WHAT IS IT? – What is a Charitable Remainder Trust? A Charitable Remainder Trust (also known as a “ CRT”) is a permanent, irrevocable trust that is established to pay an amount at least annually to the Trustor for a period of time and then at the end of that…
If you are rich enough your estate will pay a 40% tax above the exemption UNIFIED TAX CONCEPT Under the federal estate taxes and gift taxes laws, the amount that one gives away during one’s lifetime counts toward the entire exclusion from estate and gift taxes. The lifetime estate and…
Letting Some of the Kids Live in Mom’s House May Lead to Costly Litigation Frequently we run across situations where parents will leave their residences to one or more of their children in their will or their trust. If they only have one child then the situation is usually okay…
Don’t wait until you get sued to do asset protection BENEFITS OF AN IRREVOCABLE LIFE INSURANCE TRUST (ILIT) Irrevocable Life Insurance Trusts – These types of trusts are not often thought of as an asset protection device. However, they have many benefits, including: Permanent guarantee of money to your heirs…
OMG !!! I forgot to name a loved one in my will! Will Definition A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will is typically effective upon a person’s death and can be changed or replaced…
The wrong kind of deed can have expensive and unintended consequences. Once the horse is out of the barn you can get back! What is a deed? Real estate property ownership is legally changed by a document commonly known as a deed which is signed by the person making the…
Older Affluent Man – New Wife & Step Mother – Man’s Kids Lose! We recently handled an unfortunate situation where a mature man who was quite successful and had a lot of assets including several companies married a younger woman. He was only married a couple of years when he…
A permanent estate builder that provides asset protection and covers future generations What does a Life Insurance trust do? Life Insurance Trusts – A Life Insurance Trust is a permanent, irrevocable trust that is established to own one or more life insurance policies that cannot be altered, amended, or revoked.…
Assets can be controlled through a trust for a long time Trust determines who is in control Trusts Used to Control Assets – Basically, the trust document establishing the trust states who controls the trust assets (monies, accounts and properties) and gives detailed instructions on how much, when, and under…
Disabled persons on public assistance can lose benefits if they inherit money in the wrong form Purposes of special needs trusts Trusts for Special Needs – Special Needs Trusts are used to hold money and property for specific periods of time, and to pay out the money and property according…