Grantor Retained Annuity Trust (GRAT): Transferring Appreciating Assets With Tax Efficiency

Grantor Retained Annuity Trust (GRAT): Transferring Appreciating Assets With Tax Efficiency

Gabriel Katzner - July 5, 2024 - Estate Planning

Grantor retained annuity trusts (GRATs) are irrevocable trusts that grantors can use to place assets that are expected to increase significantly in value and distribute them to beneficiaries while limiting their estate and gift taxes. What is a Grantor Retained Annuity Trust (GRAT)? A GRAT is one of many options available in estate planning to […]

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Filial Responsibility Law in California

Filial Responsibility Law in California

Gabriel Katzner - June 28, 2024 - Asset Protection

If you live in one of the 26 U.S. states that have filial responsibility laws on the books, you may be responsible for providing basic needs and medical care if your parents cannot afford it. Filial responsibility describes the obligation or duty an adult child has to their parents. Some cultures, especially those where multiple […]

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Understanding Charitable Remainder Unitrusts

Understanding Charitable Remainder Unitrusts

Gabriel Katzner - June 21, 2024 - Estate Planning

A charitable unitrust is an estate planning tool that allows the grantor to split the assets in the trust between named beneficiaries and a charitable cause while minimizing capital gains taxes. Also called a charitable remainder unitrust (CRUT), a charitable unitrust can provide for a non-charitable beneficiary throughout their lifetime and then donate the remainder […]

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What Is a Quitclaim Deed?

What Is a Quitclaim Deed?

Gabriel Katzner - June 6, 2024 - Real Estate

A quitclaim deed is a legal document used to transfer interest in a property from the grantor to the grantee. It does not guarantee that the grantor has a legal interest or right to the property. A quitclaim deed is a way to transfer property ownership quickly and easily, but it has limitations. Ian and […]

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Can A Jointly Owned Property Be Sold By One Owner?

Can A Jointly Owned Property Be Sold By One Owner?

Gabriel Katzner - June 5, 2024 - Real Estate

Michael and Jill own a home appraised at $3 million. The home has been in their family for generations. The couple plans to leave the home to their four children when they die. All four children will be tenants in common, and they each will inherit 25% of the interest in the family home. They […]

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Guide to Inheriting a House with Siblings

Guide to Inheriting a House with Siblings

Gabriel Katzner - May 31, 2024 - Estate Planning

Inheritance can be complicated, especially if multiple people inherit the same asset and a legal will does not contain explicit instructions for how the property should be managed or divided. Mike has three daughters; one is married and has two children. His other two daughters still live in the family home. Imagine the disagreements that […]

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What is a Trust Fund and How Does it Work?

What is a Trust Fund and How Does it Work?

Gabriel Katzner - May 22, 2024 - Trust Administration

A trust fund is an estate planning tool used to hold assets or property for a beneficiary or beneficiaries. A grantor establishes a trust, and a trustee is in charge of its administration. Trust documents describe the assets in the trust, including bank accounts, property, stocks, businesses, heirlooms, and money, and the conditions under which […]

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Should I Put My House in a Trust in New York?

Should I Put My House in a Trust in New York?

Gabriel Katzner - April 26, 2024 - Real Estate

Putting a house in a trust offers several advantages. As one of the most valuable assets in your estate, it is essential to know about any potential tax and creditor protections you are eligible to receive if you put your house in a trust. If you own a home in New York, it is important […]

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WITHDRAWING CASH FROM AN ESTATE ACCOUNT

Withdrawing Cash From an Estate Account

Gabriel Katzner - April 11, 2024 - Estate Planning

Faced with the responsibilities of being an executor for an estate, you may wonder whether you, as an executor, can withdraw cash from an estate account. One of the many responsibilities of an executor is to manage an estate’s financial affairs. This includes paying the estate’s debts and taxes. An executor will also be in […]

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WHAT IS AN ESTATE SALE?

What Is an Estate Sale?

Gabriel Katzner - April 5, 2024 - Estate Planning

An estate sale is the sale, liquidation, or auction of a person’s personal possessions after their death. Estate sales are commonly held in the deceased person’s home, and family members may be present. It can feel a little awkward entering a person’s home and buying their belongings, so it’s helpful to understand what an estate […]

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