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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Jackie, a 70-year-old widow, has an $18 million estate. She owns a home valued at $3 million. She has two married daughters and 12 grandchildren. Jackie wants to reduce her estate taxes and pass her home to her daughters as joint owners. She would like to live in the home until she dies. Qualified personal […]
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A comprehensive estate plan provides peace of mind that your assets will be distributed to your loved ones upon your death exactly as you intend. A last will and testament and a trust are two estate planning tools that serve slightly different purposes, complement each other well, and are frequently part of an estate plan. […]
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Planning how you will pass your estate to your loved ones can be anxiety provoking. You may have a Last Will and Testament and know you want to establish a trust but feel overwhelmed by the options. A constantly changing global economy, shifting tax codes, and changes in your family structure, needs, and goals can […]
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A dynasty trust (also known as a perpetual trust) is an irrevocable trust that can span more than two generations. In fact, it can theoretically last forever or as long as the trust money and property remain. As an irrevocable trust, dynasty trusts offer tax minimization and asset protection. Because the rules of an irrevocable […]
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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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