Individual retirement accounts (IRAs) are a fantastic way for people to save money throughout their lifetime to support their retirement and to transfer wealth to the next generation. Trusts are versatile, effective estate planning tools that can meet a wide range of needs, such as transferring wealth, avoiding probate, minimizing tax burden, and protecting assets. […]
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Decanting is pouring liquid from one container to another. When decanting wine, the process is supposed to be done carefully to avoid disturbing any sediment or impurities that may have settled at the bottom of the container. Wine exposed to oxygen, over time, becomes vinegar. So, how does this apply to an irrevocable trust? Typically, […]
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An irrevocable trust known as a Medicaid Asset Protection Trust (MAPT) safeguards assets like the family home during the application process for Medicaid long-term care benefits. To qualify for Medicaid, your assets must be under a certain level, and home equity often exceeds this threshold. Advance estate planning is critical because you can’t just transfer […]
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Family wealth trusts are not just for the extremely wealthy. They can help families transfer wealth from one generation to the next quickly and easily. Family wealth trusts are extremely customizable. They can help families provide for minor children, protect family members with special needs, and shield family assets from unwarranted lawsuits. Your estate planning […]
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Imagine a situation where a trust document undergoes a last-minute amendment that significantly deviates from the grantor’s previously stated intentions on how they plan to transfer their wealth to the next generation. What are your chances of successfully contesting a trust? Trusts are a valuable estate planning tool for transferring wealth from one generation to […]
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A trust is a legal instrument that enables a grantor, the person who creates a trust, to transfer assets to trust beneficiaries without going through the probate process. The grantor typically names themselves as the trustee, along with a successor trustee, to manage the trust in the event that they become incapacitated and after their […]
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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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If you establish a revocable living trust, you will probably serve as your own trustee. However, you will need a successor trustee to manage your trust upon your death. A trustee is the person or firm you choose to manage and administer your trust according to your trust instructions and state law. A grantor gives […]
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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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Ken, age 65, a widower, has recently married Kellie, age 49. Ken has two adult children who are both very active in their family business. Kelly has an adult daughter, who is married with two children and currently lives in Europe. Ken’s estate is valued at approximately $35 million. He wants to ensure that Kellie […]
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