Trusts
A credit shelter trust (CST) is an estate planning tool used for married couples to help reduce, if not eliminate, estate tax due at the death of the surviving spouse. Federal Estate Tax The current federal estate tax exemption is $11.7 million. This means individuals can gift up to the federal exemption amount during their […]
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When creating a last will and testament or a living trust, there are certain planning techniques that can be advantageous to those who inherit your assets. One such technique is distributing assets to your beneficiaries in trust to provide them with creditor protection, which they would be unable to create for themselves. The IRS rule […]
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The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act became effective on January 1, 2020. While the Act was aimed at improving retirement savings, there is a negative change which effects those who inherit retirement accounts from the original participant. Prior to SECURE, designated beneficiaries of retirement accounts could take required minimum distributions from […]
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Medicaid Asset Protection Trusts, sometimes called Irrevocable “Income Only” Trusts or Medicaid Trusts, are used to protect assets and allow people to qualify for Medicaid long-term care. In order to protect the assets, the trust must be created 2.5 years before home care Medicaid is needed or 5 years before nursing home care is needed. […]
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As Elder Law Attorneys, we focus on Medicaid planning for our clients in order to have access to long-term care. It is equally as important to ensure that their beneficiaries will have access to government programs and not be disqualified by the fact that they received an inheritance. If you have a disabled child who […]
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What is a Qualified Terminable Interest Property (QTIP) trust and when would I use it? A Qualified Terminable Interest Property trust, commonly known as a QTIP trust for short, is a type of marital trust that offers flexibility in planning for your spouse and remainder beneficiaries upon your death, while also providing estate tax planning […]
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A Revocable Living Trust, also called an intervivos trust, is a trust created during a person’s lifetime and is designed to give the grantor (creator) flexibility and control over his or her assets. With a Revocable Trust, you may act as your own Trustee, thereby maintaining complete control over your assets during your lifetime. With a […]
Read MoreWith tax planning becoming less of an issue for the average client, the focus in estate planning has shifted to asset protection for intended beneficiaries. As attorneys, we often hear our clients tell us that they plan to leave everything equally to their children, but that they are concerned that one (or more than one!) […]
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Many individuals have heard of the trusts used in estate planning, such as an Irrevocable Trust, Income Only Trust, or Medicaid Asset Protection Trust. However, there is a trust not so commonly known, a “Pooled Income Trust” which can be established by Medicaid applicants. The seldom mentioned Pooled Income Trust is almost always a necessary […]
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Many people use irrevocable trusts as part of their estate plan for tax savings, asset protection and Medicaid planning. In all these types of trusts, the Grantor (creator) of the trust is going to be limited to their access of the principal of the trust in order to ensure that their planning needs are met. […]
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