Passing Down the Family Vacation Home
We often think of estate planning as a way for us to protect our wishes and our vision of how we want to leave behind our legacy. However, when we take the time to think about it, we realize there…
The In Terrorem Clause
Unfortunately, heirs may not always be content with the assets or amount of money left to them in a Will or Trust. Once the Testator or Grantor passes away, there is not much they can do to prevent their heirs…
Choosing a Trustee: What You Need to Know
A trustee serves a very important role in the care and control over the trust estate; therefore, the person or entity you choose to be your trustee is very important. A trustee holds legal title to the trust’s assets and…
Surviving the SECURE Act – Charitable Remainder Trusts
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…
Unlocking the Benefits: How the Capital Gains Exclusion Works
Recently I received a telephone call from a client looking to sell their home. The home had been transferred to a trust years earlier and they wanted to know if they would qualify for the $250,000 (per resident owner) capital…
SSI And The “Able” Account
Kelly is 24 years old. She is on the autism spectrum and is receiving SSI. She is doing her best to be independent, but the monthly stipend is limited and it is difficult to live on her own with minimal…
Supplemental Needs Trust: Protecting Government Benefits
Recently I received a call from a long-time client in a complete panic. She had been talking to her friend about the planning that they each implemented and the friend insisted that the client established the wrong trust for her…
Special Needs Trusts: First Party vs Third Party
Several factors should be considered when determining whether a First Party Special Needs Trust or a Third Party Special Needs Trust should be utilized when developing the appropriate plan for a beneficiary with special needs. In both circumstances, the type…
Do You Own Property In Two States?
It’s that time of year where we are celebrating with our loved ones and we are starting to make plans for what we want to do better or different in the coming year. Reassessing your estate plan should be at…
What is a “Grantor Trust”?
In the simplest terms, a Grantor Trust is a trust that authorizes a grantor (the person who set up the trust) to retain certain powers with respect to the property transferred to the trust and the trust administration. These powers…