Self-settled asset protection trusts get more buzz these days, but they weren’t even recognized in the United States until the latter part of the 1990s. Before this time, putting together a self-settled trust required establishment outside U.S. borders. In 1997, though, Alaska recognized self-settled trusts and Delaware followed. Currently, self-settled trusts are not a nationwide [...]
One of the most popular approaches to estate planning has to do with safeguarding assets against possible losses. Asset protection trusts are one common way to protect property for you and your beneficiaries. Asset protection trusts refer to irrevocable trust structures in which a trustee holds property and distributes it out under his or her [...]
A fair amount of taxpayers are familiar with at least the basics behind gifts and taxes, but it’s important to understand your obligations when making taxable gifts to others to ensure your compliance with the Internal Revenue Code. If you make a taxable gift to someone else, a gift tax return needs to be filed. [...]
One of the most important parts of your lifetime estate planning has to do with a power of attorney. This document gives one or more individuals the authority to act on your behalf as your official “agent”. You can give this individual narrow powers or you can give them broad discretion over acting in your [...]
Elder law refers to a practice that is devoted to the needs of older clients. Elder law attorneys have specialized knowledge about long-term care planning, advance health care directives, powers of attorney, probate and trusts, guardianships, and asset protection. While many elder law clients turn to an attorney in the midst of an elder care [...]
Did you know that if you haven’t created your own estate plan, the IRS and the state will default to the plan they have created for you? That can be a scary thought, let alone a scary reality. Intentional and thoughtful planning is the only way to ensure that your inheritance will be passed on, [...]
If you die without a will, the laws of the state in which you lived will determine what happens to the assets inside your estate. Typically, the distribution will be passed along to your spouse and any children, although this can vary based on your location. One of the downsides of not having a will [...]
Before determining that a revocable living trust is the right fit for you, you should evaluate several factors. The term "living trust" may be exchanged with "revocable trust". This means that you create it during your lifetime and that you can change it during your lifetime as well. The living trust, when used properly, can [...]
If you feel overwhelmed or confused by the process of business succession planning, you’re not alone. In fact, this is a common challenge facing many of America’s business owners. To further complicate matters, many business owners are not informed about the possible tax implications of a succession plan they choose. This is why it’s so [...]
Most people would consider these items, also referenced as “belongings” to be important or of sentimental value, but they often get overlooked in the estate planning process. These items can be furniture, clothing, jewelry, silverware, cars, boats, pieces of art, or household furnishings. Even those these items tend to be left out of estate planning, [...]
