor or settlor in which some or all property is transferred to trustee(s) for the benefit of the beneficiary(ies).
The trustee is the legal owner of the property because they hold the title to some or all property and the beneficiary is the equitable owner of the trust property known as trust res. Trusts are usually setup as a three-party relationship. The first party is You, the creator of the trust. This makes you the trustor or settlor.
The second party is the trustee which can be a living body, a business entity, or a group. Under certain circumstances you can be the trustee as well as the creator. In other cases, it is absolutely essential that you choose a trusted trustee to administer the affairs of the trust.
The third party is the beneficiary(ies) which is one or more other people who will receive the property or assets upon your death.
There are several types of trusts but the most common are: Asset Protection Trust is designed to protect a person’s assets from claims of future creditors. Testamentary Trust is created by a will and arises after the death of the settlor. Revocable Living Trust is created while you are alive. “Unlike a will, a revocable living trust offers a fast, private, probate-free way to transfer one’s property after death. Although a living trust is not a complete substitute for a will (it doesn’t allow you to name a guardian for a child, for example), it is definitely a more efficient way to transfer property at death, especially large-ticket items such as a house.”
1 https://www.nolo.com
Revocable Trust Picture a safe and this safe represents the trust. The door to the safe (the trust) is open and you can go in and out of it freely. In this safe (the trust) you place your house, your car, some bank notes, your bonds, investments, or anything else you deem important.
You still own title to the property and since the safe (the trust) is open, you can add, change, or remove properties at any time. The downside is that anyone coming after you, like creditors, can also get access to your property.
Irrevocable Trust An irrevocable trust is where the safe door is closed, locked, and the trustee(s) is/are the only one with the keys. Once you place your house, your car, bank notes, bonds, or investments in this type of trust you cannot have any access to the property. This type of trust is very common for certain kinds of asset protection.
What are trusts used for?
Asset Protection Children Education Estate Planning Health Retirement Planning Special Needs Tax Mediation To avoid Predators (anyone trying to sue you or come after you) and more…
The kind of trust you choose will depend on your goals and what you’re trying to accomplish. A trust can be as simple or as complex as you need it to be. Forming a trust is a great way to minimize estate taxes, avoid probate, and seamlessly transfer and protect your family’s assets. Creating a trust pre-death can afford you privacy and ease of distribution.
To find out more, contact an estate planning professional who can answer any additional questions you may have or to help you to accomplish your estate planning goals.
Equity
EQUITY
equity noun eq·ui·ty | plural: equities
Definition of equity:
1
a : justice according to natural law or right specifically : freedom from bias or favoritism
b : something that is equitable
2
a : the money value of a property or of an interest in a property in excess of claims or liens against it
b : the common stock of a corporation
c : a risk interest or ownership right in property
d : a right, claim, or interest existing or valid in equity
3
a : a system of law originating in the English chancery and comprising a settled and formal body of legal and procedural rules and doctrines that supplement, aid, or override common and statute law and are designed to protect rights and enforce duties fixed by substantive law
b : trial or remedial justice under or by the rules and doctrines of equity
c : a body of legal doctrines and rules developed to enlarge, supplement, or override a narrow rigid system of law
https://www.merriam-webster.com/dictionary/equity
STRAWMAN? PERSON? CONSUMER?
What is a STRAWMAN?
a person used as a cover for some questionable activity
What is a Person?
The term “person” means a natural person or an organization. [Pursuant to: Title 15]
What is a Consumer?
The adjective “consumer”, used with reference to a credit transaction, characterizes the transaction as one in which the party to whom credit is offered or extended is a natural person, and the money, property, or services which are the subject of the transaction are primarily for personal, family, or household purposes. [Pursuant to: Title 15]
WHAT IS A NATIONAL? NATION? WHAT IS A FOREIGN NATIONAL?
Definition of National:
(adjective)
1: of or relating to a nation
//national boundaries
//the national flag
(noun)
1: one that owes allegiance to or is under the protection of a nation without regard to the more formal status of citizen or subject
Definition of Nation:
(adjective)
b: a community of people composed of one or more nationalities and possessing a more or less defined territory and government
//Canada is a nation with a written constitution
— B. K. Sandwell
c: a territorial division containing a body of people of one or more nationalities and usually characterized by relatively large size and independent status