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Does a Joint Account Avoid Probate?
Naming a child on your bank accounts can lead to numerous consequences, including potential costly estate litigation.
Starting September 30, 2024, food will no longer be considered “In-Kind Support and Maintenance” (ISM) for SSI purposes.
The right trust for you will depend on the problems you are trying to solve. This blog post breaks down some of the most common types of trusts and when they might be beneficial.
A SLAT is an irrevocable trust created by one spouse for the benefit of the other that can help reduce estate tax liability at the time of death.
Understanding the rules of the irrevocable trust and who can access the trust can be complicated. Here are some rules to keep in mind.
If you're a trustee of a Medicaid Asset Protection Trust (MAPT) established by a loved one—such as a parent—you might wonder about the tax implications of this role, especially as Tax Day approaches. It's crucial to understand the nuances of tax reporting for these trusts to ensure compliance and avoid potential penalties.
In today's diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common.
Question: I had an irrevocable trust drawn up for me years ago. What are its benefits, and do I need to update it?
Revocable Trusts have become increasingly popular estate planning tools to avoid probate. A trust allows for the orderly and private administration of your assets at death without court involvement.
Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?
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Estate planning involves careful consideration of various factors to ensure that your assets are protected and distributed according to your wishes. One element that can add an extra layer of flexibility and protection to your trust is the inclusion of a Trust Protector.
An Irrevocable Life Insurance Trust (“ILIT”) is a valuable estate planning tool used to reduce estate taxes – known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future.
When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents.