Category Archives: Trust Planning
Irrevocable Life Insurance Trust (ILIT): What is It and What Are the Benefits?
When preparing an estate plan, many Floridians wonder whether it makes sense to create an Irrevocable Life Insurance Trust (ILIT). You need to understand what an ILIT is in order to know whether it is worth creating one. While an ILIT can be a critical trust planning tool, creating an Irrevocable Life Insurance Trust… Read More »
How to Make Sure Your Beloved Pet Is Cared for After Your Death
For many people who are older and whose kids have long moved away, their pets become their most important companions. Loyal and kind, owning a pet offers people the benefit of companionship as well as health benefits. Most Americans own a pet. To be sure, according to the National Pet Owners Survey, as of… Read More »
Should you name a trust as IRA beneficiary?
An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound… Read More »
Educate your children on wealth management
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about… Read More »
At your own risk: The pitfalls of DIY estate planning
There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your estate is small and your plan is exceedingly simple, the pitfalls of do-it-yourself (DIY) estate planning can be many…. Read More »
Protect your peace of mind with a trust protector
Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawback: When you set up an irrevocable trust, you must relinquish control of the assets placed in it. What you can control is who will eventually oversee distribution of the assets after your death. That is, you… Read More »
Provide for family members with special needs using an SNT
If you have a child or other family member with a disabling condition that requires long-term care or prevents (or will prevent) him or her from being able to support him- or herself, consider establishing a special needs trust (SNT). Also known as a supplemental needs trust, an SNT allows you to enhance a… Read More »
The BDIT: A trust with a twist
The beneficiary defective inheritor’s trust (BDIT) allows you to enjoy the benefits of a traditional trust without giving up control over your property. BDITs can hold a variety of assets, but they’re particularly effective for assets that have significant appreciation potential or that may be entitled to substantial valuation discounts, such as interests in… Read More »
A SLAT offers estate planning benefits and acts as a financial backup plan
The most effective estate planning strategies often involve the use of irrevocable trusts. But what if you’re uncomfortable placing your assets beyond your control? What happens if your financial fortunes take a turn for the worse after you’ve irrevocably transferred a sizable portion of your wealth? If your marriage is strong, a spousal lifetime… Read More »
The pros and cons of a SCIN
Many estate planning techniques are intended to minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques also have a significant drawback: mortality risk. For example, you may have to outlive the term of a trust to realize its tax benefits. A self-canceling installment note… Read More »