At Katzner Law Group, we often advise individuals who either serve as trustees or are beneficiaries under a trust. One of the most important—and commonly misunderstood—areas of trust administration is a trustee’s fiduciary duty. When this duty is violated, it can lead to serious consequences for both the trustee and the trust’s beneficiaries. A breach […]
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Trusts can be broadly categorized as revocable or irrevocable. Revocable trusts are commonly referred to as living trusts because the grantor, or person who creates and funds the trust, can retain control over the trust their entire lifetime. When the grantor creates the trust, the trust itself will become the legal owner of the property […]
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Charitable giving is an integral part of life for many people. Whether donating your time, treasures, or talent, helping others demonstrates your values and sets expectations for future generations. Charitable Lead Annuity Trusts (CLATs) are tax-efficient estate planning tools that allow donors to make yearly contributions to the charity of their choice while reducing their […]
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Individual retirement accounts and 401k’s (we’ll refer to all retirement vehicles as IRAs in this article) 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, […]
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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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