Do You Need a Revocable or Irrevocable Trust?
On the surface, the difference between revocable and irrevocable trusts couldn’t be any more straightforward. You can change your revocable trust whenever and however you choose. You can’t change your irrevocable trust at all.
What Is a Dynasty Trust?
If you want to protect your family’s legacy from unnecessary taxes, divorce and creditors over the course of many generations, a dynasty trust could be your best friend.
What Kind of Trust Is Right for You?
Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.
When Should You Fund a Trust?
For larger estates, a revocable trust is generally the most effective tool for avoiding probate. It involves some setup costs. However, it allows you to manage the disposition of all of your wealth in one document, while retaining control and reserving the right to modify your plan.
Do You Need a Revocable Trust or Irrevocable Trust?
Trust funds are not just for the ultra-rich. These sophisticated estate-planning tools can make just as much sense for middle-class Americans who own a home and have a net worth of at least $100,000.
Making the Most of Exemptions and Flexibility in Gifting
Federal estate, gift and GST tax exemptions are currently at historic highs ($11.58 million per individual in 2020). These higher exemptions are scheduled to return to $5 million, adjusted for inflation, after December 31, 2025, but they could be reduced before then, as a result of political or policy changes.
How Do Special Needs Trusts Work?
Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.
Avoid Estate Planning Mistakes
These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to build the right plan for your family.
Does a Trust Have to Be Funded to Be Valid?
If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.
What Is Purpose of an Irrevocable Life Insurance Trust?
Death and taxes may be certainties of life, but how much tax your family pays upon your death is still within your control to a certain degree.