A trust is a legally created fiduciary arrangement designed for the security, growth, and division of assets. There are three distinct roles in a trust, with countless combinations of trust…
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Major tax reform legislation was signed into law late last year that impacts not only the federal income tax but also other taxes potentially affecting your estate plan (such as…
What Is The Difference Between The Taxable Estate vs. The Probate Estate? The taxable estate is an estate tax concept. It includes the decedent’s interest in every type of property…
The gift tax is also a component of the federal transfer tax system and is a tax imposed on transfers (i.e., gifts) of property during life, either given outright or…
The estate tax is one component of the federal transfer tax system, which also includes the gift tax and the generation-skipping transfer tax. The estate tax is a tax imposed…
Probate assets consist only of assets owned by the decedent at death that do not pass automatically (i.e., by operation of law) to the intended beneficiaries. A person’s will deals…
Probate is the legal process that takes place after someone dies of proving the validity of a will or establishing who is entitled to receive the decedent’s property under state…
You should always work with a lawyer when setting up a trust. A poorly created trust can be confusing, expensive, and/or ineffective. The trouble with do-it-yourself planning is that even…
A trust can own almost any kind of asset except for retirement plans. The types of assets that can be retitled in the name of the trust include cash accounts…
To the layperson, trusts can appear complicated. People often think trusts are only for the very wealthy. In reality, trusts can be useful for people of all income levels. A…
