Blog Category - Trusts Page 6

Name: Strauss Attorneys PLLC
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Nov

Why can’t lawyers just use simple English in estate planning?

Estate planning documents are often difficult to read because lawyers have their own vocabulary. Ever come across the words “per stirpes”? It is a Latin phrase that has been used by lawyers for more than a century. It means by the bloodline and refers to a manner of distribution ...

Nov

Picking the Lock: Modification of an Irrevocable Trust

A common refrain as I explain to my clients the difference between a revocable trust and an irrevocable trust is the comment, “So, what happens once I die, and my trust becomes irrevocable? You're saying everything just locks in? What if it needs to be changed for s...

Nov

Using Pet Trusts to Provide for Your Pets After Your Death

There’s a saying that “a dog is man’s best friend”, and with good cause. Many of us treat our pets as part of our family, often as if they were our children. For those of us with pets, we want to make sure they’re taken care of if we can no longer do it ourselves; whether due to ...

Nov

Does a Revocable Living Trust Offer Protection Against Lawsuits?

The Revocable Living Trust is very popular in America. A living trust helps you avoid the cost and delay of probate. You can also avoid the dangers from jointly owning assets. But here’s the downside: a revocable living trust won’t protect you from lawsuits. Though a revocable tr...

Nov

The New Uncertainty in the Estate Tax Law Creates Opportunities for Gifting to Heirs and Charities

Forbes magazine published an article earlier this year entitled: “Trusts In The Age Of Trump: Time To Re-Engineer Your Estate Plan. ” One of the most favorable provisions in the new tax law–Tax Cuts and Jobs Act (TCJA)–is the doubling of the number of assets you can pass to heirs ...

Nov

StraussSecure™ and Passing Down Cryptocurrency Securely

In today's modern world, people experience incredible benefits from technology every day. Cell phones allow for immediate communication with anyone at any time; while the internet empowers people to gain instant knowledge on any subject at the click of a button. With all o...

Nov

Estate Planning Document Organizer

Make preparations now to keep family and loved ones secure when you are no longer here! Have you ever seen estate planning documents that are in fancy docket covers, folded up and placed in a bank safety deposit box for safekeeping? We see them all the time. We often joke that th...

Nov

An Overview of Trusts and What it Means to be a Trustee

What is a trust and what are the powers, duties, and potential liabilities for serving as a trustee of a trust? A trust is a fiduciary relationship with respect to property in which one person (the trustee) holds the legal title to trust property for the benefit of another person...

Nov

Estate Planning Opportunities Arise with Passage of Tax Cuts and Jobs Act (TCJA)

The Tax Cuts and Jobs Act (TCJA), which came into effect on January 1, 2018, is the most significant overhaul of the tax code since 1986. Although it was meant to simplify the tax code, it is very complex and will undoubtedly be subject to ongoing modifications and interpretation...

Nov

2018 Estate Tax and Gift Tax Changes

“It’s tough to make predictions, especially about the future. ” Yogi Berra With the recently passed tax bill there is finally an official pronouncement from the IRS on the 2018 estate and gift tax exemptions. The IRS announced in October of this year that the gifting exemption bot...

Nov

The Tax Benefits of Educational Trusts

Use of standalone Educational Trusts – those created specifically for the educational (and sometimes medical) expenses of children and grandchildren – is far less common since the ready availability of 529 Plans. 529 Plans have contribution limitations (varying by state) that are...

Nov

Non-Citizen Spouses and Qualifying Domestic Trusts

In our increasingly globalized world, many American citizens have non-citizen spouses. This can present a serious problem when such couples consider estate planning. Normally, Internal Revenue Code Section 2056(d) denies the marital deduction to non-citizen spouses of a deceased ...

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