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How Does Life Insurance Affect an Estate Plan?
Planning with life insurance requires the advice of competent insurance professionals and estate planning attorneys to ensure the most advantageous outcome for you and your beneficiaries.
When diving into the world of trusts, a frequently asked question revolves around the tax implications: “Does my trust need to file a tax return?” The answer isn’t always straightforward and hinges on several factors related to the structure of the trust.
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.
One of the most disruptive proposals put forth last year by Congress was the elimination of the tax-free basis step up at death. Luckily for many of our clients, the legislation was never enacted.
Attorney Britt Burner discusses the importance of funding trusts, selling property within trusts and the value of keeping the document in good standing.
All supplemental needs trusts (“SNT”) are created for the sole benefit of a disabled individual. This type of trust is designed to provide support for a beneficiary without jeopardizing their receipt government benefits, namely Medicaid and SSI.
Attorney Britt Burner discusses the anatomy of trusts, the types of trusts used in Estate and Medicaid planning, and how they can benefit you and your loved ones.
Being a Trustee of a trust carries serious responsibilities and trustees are compensated for their time. Section 2309 of the New York Surrogate’s Court Procedure Act (“SCPA”) sets forth the computation of commissions payable to trustees.
Some of you may be thinking, “I signed my trust, now what?” Now it is time to fund your trust… you must put something in it!
