A testamentary trust is a provision in the will that both names the executor of the estate and instructs that individual to create the trust. After the person's death, the will must go through the probate process to determine its authenticity.
The generation-skipping transfer tax (GSTT) is a federal tax that results when there is a transfer of property by gift or inheritance to a beneficiary (other than a spouse) who is at least 37½ years younger than the donor. The tax rate is a flat 40%.
The marital deduction is a valuable estate planning device for certain married couples. It applies to both estate and gift taxes as well. It’s essential to know that the marital deduction only defers the estate and gift taxes.
Lawsuits that occur because of estate distribution issues and other conflicts are usually complex. When faced with this challenge, you should protect your interests by hiring an experienced litigation lawyer who will aggressively work on your behalf.
A conservatorship is a form of legal guardianship of an adult. The conservator may be a family member, a close friend or a court appointed professional. It is important to understand that a conservatorship focuses on the needs of the individual.
The power of appointment can be as broad or limited as you desire depending on whether you choose to give general power of appointment or special powers of appointment. It can also be exercised or postponed until a specified event occurs.
A family limited partnership is a holding company owned by family members, created to hold business interests, real estate, or other assets. Purpose of creating a family limited partnership is to achieve creditor protection and reduce taxes.
If you're considering making a change to your Revocable Living Trust, don't simply mark up your trust agreement and stick it back in the drawer. A trust amendment must be signed with the same formalities as the original trust agreement.
Most families can work through disputes with the right help and no legal battle, but sometimes beneficiaries will engage in self-serving or unethical behavior. Inheritance disputes can be very stressful; First Class Counsel is here to serve you.
It doesn't matter whether or not you or your spouse are citizens, it is essential that you place your assets in a Living Trust in order to protect those assets in the United States. You can leave property to someone who is not a U.S. citizen.
A well designed Estate Plan will save money and time in the long run. Without an estate plan, your heirs will be left to endure the lengthy, time consuming, stressful probate process, which entails costly court and attorney fees.
There are many reasons why it is a good idea to arrange how your assets should be handled upon death. A Living Trust will ensure your beneficiaries and surviving spouse are protected during a tough and emotional time.
Trusts can be Revocable or Irrevocable. The difference between the two is all in the name, one can be terminated or changed, the other cannot. Depending on your main goals, one or even both may be good options for you.
The probate process is often the last option for transferring assets when you have no other choice. It is complicated, time-consuming, costly and stressful. The best way to avoid Probate is to create a Living Trust.