Mark, a single parent of two daughters aged 9 and 11, has an estate valued at $17 million and plans to purchase a life insurance policy with a $5 million death benefit. Mark’s estate is currently valued at $22 million, which is over the federal estate tax exemption maximum and, therefore, would incur estate taxes. […]
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A charitable lead annuity trust (CLAT) is an irrevocable trust that allows donors to make yearly contributions to the charitable organization of their choice while reducing their estate tax liability and transferring assets to their beneficiaries. This split-interest trust makes it possible to fulfill charitable giving and family wealth transfer goals. You can establish a […]
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Equity stripping is a set of financial strategies used to protect assets, such as real estate, from creditors. The goal of equity stripping is to reduce the equity in the property to the smallest possible, to make the property less appealing to potential claimants. Home equity is the difference between your home’s market value and […]
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Families who operate a business or jointly own real estate or other assets may take advantage of a family limited partnership (FLP) or a limited liability company (LLC) to protect their family’s assets, reduce estate taxes, and transfer wealth between generations while maintaining control of the business or other assets. What is a family limited […]
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How can you be a beneficiary of your trust and protect your assets in the trust simultaneously? Generally, if you place your assets in a trust and name yourself as a beneficiary, you cannot also benefit from asset protection. If you have a say in how the assets in your trust can be used, then […]
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Charging order protections are court orders for creditors, allowing them to receive distributions from a business that would otherwise be paid to a debtor. Charging order laws vary by state, but they should balance a creditor’s rights with the importance of maintaining the business’s operational integrity. What are limited liability entities? Limited liability entities (LLEs) […]
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Minimizing estate taxes requires careful planning and taking the time to consider multiple different strategies. Since estate tax laws vary by state, it is essential to consult with an estate attorney to determine the most suitable strategies for your particular circumstances. Here are ten common strategies used to reduce estate taxes. 1. Charitable trusts and […]
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A self-settled trust is a type of trust in which the settler, or the person who created the trust, is also the beneficiary. This type of trust varies from the typical trust in which the grantor’s assets are conveyed into a trust for the benefit and protection of others. Settlers use a self-settled trust to […]
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Cohabitation without marriage is becoming more common in the U.S. Buying a home with your partner may make financial sense, but it can come with some legal complications. While most couples do not go into a relationship planning for when it will end, it can happen, and sharing everything may lead to some unintended consequences. […]
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Cryptocurrency is an amazing advancement that allows for secure and private transactions. However, extreme security and privacy can backfire if you lose the ability to access your cryptocurrency or never tell anyone how to access it upon death. Because cryptocurrency is so new, your estate plan may not include information about your cryptocurrency investments, which […]
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