Making the right choice when it comes to securing your wealth has never been easier.

Making the right choice when it comes to securing your wealth has never been easier.

Trusts: Revocable Vs. Irrevocable

The Fundamentals of Trusts Trusts: A Powerful Tool for Protecting Wealth Despite what the term “trust fund baby” would suggest, trusts are not just for billionaires, celebrities, or old-money families. Trusts are a powerful tool for protecting wealth, both during life and following one’s passing, even for people of less-than-Vanderbilt means. When a trust is set up, wealth—be that cash, real estate, or other assets—is removed from the control and management of you, the grantor, and put under the fiduciary care of a third party, the trustee or trustees. A trustee may be an individual, individuals, or a financial institution.

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What Is the Generation-Skipping Transfer Tax?

The estate tax gets all the press, but if you are leaving property to a grandchild, there is an additional tax you should know about. The generation-skipping transfer (GST) tax is a tax on property that is passed from a grandparent to a grandchild (or great-grandchild) in a will or trust. The tax is also assessed on property passed to unrelated individuals more than 37.5 years younger. The GST tax was designed to close a loophole in the estate tax. Normally, grandparents would leave their estates to their children, incurring estate taxes. Then the children would pass on the estates

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How an Irrevocable Life Insurance Trust Can Be Used to Avoid or Reduce the Estate Tax

With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding both the federal estate tax, as well as any applicable state estate tax. Senate Democrats have proposed lowering the current estate tax exemption from $11.7 million for individuals and $23.4 million for couples to $3.5 million for individuals and $7 million for couples. While it is unclear if this proposal will pass, it is likely

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When To Use A Special Needs Trust

Special-Needs Trusts: An Overview of a Useful Estate-Planning Tool In planning one’s estate, one seeks to make one’s passing easier, financially, logistically, and emotionally, for loved ones. In planning for the future, you likely have given special consideration to loved ones who would not be able to provide for themselves if you were gone, such as minor children. While children eventually grow up, some conditions and disabilities that prevent a person from working or living independently can be lifelong. While Social Security and other government programs can provide an income for persons unable to work, these benefits are often not

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Issue Brief on Medicaid Estate Recovery

NAELA, along with Justice in Aging and other advocacy organizations, has published an issue brief on the Medicaid estate recovery program. Issue Brief on Medicaid Estate Recovery NAELA, along with Justice and Aging and other advocacy organizations, has published an issue brief on the Medicaid estate recovery program. The brief calls on Congress to eliminate the Medicaid estate recovery program and focuses on how estate recovery contributes to the cycle of poverty. In particular, the brief examines how home ownership allows for generational wealth building for lower-income families. The brief was a collaboration between NAELA, Justice in Aging, California Advocates

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9 (Potential) Problems with Your Trust

All trusts should be reviewed every few years to make sure that they are up-to-date with the law and meet your current goals. Following is a checklist of trust features you can review yourself. But be aware that these only refer to revocable “living” trusts, not to irrevocable trusts. Do you have the right successor trustees? Typically, you will be the trustee of your own revocable trust with your spouse as co-trustee (if you’re married). Trusts should name one or more successors in the event the original trustee or trustees are unable to serve. Make sure that you still want the

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