Tag: Irrevocable Trust
Last time we discussed some of the terminology associated with trusts. Now let’s look at how revocable trusts differ from irrevocable trusts and the benefits of having a trust. Revocable Versus Irrevocable Trusts A revocable trust is a trust that can be altered by the grantor during his or her lifetime. An irrevocable trust, on […]
An Irrevocable Living Trust generally cannot be modified or terminated except under certain limited circumstances. It requires the grantor to transfer assets into the trust and give up his or her rights of ownership to these assets. So why would you want to create an Irrevocable Living Trust, as opposed to a Revocable Living Trust? Irrevocable Living […]
“Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.” Everyone wins when estate planning attorneys, financial advisors and accounting professionals work together on a comprehensive estate plan. Each of these professionals can provide their insights when helping you make […]
“Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.” The uncertainty surrounding the election and possibility of changes to the tax law led many families to make substantial wealth transfers in 2020, especially as the […]
“Avoiding probate usually is the main appeal for living trusts. Trusts also can provide a gentler transition, if the grantor becomes incapacitated.” Any trust created while the person, known as the “grantor,” is living, is known as a “living trust.” However, the term is also used interchangeably with “revocable trusts,” which can be changed according […]
“Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.” Election cycles […]
“The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.” There are four elements to a trust, as described in this recent article “Trust as an Estate […]
“Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.” Families with concerns about the durability of a child’s marriage are right to be concerned about protecting their children’s assets. For one family, where a mother wishes to give away all […]
“The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.” It is true that a single person who dies in 2020 could have up to $11.58 million in personal assets and their heirs would not have to pay any federal estate tax. […]
“During this crazy 2020 tax year, in addition to being faced with all the issues surrounding Covid-19, as well as the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.” As a result of the low interest rate […]
