Jackie, a 70-year-old widow, has an $18 million estate. She owns a home valued at $3 million. She has two married daughters and 12 grandchildren. Jackie wants to reduce her estate taxes and pass her home to her daughters as joint owners. She would like to live in the home until she dies. Qualified personal […]
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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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A comprehensive estate plan provides peace of mind that your assets will be distributed to your loved ones upon your death exactly as you intend. A last will and testament and a trust are two estate planning tools that serve slightly different purposes, complement each other well, and are frequently part of an estate plan. […]
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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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Planning how you will pass your estate to your loved ones can be anxiety provoking. You may have a Last Will and Testament and know you want to establish a trust but feel overwhelmed by the options. A constantly changing global economy, shifting tax codes, and changes in your family structure, needs, and goals can […]
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A pension trust is an employee retirement trust that is funded by the employee and employer and managed by a trustee to provide financial security for employees after they retire. The trustee of a pension trust is responsible for investing the funds, collecting earnings and interest, and distributing benefits to eligible employees. The […]
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A qualified funeral trust (QFT) is a type of trust that is used to pay for funeral and burial expenses. It allows people to pre-plan and set aside money to pay for these end-of-life costs without worrying whether long-term care costs will go through all their assets before they are eligible for Medicaid. A […]
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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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A dynasty trust (also known as a perpetual trust) is an irrevocable trust that can span more than two generations. In fact, it can theoretically last forever or as long as the trust money and property remain. As an irrevocable trust, dynasty trusts offer tax minimization and asset protection. Because the rules of an irrevocable […]
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Almost everyone loves an adventure. Some people enjoy the planning aspects of a vacation as much as actually going on the trip. Even the best-laid plans can go awry. That is why it is a great idea to assemble a planning team before going on your next adventure. If you are traveling to another country […]
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