A grantor or trustmaker is the person who funds a trust, so how can you have a trust without a grantor? It is confusing, but the terms grantor trust and nongrantor trust refer to the trust’s income tax, not the existence or lack thereof of a trustmaker. The Difference Between a Grantor Trust and a […]
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Questions to ask your Estate Planning Attorney Like visiting a surgeon, many people find estate planning stressful. If you need someone to perform a relatively complex surgery to treat your medical problem, you will do your due diligence. You may ask friends, family, or other healthcare providers for their recommendations, read reviews online, and even […]
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Key Points in Estate Planning Only 33% of Americans have a will or living trust, according to Caring.com. Of these, one in three believe they don’t have enough assets to leave behind. Many people think their estate planning is a single event. Once they have prepared a will, living trust, or other end-of-life documents, they […]
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While your rights as a domestic partner may differ depending on the state you live in and possibly even the city or county, a domestic partner is unlikely to have the same rights as a spouse. What defines a domestic partnership? A domestic partnership is an alternative to marriage that any couple can choose if […]
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At one of the most challenging times in your life, after the death of a loved one, it seems like there is a never-ending list of things to manage. Properly disposing of your loved one’s prescription medications and controlled substances may not be at the top of your list, but children or pets can be […]
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Many couples, especially those who have been married more than once, have accounts and property that they consider as yours, mine, and ours. Developing an estate plan to determine what happens to accounts and property that belong to one or the other partner in a couple and the account and property that belong to both […]
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Real estate can refer to your primary residence, but it can also include a vacation home or rental property. Below, we take a look at the different types of real estate and make suggestions about the best form of ownership for each. Primary Residence A primary residence receives special tax treatment, so you’ll need to […]
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For some people, social media is a way to share content, opinions, and ideas. For others, social media is their business. If social media makes up a large part of your business model, here are five questions to ask yourself to ensure your online business is fully protected. Are you treating your online business like […]
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Why you might need This Trust in the Future? According to the Internal Revenue Service, an estate tax is a tax on your right to transfer your property upon your death. The combined estate and lifetime gift tax limit for 2022 is $12,060,000, a very generous amount when compared to 2004-2005, which was $1,500,000. This […]
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When using trusts in your estate plan, it is essential to fund the trust. Transferring your real estate from personal ownership to the Trust is essential to avoid the expensive and time-consuming probate process. To retitle your real estate in the trust’s name involves recording a deed with the local recording authority. Retitling your real […]
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