We often tread through life, assuming that tomorrow will be much like today. However, as the philosopher Euripides once remarked, “No man can be sure of his tomorrow.” Every day in the U.S., thousands face the end of their journey through prolonged illness or unforeseen events. Let’s look at the consequences of leaving life unplanned. … Read more
Grantor trusts are a particularly powerful tool in estate planning. They allow the taxpayer to remove assets from their taxable estate, while those assets can grow tax-free because the grantor is paying the income tax for the trust.
The very foundation of family lies in trust, support, and understanding. The mere notion of internal conflicts can be deeply distressing, especially if they revolve around an estate or legacy. Such rifts can cut deeper than external influences, often resulting in longstanding estrangements. A case in point is the aftermath of the passing of civil … Read more
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This third and final part of a three-part series examines a case ripped from the headlines that highlights what happens when plans go awry.
Inheriting assets can evoke mixed emotions. While the cause of the inheritance is the loss of someone close, the act signifies their wish to enrich your life as a testament to your bond. Here are some guidelines for handling such bequests with care and respect. Before diving in, pause and reflect on your financial objectives. … Read more
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This second part of a three-part series examines a case ripped from the headlines that highlights what happens when plans go awry.
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This first part of a three-part series examines a case ripped from the headlines that highlights the various Trustee duties.
When designated as the Successor Trustee in a Trust belonging to your parent, sibling, or another significant individual, you’re entrusted with both a distinguished honor and significant responsibility. This role is prestigious as it means your loved one has confidence in your ability to execute their most intimate wishes. However, it also demands meticulous attention … Read more
Although many Estate Plans have a Revocable Trust as the foundation for the plan, Wills play an important role in a comprehensive Estate Plan. Alarmingly, most Americans don’t have a Will even though they know it’s important. As National Make-a-Will month comes to a close, let’s explore the often overlooked and neglected Estate Planning document, the Will.
In recent years, pet ownership has skyrocketed, and our furry loved ones have increasingly been considered integral members of the family. However, few pet owners consider what will happen to their pets should they pass away or become incapacitated. This is where estate planning comes into play, particularly the often-overlooked element of establishing a pet … Read more