Category: Trusts

Understanding Trusts

Understanding Trusts In recent years the public has been bombarded with a barrage of advertisements, brochures, and articles about trusts of all kinds, especially so-called living trusts. Some of the information offered for public consumption is misleading and some of it is simply false.   This brochure is offered...
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Getting Help from a Financial Professional

Are you suddenly on your own or forced to assume greater responsibility for your financial future? Unsure about whether you’re on the right track with your savings and investments? Finding yourself with new responsibilities, such as the care of a child or an aging parent? Facing other life events,...
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How will estate taxes be paid if I leave no provision in my will?

The IRS places an automatic lien against your estate for any estate taxes that may be due. If your will leaves no specific provision about how these taxes are to be paid, state law generally controls how the burden of paying the taxes will be distributed among your beneficiaries....
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Retained Income Trusts

Introduction A retained income trust is a type of irrevocable trust, whereby an individual (called the grantor) transfers assets to a trust and then retains an interest for a period of time or for life. The retained interest may be the right to receive payments, or it may be...
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Personal Residence Trust

Qualified Personal Residence Trust A qualified personal residence trust (QPRT, pronounced “Q-Pert”) is a specialized form of grantor retained interest trust (GRIT). It is an irrevocable trust into which you transfer an interest in a personal residence, and in which you retain the “income” interest — the right to...
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Leaving a Legacy

You’ve worked hard over the years to accumulate wealth, and you probably find it comforting to know that after your death the assets you leave behind will continue to be a source of support for your family, friends, and the causes that are important to you. But to ensure...
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Advantages of Trusts

Why you might consider discussing trusts with your attorney Trusts may be used to minimize estate taxes for married individuals with substantial assets. Trusts provide management assistance for your heirs.* Contingent trusts for minors (which take effect in the event that both parents die) may be used to avoid...
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