Blog Category - Trusts Page 6

Name: Strauss Attorneys PLLC
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Apr

Spousal Lifetime Access Trusts (SLATs): How Married Couples Can Have Their Cake And Eat It, Too.

The federal estate tax exemption has never been higher than it is today. It is currently set at $11. 70 million per person (married couples can have a combined exemption of $23. 40 million), which means that a person can gift that amount, either during their life or at their death...

Apr

Interstate Moves in Estate Planning

IS YOUR ESTATE PLANNING STILL GOOD IF YOU MOVE TO A DIFFERENT STATE? Practicing estate planning law in Western North Carolina can be very busy. There has been a continuous influx of people moving to our beautiful area from all over the country, and indeed, the world. One questio...

Apr

Trust Titling (funding) and Non-Qualified Annuities

Revocable Living Trusts (referred to also just as Living Trusts) are a common foundational estate plan technique. Not only can Revocable Living Trusts replace a Will (become a “Will substitute”) in distributing property after a person dies, but these trusts also provide planning...

Apr

Did You Know That the State Wrote a Prenuptial Agreement for You Before You Got Married?

With a well-drafted marital agreement, more assets might be protected from being spent down on nursing home care for the surviving spouse. Also, concerns about children from a previous marriage being disinherited, or other family inheritance concerns might be addressed. Both par...

Apr

Preparing for Falling Federal Estate Tax Exemptions

At the end of the year, please watch this space for our 2021 outlook letter, which will report on adjustments and changes in federal estate tax exemptions, among other estate and tax planning strategies. However, as a lead up to that, we would be remiss in not addressing and prep...

Apr

Priming the Pump

Many married people are not aware that the State wrote a premarital agreement for them before they got married. They also were unaware that they had the right to write their own agreement before getting married instead! When married couples become aware of this, they often contac...

Apr

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...

Apr

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...

Apr

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...

Apr

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...

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