Basics of Estate Planning
The Commonwealth Court of Pennsylvania held that an exemption to the application of PA Realty Transfer Tax Section (RTT) for no or nominal consideration from a trust under Section 1102-C.3(9.1)1 applies not only to transfers...more
There’s a good chance that your estate plan includes a revocable trust — sometimes known as a “living trust.” This type of trust can help your estate avoid probate, guard your privacy and provide protection in the event...more
A living trust, also known as an “inter vivos” trust, is a trust that you create while you are still living. Trusts can be understood as a type of contract between the funder of the trust (“trust grantor”), the trustee, and...more
Most US homeowners and business owners understand the importance of an estate plan; they just never seem to get around to completing the task. What do you need to know about a trust? Why are trusts a central component of any...more
Choosing between a will and a living trust in Washington state can be confusing for various reasons. You may feel that you don’t know which estate planning tool will help you manage your financial portfolio or complex assets....more
Trusts are described in multiple ways, including: living or testamentary, revocable or irrevocable and grantor or non-grantor. These terms are not always mutually exclusive. A trust can be living, revocable and a grantor...more
What is the Probate Process in New York? Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute the...more
There are two ways in which your assets pass upon your death: (1) by operation of law to designated beneficiaries (IRA, life Insurance, etc.), pursuant to an agreement (a living trust agreement) or as joint owners with rights...more
Things change; a periodic review of your estate plan is an important part of plan maintenance. Your basic estate plan (will, trust, powers of attorney, etc.) can be amended whenever necessary. It’s important to consider your...more
The April Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5.0%. The April applicable federal rate (“AFR”) for use with a sale to a defective grantor trust or intra-family loan...more
Creating and adhering to an estate plan is no simple task. Generally, the end goal of estate planning is to divide up and transfer assets to loved ones at a minimum or zero tax cost. Of course, a will is a good starting...more
On January 12, 2023, the Michigan Court of Appeals issued its decision in In re Claeys Revocable Living Trust, 2023 Westlaw 175242, No 360054 (Mich Ct App Jan 12 2023), which considered whether a trust beneficiary was...more
A living trust is a way of holding title to your assets so they will not have to go through probate (a Court supervised estate administration) upon your death. The trust states what happens to your assets if you are...more
Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets...more
The most powerful and flexible tool estate planners have today is the revocable living trust. It is essentially a substitute for a will that allows you to avoid the often lengthy and expensive probate process, while giving...more
You may have already recognized the benefits of using a living trust. Typically, this trust type makes sense if you’re looking to preserve assets for other family members without dire tax consequences or to avoid probate. But...more
Estate planning is vital to the well-being of every family. Making a will and creating a living trust can ensure that your family is provided for, significantly reduce tax burdens, and make sure these things happen in a way...more
Appellate courts have been busy the last few weeks deciding a wide swath of insurance issues. The Eighth Circuit became the first federal appellate court to weigh in on pandemic-related business interruption claims. ...more
The term “probate” is one you may have heard and might associate with negative connotations, but you don’t fully understand what it is. For some, the term conjures images of lengthy delays waiting for wealth to be transferred...more
We live in an incredibly litigious nation. Every year, billions of dollars are spent on lawsuits across the country. Business owners, professionals, and high-profile individuals, among others, are constantly seeking ways to...more
Whether I’m working on a business transaction or assisting business owners with their estate planning, I always look at how the ownership of the LLC is structured. While many business owners have set up a revocable living...more
A common misperception of trusts is that they are legal entities that, like corporations, can hold title to real estate and other property. A new California appellate decision, Boshernitsan v. Bach (2021) ___ Cal.App.5th ___,...more
Are you part of the sandwich generation? This is the name given to people caught in the middle between caring for elderly parents or in-laws and raising young, and sometimes not-so-young, children. And, of course, you still...more
If you’re like most people, there is a laundry list of things you’d rather do than think about your estate plan. While it can be a challenging area to discuss, your estate plan is essential to ensure you and your family are...more
Background - Recently, the Indiana Court of Appeals decided the case of Murphy, et al. v. Trustee of Star Financial Bank, et al. The case involved a woman named Janice who had executed a revocable living trust in 1990. ...more