What is an Irrevocable Life Insurance Trust?
July 21, 2017The Irrevocable Life Insurance Trust What You Need to Know An Irrevocable Life Insurance Trust (ILIT) is probably the most frequently used type of irrevocable trust. It’s an irrevocable trust that you can establish to own a life insurance policy on your life. If you personally own a life insurance policy, the policy proceeds will… Read more »
Are Irrevocable Trusts Somehow More “Powerful” Than a Revocable Trust?
July 19, 2017Is an Irrevocable trusts more powerful than a revocable trust? In general, the only way to obtain tax advantages using a trust is to give up ownership. Irrevocable Trusts require you to give up legal title (ownership) to any property and that can never be changed. Revocable trusts, on the other hand, do not require… Read more »
What is an Irrevocable Trust?
July 17, 2017So, You Want an Irrevocable Trust – What is That? An irrevocable trust is a trust that may not be altered, amended or revoked by the creator of the trust. The reason you may consider creating an irrevocable trust is because all gifts you make to the trust are treated like gifts made to a… Read more »
When a Disclaimer Might be Used?
June 26, 2017I Don’t Need the Money From My Father, and I’d Like to Pass it to My Children Instead, Without Any Adverse Tax Consequences. Is that when to a disclaimer might be used? Yes. A qualified disclaimer could be the perfect tool to accomplish this goal. If you disclaim your interest in the inheritance after your… Read more »
What is a Disclaimer?
June 22, 2017Learn About Legal Disclaimers A disclaimer is an irrevocable refusal to accept an interest in property. In other words, it is the legal way of saying “no thank you.” The effect of a disclaimer is that the disclaimed property will be treated as if it had never been transferred to the person making the disclaimer…. Read more »
How is My Personal Property Handled in a Trust?
June 20, 2017Learn How Personal Property is Handled in a Trust Personal property such as jewelry, antiques, artwork, family heirlooms, and household effects can be passed on to your beneficiaries through a specific bequest: “I leave my Ming Vase to my sister Betty.” But for most people, it would be overwhelming to try to inventory and choose… Read more »
What is a Community Property Agreement and How Does it Interact with My Trust?
June 16, 2017I Need to Know What a Community Property Agreement is A community property agreement is a contract that a married couple in a state that permits such agreements signs to specify how they want their property to be classified. Classification may be as community property or separate property, or a mix of the two. What… Read more »
My Husband Did Not Have a Revocable Living Trust.
June 14, 2017A Scenario about Revocable Living Trusts My Husband Did Not Have a Revocable Living Trust. Why do I need revocable living trusts? If my husband only had a will and there were no big problems when he passed away isn’t that enough? This specific situation would need to be reviewed by your professional advisors-they might… Read more »
Are My Assets Are At Risk if My Beneficiaries Die?
June 12, 2017What Happens to My Assets if None of the Beneficiaries Named in My Living Trust Survive Me? Your living trust should include an “ultimate distribution” provision that addresses the unlikely scenario that all of your beneficiaries—typically your spouse, children or grandchildren—do not survive you. What is sometimes referred to as a the “family disaster” provision… Read more »
Estate Plan for Unmarried or Same-Sex Couples
June 08, 2017What to do to Prepare Estate Plan for Unmarried or Same Sex Couples Unmarried couples face special estate planning challenges. An estate plan for unmarried or same-sex couples Same-sex and LGBTQ couples used to have special concerns when creating an estate plan, by virtue of the fact that they couldn’t legally marry in much of… Read more »