A spousal lifetime access trust (SLAT) is a trust created by one spouse (trustmaker spouse) for the benefit of the other (beneficiary spouse). This estate planning tool can be used to retain as much control over your property and assets as possible while not paying any more taxes than you have to. Spousal […]
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Suppose you have spent your whole life building your wealth. You wanted to provide for your loved ones long-term, well after you were gone. But what if one of your children is a little irresponsible? Imagine a situation where one of your children has access to their inheritance and blows the first distribution in no […]
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Typically, a trustmaker establishes a trust to benefit their loved ones, a charitable organization, or some other third party. The money and property in the trust are distributed upon the trustmaker’s death according to the trust instructions. In some cases, a trustmaker, especially a public figure who values privacy, will want to establish a trust […]
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In a perfect world, transferring money, property, and legacies from one generation to the next would be seamless. The paperwork and other concerns associated with the death of a loved one would pose minimal stress and family and loved ones could focus instead on the grieving process and remember their deceased loved one in peace. […]
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If you have a trust as part of your estate plan, one of the most important decisions you will make is choosing your successor trustee. This person will oversee your trust and manage it according to your wishes stated in your trust documents. The trustee’s work can be time-consuming and complicated in larger […]
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Intentionally defective grantor trusts (IDGT) are designed to be tax-inefficient for the grantor but tax-efficient for the trust’s beneficiaries. They can be an excellent estate planning tool for minimizing estate taxes and maximizing accounts and property that is passed to your beneficiaries. The grantor of the trust, not the trust itself, retains certain powers over […]
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If a married couple has the same beneficiaries, i.e., their children, does this mean the children will always have multiple trusts to deal with? The couple may choose to have joint or individual trusts. Keeping track of the property and accounts owned and invested in each trust can be complicated, especially if the estate is […]
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Michael has a problem. He is a 70-year-old widow, and his adult daughter, Marie, is disabled and unable to support herself. He has two other adult children. How can he ensure Marie is cared for while being fair to his other two children? Marie has lived with him and his late wife for her entire […]
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The divorce rate is declining in the United States but remains between 31% and 42%. Your children enter their marriages sure that their marriage is strong and would never be subject to divorce, but it happens. In addition to concerns about your child’s happiness and your grandchildren’s welfare, you also need to ensure that your […]
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What to do when the Trustee doesn’t Respond Marci is the beneficiary of her great-aunt Margaret’s trust. Margaret told Marci that the trust would pay for all her educational expenses, no matter which university or degree she sought. Marci has contacted the trustee, Tom, several times. She has sent copies of her enrollment information, tuition […]
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