Gift giving is one method people use to reduce the amount of money in an estate and to reduce tax debt on heirs when they pass on. By following established gift-giving rules and regulations, you...
A health care proxy is often confused with a similar legal document, the living will. A living will directs family and physicians to provide or withhold life support once the patient is in a...
Spouses often use living trusts to protect assets from being probated and taxed upon a spouse's death. For a living trust to be valid and actually bypass probate, any of the assets with a title...
A bypass trust is a tool used by married couples who do not want their heirs to be taxed twice on their estates. Without a bypass trust, when a spouse passes away, his surviving spouse is taxed on...
You can choose to set up a life insurance trust to alleviate heirs from heavy taxes imposed on your estate when you die. While life insurance itself will pass to the named beneficiary upon death,...
Named for Clifford Crummey, the Crummey trust is meant to help parents save for their child's college education. The trust works when a parent, grandparent, friend or relative contributes to a...
Many parents set up a testamentary trust to ensure their minor children (in the name of their guardians) receive a steady income. Other reasons to set up a testamentary trust include caring for a...
Since it was established in the early 1990s, the Labuan Offshore Financial Services Authority (LOFSA) has become one of the world's premier investing centers. It was not until 2002 that Labuan...
An executor has the responsibility of carrying out the desires of the deceased as written in his will. The duties of an executor include performing an inventory and appraisal of all assets and...
A charitable remainder trust is a tax-exempt, irrevocable trust where assets (property or money) are donated to a qualified charitable organization. It is a way for the donor to reduce income...
Setting up a scholarship fund in your name is a way to provide for the educational needs of deserving students while recognizing your contribution to a worthy cause. You can establish the criteria...
Set up a dynasty trust to provide distribution of your assets through several generations and take advantage of the generation-skipping tax transfer (GSTT). These assets are protected from estate...
The setup of a total return trust (or unitrust) is the choice of many who desire to provide a constant level of support for a beneficiary. Payment is made based on a fixed percentage of the...
A lot of planning and decision making go into determining how to manage an estate. The most valuable team member of an estate-planning meeting is an attorney with experience in setting up trusts,...
Each state has its own state death tax laws. These laws can be categorized by either state death taxes based on federal statutes or taxes based on each state's tax rates, credits and exemptions....
A spigot trust is also called a specialized NIMCRUT (net income with make-up charitable remainder unitrust). This type of trust pays the net income earned annually with limits to a specified...
Whether you are just starting a business or you've been in business for a number of years, you need to create a business exit strategy. The best way to get the most money out of your business is...
The decision to set up a QPRT (qualified personal residence trust) will let you pass on your home to your children with a major tax savings and remain in the home for a predetermined number of...
Setting up a special needs trust (SNT) requires knowledge, forethought and planning to avoid cutting off government benefits such as Medicaid and SSI to a disabled heir. If set up correctly, an...
Developing an estate plan with blended families is essential for maintaining any kind of control over the distribution of assets upon your death. With the rise in divorce and remarriage, blended...
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