Everyone’s heard the stories of celebrities who died without a proper estate plan in place. It’s been a hot topic in the last few years with Prince and Aretha Franklin serving as unfortunate faces of the phenomenon. However, it’s not just freewheeling entertainers.
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust's income, rather than the trust itself paying the tax. However, such beneficiaries are not subject to taxes on distributions from the trust's principal.
An irrevocable life insurance trust (ILIT) is a structure that cannot in any way be rescinded, amended, or modified, after its initial creation.
Movie scenes where a deceased tycoon’s will is read to a roomful of shocked and bitter relatives make for great drama, but drama is the last thing anyone wants, when seeking to preserve an estate for future generations.
A bypass trust could help your estate planning, depending on your financial goals.
When planning for the transfer of your wealth, the options available to you and your family can at times feel overwhelming. How do you choose the solution that best fits your circumstances and your family’s needs?
We all want the best for our family. We work hard to provide for them. Make sure your hard work continues to provide for them once you are gone, by investing in thoughtful estate planning.
Irrevocable trusts appear, by definition, to be unchangeable and inflexible. But are they?
Trusts fall into one of two main categories. The first category is composed of those that are established while the grantor (one who establishes the trust) is alive and are termed inter vivos (while living) trusts.
