What is the Difference Between Revocable and Irrevocable Trusts?
Have you ever heard the phrase “work smarter, not harder?” Of course you have. We all strive to make our lives a little easier by getting something done in the most efficient way possible. What is amazing, though, is that we all so often work harder, not smarter anyway [...]
How to Do an Irrevocable Trust Modification in Florida?
Irrevocable trusts can be a bit tricky. In one way, it is just like other trusts. You, as the “grantor” or “settlor” (i.e., the person who creates the trust and puts assets – financial, real estate, or otherwise – into the trust), can fund the trust as you see fit. You can provide instructions on how the trust is to [...]
What is a Grantor?
If you are curious about the meaning of the term “Grantor,” then you are most likely starting to do some estate planning. Perhaps you are preparing estate planning documents yourself, perhaps you already have an attorney who has asked to you answer some questions to begin the estate planning journey, or perhaps you are just surfing the net to get [...]
Do You Need a Living Trust or a Will?
You have devoted your life to your career, to saving for the future, and to providing for your family. Now that you have accumulated some assets and have an estate that you will eventually want to pass on to your children, you should make sure to make the right choices for those assets [...]
Gloomy Skies Create a Perfect Storm for Wealth Transfer Opportunities
Our portfolios have taken a fairly serious hit in the first half of 2020. Not only has the stock market pulled back in response to the global pandemic, but it is plagued with volatility, which seems to coincide with all of the unpredictability we are experiencing these days [...]
What Are the Rights of Creditors and Surviving Family Members in Probate?
After a loved one passes away, it can be a very emotional, overwhelming time. The last thing on the family’s mind may be settling the deceased’s estate. But unfortunately, the clock is ticking and certain actions must be taken promptly to make sure that beneficiaries and creditors get what they are entitled to [...]
How to Use Estate Planning to Ease the Tax Burden on Your Family
Nothing in life works as well when you have to do it at the last minute. Your term paper is never as good when you write it at 3 am the morning it is due, a fire sprinkler system isn’t very useful if you are trying to install it while your house is on fire, and changing the oil in [...]
Can You Amend an Irrevocable Trust?
Imagine that you are the creator or a beneficiary of an irrevocable trust whose terms are no longer satisfactory. You might think that there is nothing you can do since the trust is irrevocable. But surprisingly, you would be wrong. Even though the name of the trust itself makes it sound ironclad, the good news is that there are a [...]
What Is a Private Trust?
To start with the basics, a trust is a legal device that lets a person designated as a “trustee” (who is usually an unrelated third party) take care of, and provide direction for, assets that are placed into a trust fund. Importantly, the trustee holds and makes decisions about the trust funds for the benefit of a beneficiary.
What Is a Generation-Skipping Transfer?
When considering giving gifts to family members, you should consider the possible tax consequences of those gifts. Nothing ruins a grand gesture quite like a hefty tax bill. So, when an estate planner looks to minimize the tax burden on certain gifts, your planner should not forget to minimize the impact of the generation-skipping transfer (“GST”) tax.