AB trusts are an increasingly uncommon albeit valuable type of living trust, specialized for wealth preservation, tax avoidance, and long-term financial planning. At its core, an AB trust requires a married couple to file a two-part trust scheme that utilizes the individual tax exemption limits to create a tax-free inheritance for their ultimate beneficiaries. AB trusts are not …
It comes as no surprise to anyone that legal work is hard work – and in many cases, expensive work. The average person does not seek the advice or help of an attorney lightly and wants to be sure that their hard-earned money will be well-spent. As such, a considerable portion of the initial negotiations …
When we die, everything we leave behind must be transferred and distributed among the living. Yet we do not all distribute our financial and material legacy equally. Some people utilize estate plans to determine distribution, drafting different documents to establish a succession order among heirs and beneficiaries, designate beneficiaries for specific assets, hold certain assets …
Disinheritance can be a tricky thing. It is not easy to disinherit someone, and they do have the ability to fight back against your disinheritance, if your reasons are too shaky. Solid grounds for disinheritance and the professional expertise of a lawyer will be needed to carry out a disinheritance against someone with any interest …
What happens to your financial affairs when you are incapacitated? Who makes important healthcare decisions for you when you’re unresponsive? How are your financial responsibilities, from managing payroll to paying off your debts, managed while you are in a coma? The answer, in most of these situations, is that a court decides for you, directly …
The quintessential cornerstone of nearly any estate plan is the will. It is the first document that comes to mind when we talk about inheritance and bequeathment, and it is a versatile tool with the ability to distribute property and assets, name guardians for our minor dependents, and even make note of funerary wishes. Dying …
Discretionary trusts can be established for various reasons, making them an asset in any estate plan. Their flexibility allows you to utilize trust as the glue to any estate plan. This plan means your will and powers of attorney prepare contingencies for incapacity or ensure the distribution of your estate upon death. A trust can …
When we die, the things we owned in life must pass on to the living. Aside from very minute exceptions – like being buried with your car – there is little you can truly take with you “beyond the grave.” To that end, there are special processes in place to facilitate the distribution of your …
Despite popular opinion, the benefits of estate planning are not limited to the rich and powerful. Taking care of your estate before death not only ensures a quick and painless transition for your loved ones but can avoid unwanted or awkward situations in complex cases, including owning properties in separate states, outdated or misinformed beneficiary …
Trusts are flexible and powerful legal tools, in the right hands. However, when used inefficiently, they can become unmanageable, recklessly expensive, or serve as the equivalent of using a cannonball to swat a fly. If you want to make the most of your trust, start with why you might need one. In most cases, this …