Blog Category - Trusts Page 4

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Nov

Irrevocable Woes (2/3)

5 Good Reasons to Decant a Trust Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse's lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is ...

Nov

Irrevocable Woes (1/3)

3 Examples of When an Irrevocable Trust Can (and Should) Be Modified Did you know that irrevocable trusts can be modified? If you did not, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws, family, trustees, and financ...

Nov

How Much Authority Does a Trustee Have Over the Stuff in My Trust?

A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries)...

Nov

North Carolina’s No More: The Fall-out from The Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Dep’t of Rev.

A recent decision by the North Carolina Business Court could have significant ramifications for North Carolina’s taxation of trusts. In Kimberley Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue, the court struck down North Carolina’s statute that taxes tru...

Nov

2023 in Review: Estate Planning Insights & Strategies for the New Year Ahead

For some, 2023 can be summed with two letters: AI. From the promises (“Now we are all ivy-league graduates! ”) to the doomsday predictions (“Terminator is no longer science-fiction! ”), 2023 has been the year of artificial intelligence. It was also the year that vinyl records exce...

Nov

Do Not Become a Statistic

Estate planning is important for everyone. It is about protecting yourself, your loved ones, and your hard-earned money (even if you do not have a lot of it). However, the numbers do not lie: most people do not see the importance of estate planning. Whether you need to create an...

Nov

Estate Planning for Expatriates

The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at leas...

Nov

National Grandparents Day: Three Things to Consider Before You Make a Gift to Grandchildren

As grandparents, you likely love the opportunity to shower your grandchildren with gifts. In most cases, these gifts are given on holidays and birthdays and commonly consist of an item that may have been at the top of your grandchild’s wish list. While experiencing the joy on yo...

Nov

Maximize the Benefits of Giving to Your Loved Ones

Working hard and sharing your wealth with loved ones is a great goal. But, it’s essential to be aware of the tax implications when you give gifts or plan your estate. With a well-crafted estate plan, we can help protect your wealth and your loved ones. Let’s explore three types ...

Nov

The Importance of Reviewing Legal Documents When Relocating

A Lesson from Holographic Wills As we navigate through life, there may come a time when we have to relocate to a different state. Moving involves many considerations, and it’s important not to overlook the impact on legal documents, especially those related to estate planning. E...

Nov

What Does “Devise” Mean in an Estate Plan?

When creating an estate plan, you may encounter unfamiliar terms that can be confusing. Adding to the confusion, some of these terms may sound the same but have different meanings and spellings. For instance, “heir” refers to someone who receives money or property through a will...

Nov

What Not to Include in Your Estate Planning Documents

One important purpose of estate planning is to facilitate the transfer of ownership of your money and property to your family and loved ones when you pass away. For this transfer to be as stress-free and efficient as possible, it is crucial that estate planning documents be thoro...

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