A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful.
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. This article concerns the Healthcare Powers of Attorney and Advance Directives.
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries.
Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones.
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medicaid? Read on to learn how crowdfunding can impact Medicaid eligibility.
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. While these modifications may be determinative of the state law consequences, they may not determine federal tax consequences. Read on to learn more.
Clarity is essential in an estate plan. This article examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later.
If you’re married, it goes without saying that you’ll want to include your spouse in the estate planning process. This sounds simple enough, but you’ll soon find that there’s a lot to discuss. Not to mention the fact that you may not see eye to eye on every detail. Here’s how we define estate planning: … Read more
There are many important decisions to make when creating a will, with choosing an executor at the top of the list. This is the person you put in charge of administering your estate upon your death, based on the final wishes outlined in your will. Even if you have a clear idea of who you … Read more
In today’s day and age, more people than ever before like to do things on their own. And for this reason, DIY estate planning has seen an uptick in activity over the past few years. While it may be something you’re considering, you should think twice before you go down this path. There are many … Read more