A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...]
What Happens to a Living Trust When One Spouse Dies?
A married couple is certainly not required to create their estate plans together; however, it is often preferred due to shared assets that must be addressed in each estate plan. One estate planning tool that is frequently used by married couples is a living trust. A living trust can help accomplish a myriad of estate planning goals and objectives while also remaining flexible enough to be easily tailored to the needs of each trust maker. It’s an ideal addition to any estate plan. So, it’s no … [Read more...]
What Is a Living Trust?
Although a Last Will and Testament generally serves as the foundation of any comprehensive estate plan, most plans also include a variety of additional documents and strategies. One of the most common additions to an estate plan is a trust agreement. If you plan to include a trust agreement in your estate plan you will need to decide which type of trust is right for your plan. Understanding the difference between a testamentary trust and a living trust is essential to deciding which type of … [Read more...]
Famous Estates-Champ or Chump? George H.W. Bush
George H.W. Bush (1924-2018) 41st President of the United States, 1989-1993 Political Life In the words of President Harry Truman and President Ronald Reagan, "There is no limit to the amount of good you can do if you don't care who gets the credit.” President George H.W. Bush embodied these words. In his early life, H.W. became one of the youngest aviators in the Navy, graduated from Yale University, and reached millionaire status all before the age of 40. As the President of the … [Read more...]
How Long Does It Take to Set Up A Trust?
You may have heard friends or family discussing the use of a trust in their estate plan and wondered if you should consider creating a trust as well. Trusts have become an increasingly popular estate planning component due in large part to the flexibility trusts offer and the multitude of goals and objectives that can be accomplished with a trust agreement. If you have never created a trust before, however, you may wonder “How long does it take to set up a trust?” There is no simple “one size … [Read more...]
What Is a QTIP Trust?
When you sit down to create or revise your estate plan you may decide to include a trust agreement in your overall plan. Among the many benefits of including a trust is that trusts have evolved to the point where there seems to be a specialized trust for just about every estate planning goal or objective. A QTIP trust, for example, is an excellent way to provide for a second spouse while still protecting and reserving assets for your children. All trusts share the same basic elements – a … [Read more...]
How Do I Fund My Trust?
In years past, trusts were used almost exclusively by wealthy families as a tool to pass down the family fortune while avoiding estate taxes and retaining some degree of control over the assets held by the trust. Trusts have come a long way, however, since those days and are now commonly used by anyone creating a comprehensive estate. If you are contemplating the addition of a trust in your estate plan you may be wondering how you fund your trust. Funding a trust is actually very simple. A … [Read more...]
Charitable Lead vs. Charitable Remainder Trust
Estate planning typically entails the integration of numerous goals into one comprehensive plan. For example, providing for loved ones and gifting to charity can be accomplished in one trust by creating a charitable lead or charitable remainder trust. Charitable lead and remainder trusts are estate-planning tools that have similar effects while using procedures that are nearly opposite. One creates a trust that provides a charitable beneficiary with income for a specific time period, with the … [Read more...]
How Can I Make Changes to My Trust?
Trusts were once used primarily by wealthy families who wished to pass down the family wealth from one generation to another while still retaining some degree of control over the assets. Today, however, trusts are a common addition to any comprehensive estate plan. If you have included a trust (or several) in your estate plan and now wish to change or amend your trust you may be concerned that making changes to your trust is a complicated undertaking. In most cases, this is not so. First, it is … [Read more...]
Amending a Trust
For many people an estate plan includes much more than a simple Last Will and Testament. Although there are numerous estate planning tools and documents that can be incorporated into an estate plan, some are used more than others. Trusts, for example, are a common estate planning addition. Once created though, what happens if you want to change something in the trust? For starters, not all trusts can be changed. Irrevocable trusts cannot be changed absent the intervention of a court, for … [Read more...]
