How Often Should You do an Estate Plan Review? Outdated Estate Plan? An Estate Plan Review Helps You Deal with Life Changes Once you have your estate plan drafted and and your selected assets funded into your Revocable Living Trust, you can’t simply throw your estate planning documents into a…
What is a Qualified Personal Residence Trust? A Qualified Personal Residence Trust (also known as a “ QPRT”) is an irrevocable trust which a homeowner establishes to make a future gift of his home to his or her children while retaining the right to continue living in the home for…
What is a Qualified Domestic Trust? A Qualified Domestic Trust (also known as a “ QDOT”) is type of trust established where estate property passes to a non-U.S. citizen spouse to allow a marital deduction on the death of the first spouse. A QDOT allows the amount transferred into the…
WHAT IS A GRANTOR TRUST? According to the tax laws, IRC §671-679, a “grantor trust” is any trust in which the Trustor/Grantor retains control over the income or principal, or both to such an extent that he is regarded as the substantial owner of the trust property and income. The…
WHAT IS IT? – What is a Generation Skipping Trust? A Generation Skipping Trust (GST) is a generic term for any trust where there are trust benefits which are skipping a generation. A typical example is where a Trustor establishes a trust that does not benefit his children but instead…
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…
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…