Estate Planning: The Basics
What is Estate Planning Estate Planning is the process of planning during your life for the transfer of your property at your death to your beneficiaries. Estate planning can help to maximize the value of the estate by reducing taxes and expenses. Setting up an estate plan requires the services[...]
Being a Successor Trustee
What is a Successor Trustee? A Successor Trustee is a person who takes over the management of a trust after the initial trustee dies or is unable to fulfill their responsibilities. The Successor Trustee is responsible for executing the trust and managing it until the assets of the trust are[...]
Are Trusts Too Complicated?
The simple answer is no. Most trusts drafted by estate planning attorneys are amendable and revocable. The main idea behind having a trust drafted is protection. A trust protects your beneficiaries in a two major ways. First, a trust allows you to leave your assets to the people you choose[...]
How Will Tax Reform Impact Seniors and Persons with Disabilities?
The Tax Cut and Jobs Act (TCJA) is now officially law. Both the House and Senate passed the new tax reform bill in December with straight party-line votes and no support from Democrats. President Trump signed it into law right before Christmas. It is the first overhaul of the tax[...]
Trusts and Taxes
It’s that time of year…tax season. When most of us think of tax season, we think of our individual and business tax returns since these are the most common tax forms. Most of us do not think of the tax obligations relating to trusts—but many of us should. Many of[...]
Two Major Reasons Why You Need a Trust
What is a Living Trust? A "Living Trust", or a revocable trust, is a trust created by an individual during their lifetime to store their assets until they die. After they die, their assets are transferred to their beneficiaries by a “successor trustee” appointed by them. Two Major Reasons Why[...]
