Here are some general types of trusts that are usually confined to those requiring a bolder implementation of estate planning, either because of certain business activities in which they are participating, and/or the degree of wealth they may wish to protect from certain potential hazards. Irrevocable trusts cannot be terminated after they are finalized. This…

The goal of this series is to explain different principles upon which asset protection planning rests. In this article, we will explore in what specific scenarios asset protection planning may be of particular significance, and some tools that are available for implementation. BASIC STRATEGIES: One of the simplest strategies of asset protection involves various exemptions allowed…

When it comes to understanding trusts, knowing the difference between revocable and irrevocable trusts is crucial. If you ask for a revocable trust and get an irrevocable one, or vice versa, the legal and tax consequences will be significant. Revocable Living Trusts A revocable living trust, also known as a revocable trust, living trust or…

Many people often assume that they don’t have an “estate” worth planning or that their families will take care of everything when the need arises.  On the contrary, everyone, regardless of their net worth, requires comprehensive estate planning in order to ensure that their wishes are executed and their families are adequately provided for.  As…

A spendthrift trust is a kind of trust that limits or altogether prevents a beneficiary from being able to transfer or assign his interest in the income or the principal of the trust.  Spendthrift trusts are sometimes used to provide for beneficiaries who are incompetent or unable to take care of their financial affairs. If…

For years, many estate planning lawyers have implied that everyone should have a trust yet most Americans don’t have a simple will. And yes, living trusts certainly do avoid probate.  But, there’s a whole lot more to a living trust than just that. Here are some factors to consider for yourself: How much of your estate…

Living Trusts Over the last two decades, the popularity of Living Trusts has skyrocketed. No longer are a tool just for the rich, Living Trusts one of the most common estate planning tools in use today. In fact, today’s estate planning is not just about death and taxes, but includes protection of one’s assets from…

How an AB Trust Works Under the old tax laws, each spouse had an estate tax exemption, but typically, the first spouse to die didn’t use his or her exemption. That’s because most spouses left everything to the survivor, and bequests to a surviving spouse aren’t subject to estate tax. (This rule is called the…

If you become unable to direct your own medical care because of illness, an accident, or advanced age, the right legal documents are your lifeline. When you don’t write down your wishes about the kinds of medical treatment you want and name someone you trust to oversee your care, these important matters can be placed…

Most marriage-oriented trusts postpone payment of estate taxes until both spouses in a marriage have died. A marital deduction trust allows you to put property in trust with your spouse as the beneficiary. Upon your death, your spouse has the right to use the property in the trust. No matter how valuable the property in…

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