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The irrevocable funeral trust (IFT) is a trust that is designed to help pay for the funeral and burial costs or the “final expenses” in an individual’s life. But, who can set up an irrevocable funeral trust? The trust is usually set up in advance. The funeral trust...
We live in a complex world in which estate planning has become of great importance if you plan to transfer your estate to your beneficiaries. What is a Totten Trust? Over the years, many types of trusts have been developed for the transfer of the estate to...
One lesser-known feature of estate management is called a QTIP, which stands for Qualified Terminable Interest Property trust. What is a QTIP trust? This trust not only allows the creator of the trust to arrange an income for a remaining spouse but also maintains...
No one wants to pay more taxes than they absolutely have to, and the wealthiest of citizens are no exception. One of the ways people can avoid or minimize estate or gift levies, in the form of taxes, is by transferring assets to their beneficiaries. In the United...
Americans have been buying life insurance for decades. One of the reasons for this is that, unlike other financial services, it permits one to lock into a death benefit with a relatively small monthly premium. When the individual dies, the beneficiary gets a lump sum...
When it comes to trusts and tax benefits, one of the most common questions we get is, what is a generation skipping trust? As you search for the right financial tools to shape your estate, you’re likely to come across a variety of different kinds of trusts. In many...
As you work with us to decide how best to transfer your assets to your heirs, you may decide a trust is the right choice. Even trusts, though, come with a number of different options, and a better understanding of the options you have available is nothing short of an...
In terms of creating a revocable trust Florida has seen an increase in interest. Revocable trusts have become a popular option when considering estate planning. Who owns the property in a revocable trust in Florida? In general, the trust maker (aka grantor or settlor)...
What are the differences with regard to a testamentary trust vs living trust? A testamentary trust is a trust that is created according to the directions contained in the last Will and Testament. It is not a standalone document; it is included in the Last Will and...
Most people are familiar with a will but not as many are familiar with a trust or how it may benefit them during an estate planning process. There is a myth that trusts are only for rich people and that they are much more difficult to create than a will. In reality,...
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