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Irrevocable trusts are created with the intent that they cannot be altered, amended, or revoked. The benefit is that such trusts can be used to minimize estate taxes or protect assets for numerous purposes such as Medicaid planning or to provide creditor...
Owning shares in an S Corporation can present some unique issues when it comes to your estate planning. An S-Corp is a corporation that elects special tax status under the Internal Revenue Code (IRC) Subchapter S. Often a business owner chooses S-Corp status...
If you are the beneficiary of a trust but lack critical details about the trust, most states have streamlined procedures in place that allow you to obtain information without the need for a full court proceeding. As a trust beneficiary, you are entitled by law to...
The generation-skipping transfer tax (GST) is perhaps one of the most confusing and least understood topics in estate planning. Many attorneys have only a limited understanding of how GST works beyond the basics. This is problematic because GST tax can have a...
A Qualified Personal Residence Trust (QPRT) is a specific type of irrevocable trust that in certain circumstances can reduce estate and gift taxes by transferring a residence to a trust. Importantly, it is a strategy that is meant to be deployed during your...
Discussion around end-of-life choices is slowly entering the mainstream. This is not surprising when we have an aging population and healthcare advances that can prolong life for increasingly ill people who only a few years ago might have otherwise died. However,...