A trust identification number identifies a trust, like any other legal entity, for tax purposes. You need a trust identification number in order to put assets into your estate planning trust. The number will always be either: The grantor’s Social…
You have heard many people refer to trust as a great planning tool for your estate. It provides opportunities for so many different things, such as long-term care planning, tax planning, and probate avoidance. While you consider meeting with an…
“I want to transfer my home/money/assets to my children so that Medicaid can’t get it if I need to go into a nursing home.” As elder law and estate planning attorneys, we hear this every day. But did you know…
A Charitable Remainder Trust (CRT) is an irrevocable trust that allows a person to donate money to a charity while generating an income for either the donor or other beneficiaries with the remainder of the donated assets going to a…
In my experience (Deanna M. Eble, Esq.), one of the biggest concerns for clients, especially seniors, is that they do not want to lose their home to long-term care costs. An Example Recently I met with Sal. He has two…
A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the…
Many clients frequently come to me and ask if they should have a trust. Sometimes they are not even sure what a trust is and, more often than not, they do not understand how a trust works.
Although my mother always told me to never answer a question with a question (sorry mom!), my initial response is a question – what are you looking to accomplish by having a trust?