Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. Read on to learn more. … [Read more...] about Revocable Trusts Are Not Always Treated the Same as an Individual
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more. … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Estate planning is sometimes reduced to the execution of a simple will, but there are some other details to take into consideration. If you want to make sure that all your bases are covered, you should take a more comprehensive approach. With this in mind, we will look at some frequently overlooked components in this post. Letter of Last Instructions The executor is the administrator when a will is used, and a trust is administered by a trustee. Leaving instructions with regard to the way … [Read more...] about Your Estate Plan May Have Missing Parts
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
There is a great deal of legislation pending and much is uncertain. But this much is certain, the estate tax exclusion will go down by half beginning 2026 under current law. Now is the time to plan for your clients and yourself. Read on to learn more. … [Read more...] about Plan Now for the Incredible Shrinking Exclusion
ABLE accounts are a nice, flexible way to supplement the usefulness of a Special Needs Trust. But certain limits apply. Read on to learn more. … [Read more...] about ABLE Accounts Complement Special Needs Trusts
If you have agreed to be the executor of an estate, you may have some questions about the tasks that must complete to settle the estate. In this post, we will provide a basic overview that will demystify the process to some extent. Find the Physical Document The person that asked you to be the executor of the estate will probably tell you where you can find the will, but this is not a given. They may feel as though it is not important that they get your approval at first, and they may never … [Read more...] about How Is an Estate Settled When There Is a Will?
The Academy takes learning seriously. The Academy’s Spring Summit included numerous substantive legal education sessions, as well as sessions on marketing and law office management. The virtual conference also included opportunities for networking and fun. Read on to learn more. … [Read more...] about Learning and Camaraderie at the Academy Summit
The revocable living trust is the estate planning device that is ideal for the widest range of people. There are many benefits that you should be aware of before you make any decisions, and we will look at a few reasons why you may want to use a living trust in this post. You want to maintain control of your assets. A lot of people think that you surrender control of assets that you convey into a trust, but this is not always true. You relinquish some degree of control with certain types of … [Read more...] about Why Would I Use a Living Trust?