Estate Planning Blog

The person you choose to inventory and distribute the assets of your estate should not learn that fact while deep in grief.

As an estate planning attorney, I frequently encounter clients uncertain about the distinctions between grantor and non-grantor trusts. These types of trusts are fundamental in estate planning, offering various benefits and implications, particularly in tax planning and asset management. This article will discuss the key differences between…

Whether you’re a parent with a special needs child or an adult caring for an elderly or special needs loved one, understanding the benefits of a comprehensive Special Needs Plan is crucial. Careful planning ensures that the individual with special needs has clear financial security upon your death, as well as specific goals to address the needs of your child or loved one so that they can be successful in the future. From guardianship and living arrangements to managing finances and planning for adulthood, each element of a special needs plan plays a crucial role in ensuring a secure and…

Losing the founder or long-time owner of an enterprise can leave the business adrift and shatter family relationships. However, it doesn’t have to be that way.

This is a great way for people over 70 to both give money to charity and save on taxes. The taxpayer is essentially giving pretax money to a worthy cause, which in effect creates a dollar-for-dollar income tax deduction they’d otherwise not receive.

A subtrust is a separate entity created under the umbrella of a primary trust or a will. A subtrust becomes active based on the terms of the trust or will when certain events happen, such as the death of the primary grantor, or creator. Subtrusts are one tool that estate planning attorneys use to help families pass on inheritances and protect their heirs from creditors or issues such as lawsuits or divorce. Subtrusts serve various purposes depending on…

A Qualified Personal Residence Trust (QPRT) is a unique financial tool used in estate planning to reduce the potential estate tax liability by transferring a principal residence or vacation home into a trust. As an irrevocable type of trust, a QPRT allows the grantor to remain in the home for a predetermined term of years, making it a strategic choice for those looking to manage their estate tax effectively. Learn more about QPRTs. In the realm of estate planning, QPRTs serve…

Know what to expect if you inherit an IRA and how to establish a plan for taking distributions.

The federal gift, estate, and generation-skipping transfer (GST) tax exemptions and the annual exclusion from gift tax are historically high due to a temporary increase under the Tax Cuts and Jobs Act.

As the cost of college tuition skyrockets, parents and grandparents can take advantage of tax-efficient 529 plans and higher limits on gift and estate taxes.